Submersible pump is a submerged device which is required to extract water and other fluids from the bored hole or well. Submersible pump is a centrifugal pump which is usually coupled with an electric motor. These pumps remain submerged in water due to which there will not be any pressure trouble. The main reason of using these pumps is to avoid cavitation. Cavitation is a problem related with the high elevation distance between fluid surfaces and pumps. Unlike other pumps, submersible pumps pushes water to the surface instead of sucking of water out of the ground like above ground water pumps. These pumps are used for continuous discharge of water in higher quantity as well as for high heads. The need of water is being increased day to day for various uses. To get water from its resources, submersible pumps are required in most of the fields, and their demand in the market is also rising. These pumps are used to extract fluids and are deployed in various industries such as chemicals, construction, energy & power, oil & gas, construction, wastewater amongst others. The growth of the submersible pump market is in sync with increasing urbanization, industrialization and improvement of irrigational practices in agriculture globally.
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Global Submersible Pump Market: Drivers & Restraints
With growth in industrial sector in the fast pace economies globally, there has been heavy expenditure on the construction and infrastructural projects, creating demand for submersible pumps globally. The migration of people from rural to urban region is also triggering the demand of submersible pumps, especially for the waste water and sewage industry. The major drivers for submersible water pumps globally is rising urbanization, followed by decline in fresh water resources and deep water exploration activities amongst others. Submersible pumps are widely preferred in energy and power industry globally. The increasing demand of energy and water globally along with increasing number of oilfields is anticipated to further fuel the demand for global submersible water pumps market globally. The abundance of oil and demand for water in few regional pockets is expected to drive the growth of submersible pump market during the forecast period.
Global Submersible Pump Market: Segmentation
On the basis of product type, the global submersible pump market is segmented into
• Sewage Pumps
• Clean Water Pumps
• Corrosion-resistant Pumps
• Hot Water Pumps
• Others
On the basis of industry, the global submersible market is segmented into
• Chemical
• Construction
• Energy & Power
• Waste water & Sewage
• Others
On the basis of application, theglobal submersible pump market is segmented into
• Industrial
• Agriculture
• Domestic
Global Submersible Pump Market: Region-wise Outlook
In terms of geography, the global submersible pump market has been divided in to seven key regions including North America, Latin America, Eastern Europe, Western Europe, Asia-Pacific excluding Japan, Middle East & Africa and Japan. Asia-Pacific holds the largest market share in terms of revenue and is expected to grow at a high CAGR over the forecast period. With rise in demand for energy and water, coupled with increasing population especially in emerging economies of India and China is expected to fuel the demand of submersible pumps by the end of 2025. North America followed by Western Europe are others regional markets which are anticipated to grow at a steady CAGR with increasing initiatives in industrial and domestic applications.
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Global Submersible Pump Market: Key Players
Global submersible pump market is dominated by large number of regional and global players which include General Electric Company, Flotek Industries Inc., Grundfos Group, Sulzer AG, Weir Group Plc., Halliburton, Schlumberger and Baker Hughes. However, Chinese and local players have a considerable market share in global submersible pump market and are highly competitive in terms of pricing and quality, proving to be a major threat for giant players in global submersible pumps market.