Submersible Pump Market Analysis and Forecast to 2032: By Type (Electrical, Hydraulic, Pneumatic), Sector (Industrial {Wastewater, Construction & Mining, Oil, Gas, and Power, Others}, Agricultural, Domestic, Municipal {Clean Water, Wastewater}), Power Rat

Submersible Pump Market Analysis and Forecast to 2032: By Type (Electrical, Hydraulic, Pneumatic), Sector (Industrial {Wastewater, Construction & Mining, Oil, Gas, and Power, Others}, Agricultural, Domestic, Municipal {Clean Water, Wastewater}), Power Rating (Below 1 HP, 1-5 HP, 6-15 HP, Above 15 HP), Operation (Single Stage, Multi Stage), Solution (New Sales, Aftermarket), and Region

The Submersible Pump market size was USD 16,476.4 Million in 2022 and is anticipated to reach USD 27,260.6 Million in 2032, growing at a rate of 4.8% from 2023 to 2032.



A submersible pump is a pump that is designed to be submerged in water. The pump is hermetically sealed so that the water does not enter the pump. The pump is powered by an electric motor that is connected to the pump by a power cord. The motor is sealed inside the pump so that it is protected from water. The pump is designed to operate underwater and to pump water from one location to another.
Submersible Pump Market Scope and Report Structure
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Submersible Pump Market Trends
There are four key trends in submersible pump technology:

1. Increased Efficiency: Submersible pumps have become increasingly efficient in recent years. This is due to advances in manufacturing and design, as well as the use of more efficient materials.

2. Lighter Weight: Submersible pumps have also become much lighter in weight. This is due to the use of lighter materials, such as plastics and composites.

3. Smaller Size: Submersible pumps have also become much smaller in size. This is due to the use of smaller motors and pumps, as well as advances in manufacturing and design.

4. Increased Reliability: Submersible pumps have also become much more reliable in recent years. This is due to the use of more reliable materials and components, as well as advances in manufacturing and design.
Submersible Pump Market Drivers
There are many factors that contribute to the growth of the submersible pump market. Some of the key drivers include:

1. Rapid industrialization and urbanization: With the rapid pace of industrialization and urbanization, the demand for submersible pumps has increased significantly. These pumps are used in a variety of industries, including construction, mining, and oil and gas.

2. Increasing demand from agriculture: Submersible pumps are also widely used in agriculture for irrigation purposes. The increasing demand from the agriculture sector is one of the key drivers of the submersible pump market.

3. Rising demand from the wastewater treatment industry: Submersible pumps are used in wastewater treatment plants for the treatment of sewage and industrial effluent. The rising demand from the wastewater treatment industry is one of the key drivers of the submersible pump market.

4. Stringent environmental regulations: Stringent environmental regulations, such as the Clean Water Act and the Safe Drinking Water Act, have led to the increased use of submersible pumps in a variety of applications, such as water supply and treatment, wastewater treatment, and others.
Submersible Pump Market Restraints & Challenges
The key restraints and challenges in Submersible Pump market are high initial investment and maintenance cost, stringent government regulations, and limited availability of skilled labor. Besides, elevated water stress levels may hamper the market growth to some extent. For instance, according to a report published by the International Resource Panel, demand for water will exceed supply by 40% by 2030, pushing governments to invest USD 200 billion per year in upstream water supplies. It is critical to isolate water use from economic growth in order to avoid the impending problem. In addition, new energy efficiency standards that are to be incorporated may require redesigning of pumps by manufacturers, which may incur high costs and time, thereby restraining the market growth.
Submersible Pump Market Segmentation
The Submersible Pump market report is bifurcated on the basis of type, sector, operation, power rating, solution, and region.

Submersible Pump Market by Type

On the basis of type, submersible pumps market segmented into electrical, hydraulic, and pneumatic. The electrical segment is anticipated to dominate the market during the forecast period. The segment held over half of the submersible pump market share in 2022 and it is anticipated to grow further at a CAGR of 6.8% during the forecast period. This is attributed to the ability of these pumps to handle both liquids and solids. In addition, the increasing water needs in residential & commercial complexes in conjunction with rising concerns toward sewage & wastewater treatment are boosting the product adoption. Adding to that, a substantial rise in water management activities to promote clean water for drinking and agriculture applications will positively boost market growth.



