Submersible Pumps Market growing at a compound annual growth rate (CAGR) of 5.2% from 2023 to 2030

The global submersible pumps market size was estimated at USD 11.70 billion in 2022 and is anticipated to reach USD 17.50 billion by 2030, growing at a compound annual growth rate (CAGR) of 5.2% from 2023 to 2030. The positive outlook for the oil and gas sector is expected to drive demand for pumps over the forecast period.

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Increased investments in exploration and production activities by oil & gas companies are expected to increase the demand for submersible pumps in the oil & gas industry. Furthermore, technological developments in pump manufacturing, as well as new product launches focused on improved pump performance, durability, and lower energy usage, are projected to drive market growth. Submersible pumps are well-suited for harsh conditions, such as flooding or areas prone to waterlogging. Their ability to operate underwater without risk of damage makes them essential in challenging environments.

The economic growth and stability can impact construction and industrial activities, influencing the demand for submersible pumps. Economic developments globally can have a cascading effect on the market. These aforementioned factors are expected to drive the demand for the market over the forecast period. The demand for submersible pumps is closely tied to infrastructure development, especially in water supply and wastewater treatment. Investments in upgrading or expanding water systems can drive the demand for submersible pumps. Growth in infrastructure projects, including water supply systems, wastewater treatment plants, and construction activities, typically drives the demand for submersible pumps. These pumps are essential for dewatering construction sites and managing water in various infrastructure projects.

For instance, the House Transportation and Infrastructure Committee authorized a USD 50 billion investment over the next five years for wastewater management, flood control, and other water-related infrastructure in September 2021. As a result, rising investment in wastewater management and infrastructure is likely to drive up demand for submersible pumps even further.

Product Insights

In terms of product, the borewell segment led the market in 2022 with a revenue share of 46.4%. Borewell submersible pumps are extensively used in agriculture to extract water from deep wells for irrigation purposes. As agriculture is a significant sector in many regions, the demand for borewell submersible pumps is closely tied to agricultural practices. Moreover, in areas where surface water sources are limited or unreliable, borewell submersible pumps are essential for extracting groundwater from deep aquifers. This is critical for providing a reliable and continuous water supply for various uses.

In rural and remote areas where centralized water supply systems may be lacking, borewell submersible pumps serve as a practical solution for accessing groundwater for domestic and agricultural needs. Furthermore, borewell submersible pumps are used in construction projects and industries that require water from deep sources. They play a role in dewatering during excavation and are used for various industrial processes that require substantial water supply.

Openwell segment is anticipated to witness the fastest CAGR of 5.7% over the forecast period. The demand for openwell submersible pumps is influenced by various factors, reflecting their role in providing water supply from open wells or reservoirs. Open well submersible pumps are widely used in agriculture to lift water from open wells for irrigation purposes. The efficiency and reliability of these pumps are crucial for sustaining agricultural practices.

End-use Insights

In terms of end-use, the agriculture segment led the market in 2022 with a revenue share of 25.9%. Submersible pumps play a crucial role in agriculture, providing an efficient and reliable means of water supply for various farming activities.Some agricultural setups utilize submersible pumps in conjunction with drip irrigation systems. These systems deliver water directly to the base of plants, minimizing water wastage and ensuring efficient water use.

Moreover, submersible pumps are commonly used to extract water from wells or boreholes for agricultural purposes. They can efficiently lift water from considerable depths, providing a reliable water source. Further, these can be used to boost water pressure in irrigation systems, ensuring that water reaches all parts of the field evenly. This is especially important in areas with varying terrain.

Submersible Pumps Market Report Scope

Report Attribute	Details
Market size value in 2023	USD 12.24 billion
Revenue forecast in 2030	USD 17.50 billion
Growth rate	CAGR of 5.2 from 2023 to 2030
Base year for estimation	2022
Historical data	2018 – 2021
Forecast period	2023 – 2030
Quantitative units	Revenue in USD million/billion and CAGR from 2023 to 2030
Report coverage	Revenue forecast, company market position analysis, competitive landscape, growth factors, and trends
Segments covered	Product, drive, end-use, region
Regional scope	North America; Europe; Asia Pacific; Middle East & Africa; Central & South America
Country Scope	U.S.; Canada; Mexico; Germany; France; Italy; U.K.; Spain; China; India; Japan; South Korea; Australia; Brazil; Argentina; Saudi Arabia; UAE; South Africa
Key companies profiled	Xylem; Sulzer Ltd.; KSB SE & Co. KGaA; Grundfos Holding A/S; Atlas Copco; Flowserve; Wilo SE; Homa Pump Technology; LEO GROUP PUMP(ZHEJIANG)CO., LTD.; VANSAN Water Technologies; Grindex; HCP PUMP MANUFACTURER CO. LTD.; EBARA International Corporation; Schlumberger Limited; ITT INC.
Customization scope	Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope.
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