Future Market Insights (FMI), an ESOMAR certified Market Research Company has recently done an incisive analysis on the global submersible pumps market. It opines that the submersible pumps market, pegged at US$13.4 Bn through 2030 is slated to expand 1.5X in the coming decade.
With the water treatment across municipal and industrial sectors set to be the key value creator, submersible pumps are fast emerging as a highly preferred pumping solution across a range of applications such as agriculture, wastewater management and oil well drilling. Wastewater treatment initiatives by municipal corporations in developing regions will accelerate demand for submersible pumps through 2031
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“Online sales of submersible pumps are gaining traction across the globe especially in East Asia, Europe, North America and South Asia & Pacific. Penetration of the online sales channel is high and manufacturers are leveraging this sales channel via price and product transparency in order to gain a competitive advantage.” says FMI analyst.
Key Takeaways of Submersible Pumps Market Study
- Submersible pumps remain highly preferred in oil & gas applications as they are a cost-efficient alternative to positive displacement and split-case pumps
- Mergers and acquisitions in North America will brighten market prospects for the established players in this region. Newly formed collaborative entities will look to capitalize on acquired rigs thus boosting demand for submersible pumps
- Submersible pumps are set to become industry standard in APAC with scaled up investments on sustainable sewage infrastructure and wastewater treatment
- Smart submersible pumps with real time data capturing and predictive maintenance will provide real time insights on temperature and water pressure levels
Submersible Pump Market to be Temporarily Exposed to COVID-19 Uncertainties
The COVID-19 crisis has left its impact on almost every sector. Within industrial and oil & gas, public and private sector investments have either been cancelled or stalled indefinitely. This is having a cascading effect on overall demand for submersible pumps.
As governments are charting a sustainable course for economic recovery, investments in these crucial end use sectors will take a back-seat. With key regions such as US, UK, Brazil and China being adversely impacted, sales of submersible pumps will witness a significant decline in near- term.
In the interim, manufacturers of submersible pumps must map out a mitigation strategy targeting sustainable initiatives wastewater, irrigation and sewage treatment post pandemic. The global submersible pumps market is expected to witness rebound by second quarter of the 2021.
Smart and Sustainable Solutions Remain Hallmark of Submersible Pumps Market
Top players in the submersible pumps market account for 25 -30% of the total global market share. The market is intensely fragmented with negligible barriers to new entrants. Further, setting up of submersible pump production plants is less capital intensive. Low-cost offering, smart technologies and customized offerings are some of the strategies of players. For instance:
- Hydroo Pump Industries SL, a key player in Europe specializes in submersible pumps for wastewater, irrigation, HVAC and building services. Their pump motors have IE3 standardization which make them highly user-friendly, robust and reliable. Their production processes conform to all standards of environmental friendliness
- Xylem Inc is a renowned US based provider of smart water solutions. Its Flygt Concertor, a smart wastewater pumping system has helped a pumping station in Heathrow airport to reduce their water sanitation cleaning and servicing expenses by almost 88%
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Know more about FMI’s Submersible Pumps Market Study
Submersible pumps market, a new study from Future Market Insights, opines on the study of submersible pumps market dynamics from 2015 – 2019 and presents demand projections from 2020 – 2030 on the basis of; type (non-clog submersible pumps, open well submersible pumps, borewell submersible pumps), head type (below 50 meters, 50 m-100 m, above 100 m); application (agriculture, industrial, municipal, water supply and distribution, wastewater management) across seven prominent regions.
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