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The global submersible pumps market size was valued at USD 12.95 billion in 2018 and is projected to reach USD 20.58 billion by 2026, growing at a CAGR of 6.0% from 2018 to 2026 forecast period. The market growth is propelled by the increasing development of submersible pumps in residential and commercial sectors. Growing concerns over wastewater discharges and reuse of discharged water is acting as key features fostering the pumps demand. In May 2019, the Italian manufacturer, Caprari, announced to increase the operational performance of its submersible motor’s portfolio called MAC series. The improvement is achieved by using High Thrust (HT) bearings in the units to increase axial load resistance and durability of the products.
Increasing Demand for Hydrocarbon Products Observed as a Substantial Submersible Pump Market Trend
Submersible pump are extensively used in oil & gas production from the wells. ESPs are readily installed in the drill string as the borewell submersible pumps to produce centrifugal force and efficiently lift substantial volumes of liquids to the surface. A large number of wells are on the verge of maturity and requires an additional method to produce oil & gas. In February 2020, the U.S. Energy Information Administration (EIA) projected that the global petroleum and liquid fuel demand is set to increase by over 1.3 billion million barrels per day (BPD) in 2020, resulting in 101.97 BPD by the year-end.
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Increasing Construction Activities and Building Expenditures Will Play A Vital Role
Construction of new large commercial and industrial establishments, coupled with the refurbishing of existing infrastructure, has witnessed a significant boost across the globe. Various countries have considerably invested in rising construction activities to support the rapid urbanization and industrialization.
Asia Pacific Submersible Pump Market Size, 2015-2026 (USD billion)
Increasing Agricultural Activities Is Set to Augment Industry Outlook
Various countries are increasing focus on cultivating and harvesting edible goods for national consumption as well as international exports. Emerging countries in the Asia Pacific region, along with developed regions such as North America, is taking several measures to promote agricultural business by using advanced machinery and equipment.
Rising Measures to Treat and Reuse Discharged Wastewater Will Propel the Industry Size
Water is the basic necessity needed by every individual to sustain, and depletion & contamination of water resources have risen grave concerns among nations. Consequently, different regional governments have implemented stern policies and guidelines to curb the mixture of released wastewaters into mainstream water reserves. For instance, in May 2018, the government of Gujrat, a state in India, had introduced a policy named Reuse of Treated Waste Water Policy. The framework is aimed to reduce the reliance on the regional freshwater sources like rivers and support the setup of Sewage Treatment Plants (STP) in the state.
Complexity in Maintaining the Operational Conditions and High Cost Associated with Repairs May Hinder Market Growth
Submersible pumps are manufactured by hermetically sealing a motor with the body of the pumps to keep external liquid out of the system. Thus, corrosion or loosening of the seal over time may lead to outer water or liquid to seep in the system and dangerously harm the pumps. This leads to a pump failure condition requiring the inevitable repairing of highly expensive motors and other internal parts.
Medium Capacity Submersible Pump Are Anticipated to Lead the Market During the Forecast Timeframe
Based on the capacity, the market is trifurcated into low, medium, and high. The medium capacity segment is projected to account for the major share in the market. The products deliver optimum output discharge volume along with better applicability to various commercial, agricultural, firefighting, irrigation, and other sectors. High capacity products are further set to witness considerable growth majorly due to expanding oil & gas, mining, and chemical sectors. Increasing construction of residential establishments along with public pools & aquariums will positively driver the low capacity segment outlook.
Electric Submersible Pump Is Likely to Dominate the Industry Size
By pump type, this market can be majorly segmented into electric submersible pumps, grinder pumps, effluent pumps, bilge pumps, and others. Electric submersible pumps or ESPs are projected to shape the market trends and hold the lion’s share during the forecast period. A rising number of low producing oil & gas wells coupled with rising energy demand across the globe will boost product adoption. Rapidly increasing seaborne trades coupled with the construction of new marine vessels like ships, boats, yachts, and others will add to the bilge pumps' progress.
Grinder pumps are also anticipated to observe substantial growth owing to rising focus to handle wastewater and sewage systems efficiently. The products are increasingly installed in private and public establishments for the treatment of fibers and solids discharge with significant pressure to the sewer system. Furthermore, effluent pumps are also a type of sump pump progressively used for pumping sewage expulsions with solids having moderately sized solid particles flowing from the septic tanks. Additionally, other pumps include various products like submersible utility pumps, bladder pumps, line shaft turbine or lineshaft vertical turbine submersible pumps, and many more.
