Submersible Pump Market size is poised to cross USD 20 Billion by the end of 2035, growing at a CAGR of 5% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of submersible pump was USD 10 Billion. The growth of the market can be attributed to the growing investment in infrastructural development. By 2025, the global annual expenditure on the development of infrastructures is expected to exceed USD 9 trillion. Submersible pumps are utilized during construction to dewater diggings, allowing for safe and efficient building.
In addition to these, factors that are believed to fuel the market growth of submersible pump include the technological advancement of submersible pumps. Because of the introduction of Internet of Things (IoT) technology, automated tracking and oversight of submersible pumps is now possible. Real-time data analytics and predictive maintenance contribute in the increase of pump efficiency, aversion of problems, and the reduction of downtime.
Growth Drivers
Challenges
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~5% |
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Base Year Market Size (2022) |
~ USD 10 Billion |
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Forecast Year Market Size (2035) |
~ USD 20 Billion |
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Regional Scope |
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Type (Open-Well Submersible Pump, Bore-Well Submersible Pump)
The bore-well submersible pump market is estimated to gain the largest revenue share of about 60% in the year 2035. The growth of the segment can be attributed to the increasing usage of groundwater. Since surface water, such as lakes and rivers are depleting rapidly, therefore the popularity of bore submersible pumps are becoming increasingly important in both residential and commercial sectors. On the other hand, rising urbanization and a growing population are increasing the demand for water and thus driving the growth of the bore-well submersible segment.
Head Type (Below 50 m, 50 m-100 m, Above 100 m)
The above 100 m segment is expected to garner a significant share of around 41% in 2035. The deep levels of freshwater bodies are the major growth factor of the segment growth. Usually, in water distribution activities, water is extracted from lakes and rivers, which are mostly above 100 meters levels. Therefore, the need for a pump with a head height over 100 m becomes increasingly important. Moreover, lakes are often located more than 395 meters below sea level. Additionally, Lake Baikal in Russia is the world's deepest lake. In spots, its bottom is nearly 2 kilometers (more than 1 mile) below the surface.
Our in-depth analysis of the global market includes the following segments:
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Type |
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Head Type |
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Operations |
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Power Rating |
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End Use Industry |
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North American Market Forecast
The submersible pump market in North America is projected to be the largest with a share of about 35% by the end of 2035. The growth of the market can be attributed majorly to the increasing exploration of shale gas and other unconventional energy resources. According to the US Energy Information Administration (EIA), US dry natural gas production from shale deposits was approximately 28.5 trillion cubic feet (Tcf) in 2022, accounting for roughly eighty percent of total US dry natural gas production. Furthermore, the implementation of policies for oil and gas recovery is also expected to drive market growth in North America
APAC Market Statistics
The Asia Pacific submersible pump market is estimated to be the second largest, registering a share of about 28% by the end of 2035. The growth of the market can be attributed majorly to the rising government initiative to provide fresh water in rural regions. In 2019, the Indian government launched Mission Jal Jeevan to deliver water supply via pipes service to every household in rural India by 2024. The program focused on the establishment of water sources, and infrastructure, such as water treatment, point-of-entry water treatment systems, further followed by integration of capacity building, and involvement of the community.
Author Credits: Payel Roy, Dhruv Bhatia
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