The U.S. is expected to dominate submersible pumps market in the forecast period due to the increasing exploration of shale reserves and oil and gas projects.
Globally, sales in the submersible pumps market are set to be valued at US$ 978.5 Mn in 2021, with a stable long-term projection. According to the latest analysis by Future Market Insights (FMI), the submersible pumps market is poised to expand at a 5.1% CAGR over the forecast period 2021-2031.
The outbreak of the COVID-19 pandemic has, however, dampened sales of submersible pumps. Delivery chain disruptions and halted manufacturing sports in the oil and fuel sector resulted in stagnant demand for submersible pumps.
To increase sales, submersible pump manufacturers are focusing on launching high-value, high-performance products. Governments of developing economies in Africa and Asia, particularly in India, China, and South Africa, are increasing efforts to improve access to drinking water in rural and urban areas, which benefits the market.
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“Initiatives undertaken by governments for wastewater management and encouraging the use of technologically-driven equipment in the agricultural sector are expected to spur the demand for submersible pumps,” said Future Market Insights analyst.
Key Takeaways:
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Competitive Landscape
Some of the key submersible pump manufacturers include Kubota Corporation, Wacker Neuson Group, Atlas Copco, ABKSB SE & Co. KGaA, Xylem Inc., Ebara Corporation, Grundfos, Sulzer AG, The Weir Group PLC, Tsurumi Manufacturing Co., Ltd. Kirloskar Brothers Ltd., Flowserve Corporation.
The global submersible pumps market is fairly fragmented owing to the presence of several players across the globe. Moreover, the leading share in the market is accounted for by unorganized players which are estimated to be at around 50%-55%. Key market players are focusing on research and development to expand their product portfolio. Besides this, they are actively investing in mergers, acquisitions, and strategic collaborations to expand their global footprint.
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
Aug 10, 2022