According to the latest report by IMARC Group, titled “Submersible Pumps Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” offers a comprehensive analysis of the industry, which comprises insights on the market. The submersible pumps industry research report also includes competitor and regional analysis, and contemporary advancements in the market. The global submersible pumps market size reached US$ 12.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 16.7 Billion by 2028, exhibiting a growth rate (CAGR) of 4.2% during 2023-2028.
Submersible Pumps Market Overview:
Submersible pumps are versatile devices that move fluids, such as water or oil, from one location to another. Designed to operate underwater, these pumps are typically made of corrosion-resistant materials to encounter harsh environments. They consist of a hermetically sealed motor, impeller, and pump casing. They are widely used in various applications, including drainage, irrigation, sewage systems, and oil extraction. Their compact size, efficiency, and ability to operate quietly make them ideal for residential and industrial purposes. These pumps can handle high volumes of fluid, and their submerged nature eliminates the need for priming, enhancing their convenience and reliability.
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Global Submersible Pumps Market Trends:
The global market is majorly driven by the increasing demand for efficient water management systems. In line with this, the rising concerns over water scarcity and the need for sustainable water management are significantly contributing to product adoption. Furthermore, rapid urbanization and industrialization are fueling the demand for submersible pumps. As urban areas expand, there is a greater need for efficient sewage and wastewater management systems. Submersible pumps are crucial in these systems, efficiently transferring sewage and wastewater from residential and industrial areas to treatment plants or disposal sites. The escalating population and industrial activities have contributed to expanding sewage and wastewater infrastructure, further propelling the submersible pump market.
Moreover, the growth of the oil and gas industry is catalyzing the market. Besides, the key players are focusing on developing pumps with improved efficiency, reliability, and durability. Advanced materials and design innovations have enhanced the performance of submersible pumps, making them more suitable for a wide range of applications. These technological advancements have also led to the development of intelligent pumps that can be remotely monitored and controlled, further bolstering the market.
Top Companies in Submersible Pumps Industry Worldwide:
- Atlas Copco
- Flowserve Corporation
- Grundfos Holding A/S
- ITT Gould’s Pumps Inc.
- Kirloskar Brothers Limited
- KSB Aktiengesellschaft
- Schlumberger
- Sulzer AG
- Weir Group Plc.
- Wilo SE
- Xylem Inc.
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Key Market Segmentation:
Breakup by Type:
- Open Well
- Borewell
- Non-Clog
Breakup by Operation:
- Single Stage
- Multi-Stage
Breakup by Power Rating:
- Low
- Medium
- High
Breakup by Application:
- Water & Wastewater
- Mining & Construction
- Pulp & Paper
- Energy & Power
- Food & Beverages
- Chemicals & Pharmaceuticals
- Others
Breakup by Region:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
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