Submersible pumps find widespread applications across various industries such as oil & gas, agriculture, wastewater, and construction. The ability of these pumps to operate even when submerged underwater makes them suitable for pumping slurries, effluents, chemical waste, and other liquids from one place to another. They allow continuous operation without interruption even during power failures. They play a vital role in dewatering during construction projects and water extraction from agricultural fields.
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.
Key Takeaways
Key players: 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 are the major players in the global submersible pumps market.
Key opportunities: Increasing petrochemical production across the world is expected to boost the Submersible Pumps Market Size from the oil & gas industry. Additionally, the growing agriculture sector in developing nations will drive market growth.
Global expansion: Leading manufacturers are expanding their global footprint by building new production facilities and entering into partnerships with local players in high growth regions of Asia Pacific and Middle East & Africa.
Market drivers:
Growing construction industry worldwide is one of the major market drivers as submersible pumps find extensive usage in dewatering applications at construction sites. Increasing power generation through hydropower will also fuel the demand for these pumps over the forecast period.
The submersible pumps market is estimated to witness high growth owing to rising usage of these pumps in the construction industry. Growing construction activities across both commercial and residential sectors worldwide will propel the demand for submersible pumps for dewatering applications during the forecast period.
PEST Analysis
Political: The Submersible Pumps Market Analysis is affected by the government regulations and policies related to water and wastewater management. Subsidies and incentives by governments for water infrastructure projects will drive the adoption of submersible pumps in various end-use industries.
Economic: Factors such as growing urbanization and industrialization are increasing the demand for clean water, thereby boosting the submersible pumps market. However, fluctuating raw material prices may hamper the market growth.
Social: Growing awareness about water conservation and sanitation is augmenting the usage of submersible pumps in applications such as water supply, drainage and sewage, and wastewater treatment. Submersible pumps help provide accessibility to water in remote areas.
Technological: Technologies such as IoT integration and remote monitoring are gaining traction in submersible pumps. Advanced materials and improved designs are helping manufacturers develop efficient and durable pumps with minimum maintenance requirements.
Geographical Regions with Highest Market Concentration
Asia Pacific dominates the global submersible pumps market in terms of value. The rising expenditure on water infrastructure projects in densely populated countries such as China and India is driving the market in the region. Supportive government schemes for rural water supply are also augmenting the adoption of submersible pumps.
Fastest Growing Regional Market
North America is projected to witness the highest growth during the forecast period. This can be attributed to increasing investments in wastewater treatment facilities across the US and Canada. Growing focus on wastewater recycling and reuse of treated water is propelling the demand for submersible pumps in municipal and industrial wastewater treatment applications.
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