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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Submersible Pump Market Outlook
The global submersible pump market is projected to grow at a CAGR of 6.8% during the forecast period of 2024-2032. The market is being driven by the rising usage of submersible pumps in different end-use sectors, ranging from agriculture to construction, among others.
| Global Submersible Pump Market Report Summary | Description | Value |
| Base Year | USD Million | 2023 |
| Historical Period | USD Million | 2018-2023 |
| Forecast Period | USD Million | 2024-2032 |
| Market Size 2023 | USD Million | XX |
| Market Size 2032 | USD Million | XX |
| CAGR 2018-2023 | Percentage | XX% |
| CAGR 2024-2032 | Percentage | 6.8% |
| CAGR 2024-2032 - Market by Region | Asia Pacific | 8.8% |
| CAGR 2024-2032 - Market by Country | India | 10.2% |
| CAGR 2024-2032 - Market by Country | China | 8.5% |
| CAGR 2024-2032 - Market by Type | Borewell Submersible Pump | 7.6% |
| CAGR 2024-2032 - Market by End User | Water and Wastewater | 7.6% |
| Market Share by Country 2023 | USA | XX% |
Growing Utilisation of Electric Submersible Pumps (ESP) to Aid the Global Submersible Pump Industry Growth
The electric submersible pump (ESP) segment based on drive type accounts for a significant share in the market owing to the various advantages offered by the product. Electric submersible pump offers low bottomhole pressure, low bubblepoint, low gas/oil ratio, high water cut, and low API gravity fluids. Additionally, ESP is adaptable to highly deviated wells and subsurface wellheads. Furthermore, ESP is quiet, safe, and acceptable for industrial operations in the environmentally conscious areas. These factors are aiding the growth of the segment.
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The Asia Pacific Accounts for a Significant Share in the Submersible Pump Industry
The submersible pump industry in the Asia Pacific is driven by the expansion of industrial facilities in countries like China and India, owing to the low cost of raw materials and favourable government policies. The increasing concerns regarding water scarcity are also invigorating the demand for submersible pumps to boost wastewater management. Furthermore, the thriving mining and construction industry in the region is likely to provide an impetus to the market in the forecast period.
Submersible Pump: Market Segmentation
A submersible pump is defined as a type of motor which is air-tight sealed and close-coupled to the pump body. This motor prevents pump cavitation and can be fully-submerged in water. The properties of submersible pumps make them a useful product in a variety of applications.
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Based on type, the market can be segmented into:
- Borewell Submersible Pump
- Openwell Submersible Pump
- Non-clog Submersible Pump
| CAGR 2024-2032 - Market by | Type |
| Borewell Submersible Pump | 7.6% |
| Openwell Submersible Pump | 7.2% |
| Non-clog Submersible Pump | 6.5% |
Based on drive type, the market can be segmented into:
- Electric
- Hydraulic
- Others
By head, the market can be divided into:
- Below 50m
- Between 50m and 100m
- Above 100m
The significant end uses of the market include:
- Water and Wastewater
- Oil and Gas Industry
- Mining and Construction Industry
- Others
| CAGR 2024-2032 - Market by | End User |
| Water and Wastewater | 7.6% |
| Oil and Gas Industry | 7.2% |
| Mining and Construction | 6.5% |
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
| CAGR 2024-2032 - Market by | Region |
| Asia Pacific | 8.8% |
| Middle East and Africa | 7.4% |
| Latin America | 6.5% |
| North America | 5.6% |
| Europe | 5.2% |
| CAGR 2024-2032 - Market by | Country |
| India | 10.2% |
| China | 8.5% |
| Saudi Arabia | 7.8% |
| Brazil | 7.5% |
| Canada | 6.4% |
| Mexico | 6.4% |
| UK | 6.2% |
| Australia | 6.0% |
| USA | 5.6% |
| Japan | 5.3% |
| Germany | 5.0% |
| France | 4.8% |
| Italy | 4.3% |
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Growing Adoption of Submersible Pump for Industrial Applications to Boost the Growth of the Submersible Pump Industry
Submersible pumps are light-weight, versatile, and can be deployed easily, which makes them applicable in the agriculture and firefighting industries. In addition to this, submersible pumps are used for oil applications and are likely to witness a significant increase in demand owing to the global increase in demand for crude oil and petroleum. The increasing demand for energy is supporting this trend. Furthermore, the thriving construction industry in emerging economies owing to the rising demand for residential construction and a surge in population is likely to aid the market growth in the forecast period.
Key Industry Players in the Global Submersible Pump Market
The report gives a detailed analysis of the following key players in the global submersible pump market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- 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
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Type |
|
| Breakup by Drive Type |
|
| Breakup by Head |
|
| Breakup by End User |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
|
| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The market is estimated to grow at a CAGR of 6.8% between 2024 and 2032.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major drivers of the market include the rising application of the product in various industrial projects, rapid urbanisation, and the growing innovations by the manufacturers.
The rising investment in wastewater management projects is expected to be a key trend guiding the growth of the industry.
The segmentation of the market based on type includes borewell submersible pump, openwell submersible pump, and non-clog submersible pump.
Electric, hydraulic, and others are the major drive types based on which the market has been segmented.
The segmentation of the market based on head includes 50m, between 50m and 100m, and above 100m.
Water and wastewater, oil and gas industry, and mining and construction industry, among others are the different end uses of the product.
The major players in the industry are 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, and Ebara Corporation, among others.
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