According to the report by Expert Market Research (EMR), the global submersible pump market size is projected to grow at a CAGR of 6.83% between 2024 and 2032. Aided by the increasing demand for efficient water management and growth in the agricultural sector, the market is expected to grow significantly by 2032.
Submersible pumps, designed to operate while fully submerged in liquid, are essential components in various applications, including water and wastewater management, oil and gas industries, mining, and construction. These pumps are preferred for their efficiency, reliability, and ability to handle a variety of fluids, from clean water to heavy sludge.
The submersible pump market growth is primarily driven by the increasing demand for efficient water management solutions across the globe. Rapid urbanisation and industrialisation have led to a surge in water and wastewater treatment needs, propelling the demand for submersible pumps in municipal and industrial settings. Additionally, the growing agricultural sector, particularly in emerging economies, has increased the need for reliable irrigation systems, further boosting the market.
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As per the submersible pump market analysis, the oil and gas industry also plays a significant role in driving the demand for submersible pumps. These pumps are used in offshore and onshore oil extraction processes, where they are required for a variety of applications, including drilling and well maintenance.
Technological advancements have significantly contributed to the market’s growth. Innovations in pump design and materials have led to the development of more durable, energy-efficient, and corrosion-resistant submersible pumps, making them suitable for a broader range of applications and environments.
The submersible pump market demand is also benefiting from the growing emphasis on renewable energy, particularly in the deployment of floating solar panels, where submersible pumps are used for cooling and maintenance. This trend is aligned with global efforts to reduce carbon emissions and promote sustainable energy sources.
Geographically, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. The Asia-Pacific region, spearheaded by China and India, dominates the submersible pump market due to extensive agricultural activities, rapid industrialisation, and significant investments in water and wastewater treatment infrastructure.
Submersible Pump Market Segmentation
The market can be divided based on type, drive type, head, end user, and region.
Market Breakup by Type
- Borewell Submersible Pump
- Openwell Submersible Pump
- Non-clog Submersible Pump
Market Breakup by Drive Type
- Electric
- Hydraulic
- Others
Market Breakup by Head
- Below 50m
- Between 50m and 100m
- Above 100m
Market Breakup by End User
- Water and Wastewater
- Oil and Gas Industry
- Mining and Construction Industry
- Others
Market Breakup by Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global submersible pump market. Some of the major players explored in the report by Expert Market Research are as follows:
- Baker Hughes Company
- Schlumberger Limited
- Halliburton Energy Services, Inc.
- Weir Group PLC
- Sulzer Ltd.
- Grundfos Holding A/S
- The Gorman-Rupp Company
- Flowserve Corporation
- Atlas Copco AB
- Ebara Corporation
- Others
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