by The submersible pumps market has experienced significant growth over the past few years owing to its wide range of applications in various end-use industries such as agriculture, oil & gas, construction, mining, automotive, and sewage and wastewater management. Submersible pumps are centrifugal pumps that can be fully submerged in liquid and are widely used to remove liquids from wells, dewatering applications, sewage handling, dredging applications, mining operations, sewage systems, and underground structures. They are used to pump water, raw sewage, slurry, and many other liquids from one place to another against the force of gravity. Some common uses of submersible pumps include pumping water from wells and groundwater from construction sites, removing wastewater from sewage systems, residential sewage sump pumps, groundwater at construction sites, swimming pool circulation pumps, and boiler feed applications.
The global submersible pumps market is estimated to be valued at US$ 12308.02 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
Rising construction activity is expected to propel the growth of the submersible pumps market over the forecast period. Rapid urbanization and growing population have created a demand for housing and infrastructure development which is driving the construction industry around the world. Submersible pumps find widespread application in construction activities for purposes such as dewatering of excavated areas and sewage removal. According to the Global Construction 2030 report by Global Construction Perspectives and Oxford Economics, the global construction output is projected to grow by 85% to US$ 15.5 trillion by 2030.
Another major driver for the submersible pumps market is the increasing demand for sewage and wastewater management around the world. With growing industrialization and urbanization, the volumes of domestic and industrial sewage and wastewater have increased tremendously. Stringent environmental regulations regarding wastewater discharge and growing awareness about sanitation are compelling industries and municipalities to implement robust sewage and wastewater treatment infrastructure which involves extensive use of submersible pumps.
The wastewater and sewage management market is expected to reach a value of US$ 248.7 billion by 2027, according to Grand View Research, thereby driving the demand for submersible pumps.
Segment Analysis
The submersible pumps market can be segmented by product type, application and region. By product type, the non-clog submersible pumps segment is dominating the market accounting for around 55% share. These pumps have smooth and tapered chambers that help discharge particles without creating clogs or jamming. By application, the sewage and wastewater segment holds the largest share as submersible pumps are integral for municipal sewage treatment plants.
PEST Analysis
Political: Governments across regions are focusing on overhauling aging municipal sewer systems, which will drive demand for submersible pumps. Environmental regulations regarding wastewater discharge are also getting stricter.
Economic: Growth in industrial and construction activities is positively impacting the market. However, high initial investment associated with pumps can be a restraint.
Social: Rising awareness about water pollution issues and conservation is propelling wastewater management projects worldwide.
Technological: Developments in materials and motor technologies are leading to more energy efficient and durable pumps. IoT-integrated pumps with remote monitoring capabilities are also gaining traction.
Key Takeaways
The Global Submersible Pumps Market Growth is expected to witness high driven by increasing spending on water and wastewater infrastructure projects across regions.
Regional analysis: The Asia Pacific region accounts for around 35% share of the global market led by China, India and other developing economies. Strong focus of governments in the region on wastewater treatment and rising standards of living are driving the demand. Municipalities are undertaking numerous projects to expand and upgrade sewer systems to cope with population growth.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
