The submersible pumps market size was valued at USD 14.2 billion in 2021. The submersible pumps industry is projected to grow from USD 15.23 Billion in 2022 to USD 24.80 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 7.22% during the forecast period (2024-2030). Increasing investments in the construction industry and the construction of new water and wastewater treatment facilities are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Investments in the construction industry play a vital role in the growth of and regional economies. Spending on capital projects and infrastructure is expected to grow significantly in the next decade. China, India, Indonesia, and other countries of Asia Pacific are highly investing in infrastructure development. In addition, increasing urbanization in emerging markets is expected to boost investments in major sectors, such as water & wastewater treatment and power, which is consequently expected to drive the growth of the submersible pumps market.
Further, the demand for submersible pumps has increased significantly in the recent past. This is typically due to growing infrastructure development activities. Rising urbanization in emerging economies in India and China has led to an increase in demand for submersible pumps across the globe. According to the United Nations (UN), by 2030, around 40.76% population of India is expected to live in urban areas. Water scarcity is a major issue plaguing various regions across the globe. Governments of various countries are implementing regulations mandating water recycling and reuse, especially in industries. Thus, these factors are expected to drive the growth of the submersible pumps market during the forecast period.
Additionally, increasing investment in infrastructural development and rapid industrialization are prime factors boosting the market growth. Manufacturers look for cost-effective and reliable fluid lifting options in all production scenarios, which has led to the increasing adoption of submersible pumps. Companies are developing robust products that can lift large volumes of fluid, which is anticipated to create lucrative opportunities in the coming years. Submersible pumps have become an integral part of power plants to transport liquid due to the growing demand for electricity all across the globe. Thus, these factors are expected to enhance the submersible pumps market CAGR across the globe in recent years.
However, the increasing population in the world with rising residential construction are the major factors contributing to the growth of the submersible pumps market ly. Rising water concerns influence the installation of water systems, which subsequently contributes to the submersible pumps market revenue growth.
The submersible pumps market segmentation, based on good type, includes a bore and open wells. The bore well segment held the majority share in 2021, contributing to the submersible pumps market revenue. Borewell pumps can be installed vertically and horizontally, which is a perfect pumping solution for gardening, industrial and domestic water supply, firefighting systems, and others. However, open well is the fastest-growing category over the forecast period due to the growing sales of submersible pumps at a steady pace.
The submersible pumps market segmentation, based on operation, includes multi-stage and single-stage. The multi-stage segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. This is due to the rising residential construction. Hence, rising investment in infrastructural development positively impacts market growth.
The submersible pumps market data has been bifurcated by power rating into high power, medium power, and low power. The medium power segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The products deliver optimum output discharge volume and better applicability to various commercial, agricultural, firefighting, irrigation, and other sectors. However, high power is the fastest-growing category over the forecast period. High-capacity products have considerable growth due to expanding oil & gas, mining, and chemical sectors. Increasing the construction of residential establishments along with public pools & aquariums will positively drive the low capacity segment outlook.
Figure 2: Submersible Pumps Market, by Power Rating, 2024 & 2030 (USD Million)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Based on Industry, the submersible pumps industry has been segmented into water & wastewater, oil & gas, agriculture & irrigation, construction, mining, and others. Water & wastewater held the largest segment share in 2021, owing to stringent government norms coupled with flexible installation & operations. However, oil & gas is the fastest-growing category over the forecast period due to the increasing deployment of ESPs as an artificial lift technology during production in conventional and unconventional reservoirs.
By Region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. The North America submersible pumps market accounted for USD 6.13 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. This is attributed to the increasing extraction of hydrocarbons from conventional and unconventional reserves coupled with expanding mining and construction activities that complement regional growth.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: Submersible Pumps Market Share By Region 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe submersible pumps market accounts for the second-largest market share due to favorable wastewater recovery policies, increasing irrigation activities, and construction of new private & commercial spaces. Further, the Germany submersible pumps market held the largest market share, and the UK Submersible Pumps market was the fastest growing market in the European region.
The Asia-Pacific submersible pumps market is expected to grow at the fastest CAGR from 2022 to 2030. Rapidly rising energy consumption has significantly increased the exploration & production of hydrocarbon reserves. Furthermore, developing nations like China, India, Australia, Japan, and other Southeast Asian countries complement the region to emerge as the dominant geography during the forecast timeframe. Moreover, China submersible pumps market held the largest market share, and the India submersible pumps market was the fastest growing market in the Asia-Pacific region.
