Overview
Submersible Pumps Market reached US$ 13.4 billion in 2023 and is expected to reach US$ 22.7 billion by 2031, growing with a CAGR of 6.8% during the forecast period 2024-2031.
Several underdeveloped Asian countries, such as Bangladesh, Cambodia, and Laos, are transitioning toward low-level industrialization by focusing on textile and footwear manufacturing. This shift in economic policy, along with the accompanying infrastructure development, is expected to drive long-term demand for submersible pumps.
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Market Growth Trends
Rapid Urbanization in Developing Countries
Urbanization in developing countries surged in the late 2000s, driven by strong economic growth in the Asia-Pacific region, while Europe and the U.S. faced stagnation following the global financial crisis. The migration to cities, fueled by the pursuit of new economic opportunities, remained largely uninterrupted until the COVID-19 pandemic.
This rapid urbanization, however, presented significant challenges, as infrastructure development struggled to keep up with the growing population.
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Market is segmented
By Type: Openwell, Borewell
By Operation: Single Stage, Multi-Stage
By Power Rating: Low Power, Medium Power, High Power
By Application: Industrial, Residential, Commercial, Agricultural
By End-User: Wastewater Treatment, Energy & Power, Mining & Construction, Chemical, Others
By Region: North America, Europe, South America, Asia Pacific, Middle East, and Africa
Market Key Players
- Atlas Copco AB
- Ebara Corporation
- Flowserve Corporation
- General Electric
- Grundfos Holding A/S
- Halliburton
- Goulds Pumps
- KSB SE & Co. KGaA
- Sulzer Ltd
- Gorman-Rupp Pumps
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