High Demand from Agricultural Sector to Fuel the Global Submersible Pumps Market

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TheGlobal Submersible Pumps Marketis projected to reach a value of USD 21.52 billion by 2028, at a CAGR of 7.23%, from USD 12.31 billion in 2020. Increasing urbanization in emerging markets is expected to boost the investments in major sectors, such as water &wastewater treatmentand power, which are consequently expected to drive the growth of the Submersible Pumps Market.

Asubmersible pumpis a device that has ahermetically sealed motorclose-coupled to the pump body. The whole assembly is submerged in the fluid to be pumped.Investment in the construction industry plays an important role in global and regional economic growth. Expenditure on major projects and infrastructure is expected to grow significantly over the next decade. China, India, Indonesia, and other Asia Pacific countries are investing heavily in infrastructure development.

The major factors that are restraining the growth of the submersible pump market is that they are most often affected by high temperatures, including hot water pumps, overloading of the engine by pump, loss of cooling flow over the motors, and the engine normally turning on and off. The cost of solving such failure problems is high, and it reduces the life of the pump due to repair and replacement. So, the failure of pump motors and the associated cost of problem-solving serves as a barrier to the growth of the underwater pump market. Local and regional players who provide underwater pumps pose a major challenge to product owners by providing affordable alternatives and low-cost care services. This informal sector can beat market giants by price competition and supply chain network.

The global submersible pump market is segmented on the basis oftype aselectrical, hydraulic, and air-driven. On the basis of application, the market is segmented as open pit and bore well. On the basis of operations, the market is segmented as single-stage and multi-stage. On the basis of power rating the market is segmented as below 1HP, 1-5HP, 5-15 HP, above 15 HP. On the basis of sector, the market is segmented as industrial, agricultural, and domestic and the industrial sector is further divided into water & wastewater, mining & construction, and energy & power.

India's submersible pump market is growing and will account for the largest sales share in the South Asia & Pacific pumps market. Bored wells form an important part of the Indian submersible pump market. The increase in government investment in infrastructure development projects in India creates significant opportunities for the growth of the underwater pump market. The US submersible pump market will show growth at 3.2% CAGR between 2020 and 2028 due to increased oil and gas projects. China will remain one of the richest markets in East Asia, expected to show a 6.1% CAGR growth over the forecast period. China is also a leading consumer in the global market due to its high level of use of municipal and industrial components. The country is investing in wastewater treatment plants to reduce water scarcity and to meet the changing needs of domestic and residential purposes and construction projects.

Some of the major players operating in the global Submersible Pumps Market areXylem (US), Sulzer (Switzerland), KSB Group (Germany), Grundfos (Denmark), and Atlas Copco (Sweden), Tsurumi Manufacturing (Japan), Grindex (Sweden), Flowserve (US), Wilo (Germany), Vansan (Turkey), SAER Elettropompe (Italy), Pleuger (Germany), C.R.I. Pumps (India), PROFIL (Taiwan), HOMA (US), LEO (China), EBARA Corporation (Japan), BMJ Pumps (US), Mody Pumps (US), SPT Pumpen (Germany), and HCP (Taiwan), among others.