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Submersible Pump Market | CMI PR

Submersible Pump Market, By Product Type (Non-clog Submersible, Open Well Submersible, Borewell Submersible), By Application (Industrial Water & Wastewater, Agriculture & Irrigation, Oil & Gas , Firefighting, Mining, Construction, Non industrial water & wastewater, and Others), By Head Type (Below 50 meter, 50 m- 100 m, Above 100 m), and By Region (North America, Latin America, Europe, the Asia Pacific, Middle East and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

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Submersible Pump Market | CMI PR

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  1. Coherent Market Insights Market Research and Business Consulting Services https://www.coherentmarketinsights.com/ SUBMERSIBLE PUMPS MARKET ANALYSIS

  2. SUBMERSIBLE PUMPS MARKET ANALYSIS • Submersible Pump Market, By Product Type (Non-clog Submersible, Open Well Submersible, Borewell Submersible), By Application (Industrial Water & Wastewater, Agriculture & Irrigation, Oil & Gas , Firefighting, Mining, Construction, Non industrial water & wastewater, and Others), By Head Type (Below 50 meter, 50 m- 100 m, Above 100 m), and By Region (North America, Latin America, Europe, the Asia Pacific, Middle East and Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

  3. The global submersible pump market is estimated to account for US$ 15603.2 Mn in terms of value by the end of 2027. • Market Dynamics- Drivers • Increasing infrastructure development is expected to drive growth of the global submersible pump market during the forecast period • The global demand for submersible pumps has increased significantly in the recent past. This is typically due to growing infrastructure development activities. Rising urbanization in emerging economies in India and China has led to increase in demand for submersible pumps across the globe. According to the United Nations (UN), by 2030, around 40.76% population of India is expected to live in urban areas. Water scarcity is a major issue plaguing various regions across the globe. Governments of various countries are implementing regulations mandating recycle and reuse of water, especially in industries. Thus, these factors is expected to drive growth of the global submersible pump market during the forecast period. • Rising exploration activities for new water resources is expected to propel the global submersible pump market growth over the forecast period • Many governments in emerging regions such as MEA and Asia Pacific are focused on improving drinking water facilities in urban as well as rural areas. For this, the water resource exploration activities have been on a rise, which is expected to boost the sales of submersible pumps that offer enhanced efficiency and capacity for domestic as well as agricultural use. Desalinization projects are also expected to contribute to the adoption of submersible pumps, as most parts of the globe still lack the basic facility of running water. Thus, these factors are expected to propel the global submersible pump market growth over the forecast period. • Statistics: • Asia Pacific region held a dominant position in the global submersible pump market in 2019, accounting for 47% share in terms of value, followed by Europe, North America, Middle East & Africa and Latin America respectively.

  4. Figure 1: Global Motor Submersible Pump Market Share (%), in terms of Value, By Region, 2019

  5. Market Dynamics- Restraints • Low price offerings from China-based pump manufacturers is expected to restrain growth of the global submersible pump market during the forecast period • The Chinese pump manufacturers are offering submersible pumps at a competitive cost. This, in turn, has led to increased pricing pressure on other players since these key players need to offer submersible pumps of high-quality, efficiency, and technologically advanced at competitive prices. International submersible pump vendors need to differentiate their products through various additional services and integration of advanced technologies. Hence, such factors are expected to restrain growth of the global submersible pump market during the forecast period. • Low replacement rate due to long-life is expected to hinder the global submersible pump market growth over the forecast period • Lack of research and development has led to low product development and innovation. This is in turn affecting aftermarket sales of submersible pumps and their parts, due to their long operating life. Hence, these factors are expected to hinder the global submersible pump market growth over the forecast period.

  6. Market Opportunity • Development of manufacturing and supply chain network can present opportunities in the global submersible pump market • Most small and medium size submersible pumps are sold through distributors. End users or customers are inclined towards opting for submersible pumps distributors that provide engineering expertise, aftersales services, and end-to-end solutions to meet the specific demands of customers. Most global players such as KSB AG, Wilo AG, Grundfos, and Xylem Inc. employ the strategy of expanding local networks by increasing tie-ups with regional as well as local distributors. • Research and development activities among market players can provide major business in the global submersible pump market • Key companies are focused on research and development activities, in order to enhance the product portfolio. For instance, in January 2016, KSB AG launched the latest version of its self-priming centrifugal Etaprime pumps. In January 2016, Sulzer AG introduced submersible dewatering modular pumps using a built-in intelligence with an optional AquaTronic unit.

  7. Figure 2: Global Submersible Pump Market Value (US$ Mn), 2017 - 2027

  8. The global submersible pump market was valued at US$ 9,172.5 Mn in 2019 and is forecast to reach a value of US$ 15603.2 Mn by 2027 at a CAGR of 6.10% between 2020 and 2027. • Market Trends • Increasing demand for energy-efficient pumps • Increasing energy cost remains a major factor affecting the demand for submersible pumps. Many industries are increasingly adopting solar-powered submersible pumps that offer significant operational cost savings. Of overall energy consumed by submersible pumps across the globe, pump motors account for an estimated 15% share. However, with over 40% of submersible pumps to be covered by stricter energy efficiency regulations by 2020, this number is expected to decline significantly.   • Rising adoption of variable-frequency drive technology for submersible pump • Micro disc pumping technology allows pump manufacturers to produce compact and efficient submersible pumps. Since there is a rising trend for size reduction, compact and energy-efficient pumps are expected to gain a significant demand in the new future.

  9. Global Submersible Pump Market- Impact of Coronavirus (Covid-19) Pandemic • According to Coherent Market Insights’ analysis, the impact of coronavirus (COVID-19) pandemic on the submersible pump market is moderately low in Bangladesh. For instance, in September 2020, in Rajshahi, Bangladesh, Approximately 189 individuals of 37 ethnic minority households have got access to drinking water through ‘submersible pump’ in the low rainfall Barind area with a voluntary organization amid the adverse effect of coronavirus disease (Covid-19) pandemic situation. Furthermore, Bangladesh Unity Federation of Los Angeles (BUFLA), a voluntary organization, under its ‘Arsenic-free Drinking Water Project’ build in 28 submersible pumps with the platform, overhead tank and outlet one each in 28 drought-hit villages under Tanore, Godagari and Paba Upazilas in Bangladesh. • Competitive Section • Major companies operating in the global submersible pump market are Ebara Corporation, Flowserve Corporation, GRUNDFOS, Kirloskar Brothers Limited, KSB AG, Ruhrpumpen Group, Sulzer Ltd., The Weir Group plc, WILO SE, and Xylem Inc. • Key Developments • For instance, in February 2019, Ruhrpumpen Group partnered Wolong Electric for the development of pumping equipment for the Missan Oil Field in Iraq • For instance, in November 2019, WILO USA LLC, a subsidiary WILO SE, acquired Marsh Pumps, a U.S.-based pump manufacturer

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