April 17, 2024
Submersible Pumps Market

The Global Submersible Pumps Market Is Estimated To Driven By Rising Farm Mechanization

The submersible pumps market is indispensable for transporting water or wastewater in a wide range of applications across multiple industries. Submersible pumps are highly efficient and cost-effective water pumping solutions that can operate even under heavy loads. Their compact design allows installation inside the wet wells or sumps without need for priming and foot valves.

Submersible pumps are used extensively in agriculture for irrigation of large fields, orchard farms, and greenhouses. They are also ideal for construction activities like groundwater drainage and sewage treatment plants. Other end-use verticals include industrial uses in manufacturing facilities for cooling water circulation, effluent discharge and boiler feed systems. Residential and commercial consumers employ submersible pumps for water supply from borewells, swimming pools, fountains, and septic tanks.

The global submersible pumps market is estimated to be valued at US$ 14178.84 Mn in 2024 and is expected to exhibit a CAGR of 6.7% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the submersible pumps market are Koninklijke DSM NV, KD Pharma Group, The Archer Daniels Midland Company, Corbion NV, Novasep Holding SAS, Neptune Wellness Solutions, BASF SE, Clover Corporation Ltd, Croda International PLC, Novotech Nutraceuticals, and Polaris. The major players are investing heavily in strengthening their distribution channels and expanding production capacities to meet rising demand.

There is a tremendous opportunity for submersible pumps in wastewater management of growing smart cities and modernizing agriculture sector. Growing population and rapid urbanization are raising the need for efficient wastewater collection and disposal systems. The development of advanced submersible pumps with variable speed control and intelligent monitoring systems is making them an attractive option for various smart water applications.

Leading manufacturers are focused on global expansion plans through acquisitions and partnerships. Countries across Asia Pacific and Latin America are investing in sustainable water infrastructure which is fueling the demand for submersible pumps and creating new opportunities for international players.

Market Drivers

Construction of new agricultural farms and rising farm mechanization are major drivers for the submersible pumps industry. Submersible pumps enable centralized irrigation of large fields from groundwater sources through drip irrigation or sprinkler systems with minimal water wastage. The need for efficient pumping systems in agriculture to deal with issues of over-extraction of groundwater and uneven rainfall patterns is expected to support market growth over the forecast period.

PEST Analysis

Political: The growth of Submersible Pumps Market Demand is affected by laws and regulations related to water quality standards, agricultural subsidies, and grants for irrigation and drainage projects. Stringent regulations regarding proper treatment and disposal of industrial waste can boost adoption of submersible pumps.

Economic: Rising income levels, growing population, and rapid urbanization are increasing demand for water and wastewater treatment which drives the submersible pumps market. However, economic slowdowns can negatively impact capital expenditure on infrastructure projects involving submersible pumps.

Social: Growing awareness about water conservation and responsible usage is increasing preference for energy efficient submersible pumps. Additionally, growing health concerns related to water-borne diseases are favoring investments in clean water infrastructure development.

Technological: Advancements in motor and pump designs are making submersible pumps more efficient and reliable. The introduction of variable speed drives and intelligent controllers is optimizing pumping operations. Adoption of renewable energy-powered submersible pumps is gaining traction to reduce carbon footprint.

In terms of value, the submersible pumps market is concentrated in Asia Pacific region, led by countries like India and China. Rapid urbanization and industrialization in the region is increasing investments in water supply and wastewater treatment infrastructure which spurs demand. North America is another major regional market driven by refurbishment and replacement of aging pumping systems. Strong economic recovery is supporting capital expenditure on irrigation and building services in the region.

The fastest growing regional market for submersible pumps is expected to be Africa over the forecast period. Growing population and rising focus on developing agriculture sector are key drivers. Governments and international organizations are undertaking various projects to expand access to clean water and improve sanitation levels, thereby favoring market growth. Aided by strong economic growth, investments in water infrastructure projects are increasing across countries like Kenya, Nigeria, and South Africa.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it