Major market players are spending a lot on R&D to increase their product lines, which will help the submersible pumps market grow even more. Market participants are also taking a range of strategic initiatives to grow their footprint ly, with key market developments such as new product launches, mergers and acquisitions, contractual agreements, increased investments, and collaboration with other organizations. Competitors in the submersible pumps industry must offer cost-effective items to expand and survive in an increasingly competitive and enhancing market environment.
One of the primary business strategies manufacturers adopt in the submersible pumps industry to benefit clients and expand the market sector is manufacturing locally to decrease operating prices. The submersible pumps major market player, such as Xylem (US), KSB Group (Germany), Flowserve Corporation (US), and others, are working to enhance the market demand by investing in research and development activities.
Kirloskar Brothers Limited (KBL) is a world-class submersible pumps manufacturing company with expertise in the engineering and manufacture of fluid management systems. Established in 1888 and incorporated in 1920. KBL delivers complete fluid management solutions for large infrastructure projects in water supply, power plants, irrigation, oil & gas and marine & defense. KBL manufactures industrial, agriculture & domestic submersible pumps, valves and hydro turbines. In September 2021, Kirloskar Brothers Limited (KBL) launched a new series of borewell submersible pumps, the NEO Series 4-in, designed for rural, domestic, and community water supply markets, including the farming, buildings, and construction sectors.
Also, Aramco is a Saudi Arabian public petroleum and natural gas company based in Dhahran. As of 2020, it is one of the largest companies in the world by revenue. Saudi Aramco has the world's second-largest proven crude oil reserves, at more than 270 billion barrels (43 billion cubic meters) and the largest daily oil production of all oil-producing companies. It has been the single greatest contributor to carbon emissions of any company in the world since 1965. In March 2022, Aramco invested in developing a unified refinery and petrochemical complex in Liaoning Province, Panjin City, China. Huajin Aramco Petrochemical Company (HAPCO), a joint venture between Aramco, Panjin Xincheng Industrial Group, and North Huajin Chemical Industries Group Corporation, will develop the refinery. This will enable Aramco to provide up to 210,000 barrels per day of crude oil feedstock, which will be operational in 2024.
November 2020: Sulzer was awarded a contract from Ringkøbing-Skjern Forsyning A/S (a Danish water utility) to provide submersible pumps for a major flood defense project in Denmark. Two new pumping stations have been constructed to mitigate the impact of rising water levels during rain, drainage, and cloudburst water. Sulzer will supply one XFP submersible pumps and three VUPX peak load submersible pumps for the Ringkøbing pumping station, together with one XFP baseload pumps and four VUPX peak load pumps for the adjacent Skælbækker station.
May 2020: Wilo expanded its presence by establishing a new headquarters and production facility in Cedarburg, Wisconsin, US. The new headquarters will bring the combined operations of Wilo USA, Weil Pump, Scot Pump, and Wilo Machine Co. to a single production site.
| Report Attribute/Metric | Details |
| Market Size 2021 | USD 14.2 billion |
| Market Size 2022 | USD 15.23 billion |
| Market Size 2030 | USD 24.80 billion |
| Compound Annual Growth Rate (CAGR) | 7.22% (2024-2030) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2030 |
| Historical Data | 2018 & 2020 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Industry, Well Type, Operation, Power Rating and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Xylem (US),KSB Group (Germany),Flowserve Corporation (US),EBARA CORPORATION (Japan),Tsurumi Manufacturing Co. Ltd. (Japan),The Gorman-Rupp Company (US),Atlas Copco AB (Sweden),The Weir Group PLC (UK),Sulzer Ltd. (Switzerland), among others |
| Key Market Opportunities | Upgradation of aging and construction of new water & wastewater treatment facilities |
| Key Market Dynamics | Increasing demand for hydrocarbon products Growing investments in the construction submersible pumps |
Submersible Pumps Market Highlights:
Frequently Asked Questions (FAQ) :
The submersible pumps market size was valued at USD 14.2 Billion in 2021.
The market is projected to grow at a CAGR of 7.22% during the forecast period, 2024-2030.
North America had the largest share of the market
The key players in the market are Medtronic Inc (Ireland), Abbott Laboratories (US), Stryker Corporation (US), DePuy Synthes (US), and B. Braun Melsungen AG (Germany).
The water & wastewater category dominated the market in 2021.
The bore well had the largest share in the market.
The multi-stage category dominated the market in 2021.
The medium power category dominated the market in 2021.
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