Submersible Pump Market by Sector

Based on the sector, it is analyzed across industrial, agricultural, domestic, and municipal. The industrial segment is further segmented into wastewater, construction & mining, energy & power, and others. Similarly, the municipal segment is further bifurcated into clean water and wastewater. The industrial segment dominated the market in 2022 accounting for over half of the submersible pump market size and is anticipated to grow at a rate of 4.6% from 2023 to 2032. Various companies are offering submersible pumps specifically for industrial use. For instance, Atlas Copco offers a WEDA range of electrical submersible pumps. The WEDA range is up to 40% lighter in weight and has high wear resistance and simple service. The company offers WEDA D, WEDA S, and WEDA L pumps in the segment of electrical submersible pumps.



Submersible Pump Market by Operation

By operation, it is categorized into single stage and multi stage. The single-stage segment dominated the market during the forecast period. On the other hand, the multi-stage segment is anticipated to witness the fastest growth during the forecast period. Different companies are launching new single-stage centrifugal pumps to boost its product portfolio. For instance, Sulzer launched a new CPE end-suction single-stage centrifugal pump. The new CPE ANSI process pumps are specifically designed to exceed the strictest energy regulations for all industries as well as the requirements of ASME B73.1. With revolutionary hydraulics and high efficiency, they offer low life cycle costs.



Submersible Pump Market by Power Rating

By power rating, it is divided into below 1 HP, 1-5 HP, 6-15 HP, and above 15 HP. The 6-15 HP segment held the largest share of the market during the forecast period. Whereas, the above 15 HP segment is anticipated to witness the fastest growth during the forecast period. The rising exploration activities for new water resources are expected to propel the global submersible pump market growth during the forecast period. The improvement of drinking water infrastructure in both urban and rural areas is a top priority for many governments in developing regions like MEA and the Asia-Pacific. Because of this, the exploration of water resources has increased, which is anticipated to increase demand for 6-15 HP submersible pumps that have increased capacity and efficiency for household use, as well as drive the expansion of the worldwide submersible pump market.



Submersible Pump Market by Solution

Based on solution, market is sub segmented into new sales and aftermarket. The new sales segment held the majority of the market value during the forecast period. Whereas, the aftermarket segment is anticipated to witness the fastest growth throughout the study period. The manufacturers and distributors of submersible pumps generates revenue by offering services and repair parts for submersible pumps. The aftermarket consists of spare parts, repair, maintenance, and components of the submersible pumps. Aftermarket is less expensive than purchasing the entire machine, hence, it is expected to exhibit a faster growth during the study period.



Submersible Pump Market by Region

Region-wise, it is studied across North America, Europe, Asia-Pacific, and the Rest of the World. The Asia Pacific region accounted for the largest revenue share of over 40.0% in 2022. The Asia Pacific region is anticipated to witness growth over the forecast period owing to the massive investments by the governments of different countries in the region for the development of the public infrastructure and the expansion of residential construction. The key factors such as excess water extraction in countries such as India resulted in a 58% decline in the water level between 2011 and 2021. This has translated into an increase in demand for submersible pumps. Besides, factors such as ongoing urbanization, the increasing spending power of consumers, ongoing industrialization, and changing consumer preferences in the Asia-Pacific region are responsible for the growth of the municipal and industrial sector in the region.


