Submersible Pumps Market is estimated to Record a CAGR of Nearly 5.0% through 2029 - Future Market Insights

4/24/2019, 4:02 PM (Source: GlobeNewswire)

VALLEY COTTAGE, N.Y. , April 24, 2019 (GLOBE NEWSWIRE) -- According to a new study of Future Market Insights (FMI), the submersible pumps sales in 2018 closed in on 9,300 thousand units, and is estimated to record a Y-o-Y growth at 4.0% in 2019. Growth of the submersible pumps market remains influenced by various factors, ranging from growing government investments in water and wastewater treatment, to increasing number of onshore and offshore oil exploration and production activities.

According to the study, submersible pumps sales in the water & wastewater treatment are estimated to account for nearly 50% market share in 2019. Greater suitability of submersible pumps in water, wastewater, sewage, and sludge containing fibrous and solid material, as well as gaseous liquids, continues to underpin their sales. Key players in the submersible pumps markets have introduced products that facilitate installation, and feature automatic temperature and seal monitoring in real-time.

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The study finds that tertiary recovery methods have gained significant momentum in the oil & gas industries, and submersible pumps, electric submersible pumps in particular, play a vital role in these methods. As the oil & gas exploration activities are near maturity, these methods are being viewed as more feasible and economical among industry players.

Electrical submersible pumps have witnessed increased adoption in the artificial gas lift, owing to their ability to improve the recovery factor of oil & gas, in turn improving their production efficiency. With the increasing oil & gas exploration activities, and artificial lift methods becoming more economical, submersible pumps are witnessing a surge in demand from the industry, and this is expected to continue over the forecast period.

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Borewell Submersible Pumps Remain Sought-after

The report estimates larger sales of borewell submersible pumps, compared to other variants, in light of their greater effectiveness in groundwater extraction across various application areas including domestic, industrial, and agriculture. Borewell submersible pumps are estimated to account for over 5 in 10 sales in 2019, according to the study. Openwell submersible pumps are also expected to hold significant shares of the market over the period of forecast.

Sensing varied requirements of end users, submersible pump manufacturers have introduced products with different head mechanisms, which range from 50 meters to above 100 meters. Submersible pumps with the head mechanism of above 100 meters will continue to remain preferred, on account of their enhanced operational capability.

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East Asia Remains Most Lucrative Market for Submersible Pumps

The study finds that East Asia will continue to remain the leading market for submersible pumps, with China at its forefront. Influx of investments in infrastructure projects, along with the robust mining, oil & gas, and agriculture activities in China are key aspects fueling sales of submersible pumps in the country. The study expects Europe to account for a significant share in the submersible pumps market, and South Asia to be the high-growth market for submersible pumps, underpinned by the rapid economic developments in its developing nations such as India.

The submersible pumps market continues to remain fairly fragmented in nature, owing to the presence of a large number of players competing for shares. Competition in the submersible pumps market is likely to intensify as key vendors include IoT enabled products in their portfolio to facilitate troubleshooting and remote access to oilfield equipment. Key player operating in the submersible pumps market include KSB AG, Flowserve Corp, Sulzer AG, Ebara Corporation, Weir Group Plc., Xylem Inc., Wilo SE, Kubota Corporation, Wacker Neuson Group, Atlas Copco Group, Tsurumi Manufacturing Co., Ltd., Ingersoll-Rand plc, and Kirloskar Brothers Ltd., among others.

This FMI study also offers forecast of the submersible pumps market for the period between 2019 and 2029. The submersible pumps market is projected to record a CAGR of approximately 5.0% through 2029.

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