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Water & Wastewater Is Set to Increase Significantly Across Different Regions
Global submersible pumps market based on end-user includes water & wastewater, chemicals, residential & commercial, construction, agriculture, mining, oil & gas, and others. The water & wastewater sector is projected to lead the market owing to stringent government norms coupled with flexible installation & operations. Rapidly growing production of abundant metals like lithium and aluminum to manufacture various goods will cater to the mining sector growth. Oil & gas is also projected to grow substantially due to the increasing deployment of ESPs as an artificial lift technology during production in conventional and unconventional reservoirs.
Growing set up of new refineries and chemical plants to produce various end-user materials will positively influence the chemicals segment. The construction sector is projected to witness the highest growth owing to increasing construction expenditures coupled with rising need to pump various fluids to and from the building locations. Substantially rising focus to produce fresh crops for exports along with less complex installation methods will boost the agriculture sector. The building of new outhouses, farmhouses, and other domestic & public constructions are anticipated to foster the residential & commercial sector advancement.
Asia Pacific Submersible Pump Market Size, 2015-2026 (USD Billion)
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Geographically, the submersible pump market has been analyzed across five major regions, which are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific to hold the largest share in the global submersible pumps market during the forecast timeframe. 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 are complementing the region to emerge as the dominant geography during the forecast timeframe. Europe is projected to hold the following position in the industry due to favorable wastewater recovery policies, regular increasing irrigation activities, and construction of new private & commercial spaces.
Increasing extraction of hydrocarbons from conventional and unconventional reserves coupled with expanding mining and construction activities will propel the North America industry outlook. Subsequently, growing development in chemical production & processing capabilities will further complement the regional growth. As per the BP Statistical Review 2019, the total oil refinery throughput capacity in the U.S. was 16.96 million BPD in 2018 and experienced about 1.1% year-on-year increment from 16.58 million BPD in 2017.
Fast-paced extension in constructing new infrastructure coupled with the presence of long-standing oil & gas wells with low daily production rates is anticipated to propel the Middle East & Africa submersible pump market. Key nations actively operating across the industry in the geography are South Africa and Gulf Cooperation Council (GCC) countries.
Xylem Inc. Focusses On Organic And Inorganic Expansion to Strengthen Its Product Offerings And Marketing Channel
Xylem inaugurated a novel hub in January 2020 in Singapore dedicated to its customer base in the region. The new technological center initiated at its regional headquarter will emphasize on developing innovative energy, wastewater, and water technologies.
The launch of the new Flygt submersible pump model by Xylem in July 2019, to strengthen its presence in industrial applications like aquaculture and food. This addition is manufactured using stainless steel material for extensive uses and will be fabricated using 3-D printing technology to reduce the delivery time to customers.
Submersible pumps have substantial acceptance among the customers for installation in various locations. However, industries like construction, agriculture, wastewater treatment, oil & gas, and many others that directly incorporates the products are witnessing significant investments from private and public entities. Expanding regional infrastructures coupled with different goals set by national governments is likely to promote the adoption of the technology extensively.
The Submersible Pump Market report offers an elaborative analysis of numerous factors affecting the global market. These include opportunities, growth drivers, threats, key developments, and restraints. In addition to this, it further helps in analyzing, segmenting, and defining the market based on different segments such as capacity, pump type, and end-user. It strategically analyzes several strategies such as product innovations, mergers, alliances, joint ventures, and acquisitions adopted by players in the industry.
An Infographic Representation of Submersible Pump Market
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Value (USD Billion)
By Pump Type
Fortune Business Insights says that the market was valued at USD 12.95 Billion in 2018.
The global market is projected to reach USD 20.58 billion by 2026.
The market is projected to grow extensively at a CAGR of 6.0%.
Asia Pacific market was valued at USD 4.22 billion in 2018.
Electrical submersible pumps or ESPs type of pump are projected to be the leading segment in this market during the forecast period.
Increasing construction and infrastructure development, coupled with rising energy demand is the key market drivers. However, the complex and costly maintenance requirement may obstruct the industry growth.
GRUNDFOS, Xylem Inc., Kirloskar Brothers, Tsurumi Pump, and KSB Company are among the key participants in this market.
The substantial rise in construction spending will lead to building new infrastructures across the globe. These pumps are readily installed to pump water in and out of the construction locations to mitigate risky conditions like basement flooding. Consequently, the growing fabrication of buildings will propel the installation of the pumps.
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