Submersible Pump Market Players
The key players in the Submersible Pump Market are Kubota Corporation, Wacker Neuson Group, Atlas Copco AB, KSB SE & Co. KGaA, Xylem Inc., Ebara Corporation, Grundfos, Sulzer AG, The Weir Group PLC, and Tsurumi Manufacturing Co., Ltd.
COVID-19 Impact
The COVID-19 pandemic had a negative impact on the submersible pumps market. The slowdown was mainly due to economic contractions, resulting from a halt in investments from various end-use industries. For instance, in 2020, the oil and gas industry got struck by the COVID-19 impact far more significantly than any other shocks that the sector came across in the past, and submersible pumps are widely used in the oil and gas industry. The oil prices that started declining at the end of the first quarter were slashed entirely by the end of April. The OPEC basket benchmark crude oil prices, which at the starting of 2020 were USD 68.89 per barrel, came down to USD 12.41 per barrel by the end of April, which affected the market negatively in the first half of 2020. Sudden outbreak of the COVID-19 pandemic had led to the decelerating demand for submersible pumps in the oil & gas industry, along with temporary halt in construction activities leading to cancellation of several contracts for submersible pumps.
Recent Developments

In February 2023, Wacker Neuson rolled out new excavators, utility loaders at ConExpo 2023. This machine will provide a solution for contractors and rental houses looking for a quiet, zero-emission excavator to expand their businesses into new applications while meeting environmental regulations
In January 2023, Xylem Inc. acquired clean technology firm Evoqua Water Technologies in an all-stock transaction valued at approximately $7.5bn.
In September 2022, Tsurumi (Europe) has acquired a majority share of Belgian Tsurumi distributor Marine Motors & Pumps (MMPumps) in order to support and strengthen both companies in the European pump market.
In August 2022, Grundfos, has entered into an agreement to acquire Mechanical Equipment Company, Inc. (MECO). This acquisition, which is pending regulatory approvals, will further expand Grundfos’ water treatment capabilities and strengthening Grundfos’ position as a leading global provider of water treatment solutions that address the world’s water and climate challenges and improve the quality of life for people.
In May 2022, KSB Ltd has announced the launch of AQUA Series Pumps. The Aqua series is available in range of 0.5 HP - 1.5 H, with flow rates up to 4,400 LPH and heads up to 66 meters, along with high operating efficiency.

Submersible Pump Market Report Coverage

The report offers a comprehensive quantitative as well as qualitative analysis of the current Submersible Pump Market outlook and estimations from 2022 to 2032, which helps to recognize the prevalent opportunities.
The report also covers qualitative as well as quantitative analysis of Submersible Pump Market in terms of revenue ($Million).
Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the Submersible Pump industry.
A thorough analysis of market trends and restraints is provided.
By region as well as country market analysis is also presented in this report.
Porter’s five forces analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the Submersible Pump Market are also analyzed.

Frequently Asked Questions
Q. How big is the Submersible Pump market?

Ans. The Submersible Pump market size was USD 16,476.4 Million in 2022 and is anticipated to reach USD 27,260.6 Million in 2032, growing at a rate of 4.8% from 2023 to 2032.

Q. What is the Submersible Pump market growth rate?

Ans. The growth rate of the Submersible Pump market is 4.8% from 2023 to 2032.

Q. Which region holds a major market share for the Submersible Pump market?

Ans. Asia-Pacific held a major market share of the Submersible Pump market in 2022.

Q. Which segment accounted for the largest Submersible Pump market share?

Ans. Based on solution, the new sales segment contributed significant revenue to the Submersible Pump market in 2022, and the aftermarket segment is expected to be the fastest-growing segment during the forecast period.

Q. Who are the key players in the Submersible Pump market?

Ans. The key players in the Submersible Pump Market are Kubota Corporation, Wacker Neuson Group, Atlas Copco AB, KSB SE & Co. KGaA, Xylem Inc., Ebara Corporation, Grundfos, Sulzer AG, The Weir Group PLC, and Tsurumi Manufacturing Co., Ltd. among others.

Q. What are the factors driving the Submersible Pump market growth?

Ans. The major factors driving the growth of the Submersible Pump market are the growing demand for clean water, the surging pump applications in municipal segment, and the increasing production of oil & gas.

Q. What are the key growth strategies of Submersible Pump market players?

Ans. The key growth strategies of Submersible Pump market players are partnerships, acquisitions & mergers, and government initiatives.

Q. Which region will provide more business opportunities for the Submersible Pump market during the forecast period?

Ans. The Asia-Pacific and MENA regions will provide more business opportunities for the Submersible Pump market during the forecast period.

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