Global Submersible Pumps Market by Type, Applications, Sales Channels, and Regions — Market Size, Share and Trends, Forecasts 2020–2026

Global Submersible Pumps Market is valued to reach USD 12.4 Billion by 2020, exhibiting a CAGR of 5.6% over the forecast period 2020–2026. Key factors augmenting the market are increasing need to treat wastewater generated from industrial sector, surge in mining activities coupled with increasing demand in agriculture sector for irrigation purposes.

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Industrial sector is expected to be the largest application with 69% of the market share by year 2020. Major applications in the industrial sector include wastewater, sewage treatment & other effluent management activities, draining out water from holes during mining & construction activities, dewatering purpose in case of flood and other related calamities.

Increasing deep water exploration activities and subsea operations provides huge opportunities for submersible pumps used in the oil & gas industry. However, the high cost of the submersible pumps compared to the conventional ones and other factors such as cost incurred in case of motor failure may inhibit its market growth.

Market Trends, Drivers, Restraints, and Opportunities:

Increasing investments in water and wastewater treatment by domestic, municipal, and industrial sectors is expected to propel the market growth.
Rising awareness about pumps and their performance as per end user requirement drives market growth.
High operational and maintenance costs of the pumps are expected to hinder market growth.
Leading manufacturers are increasingly investing in research to develop next generation of submersible pumps.
The submersible pumps manufacturers are increasingly focusing advancement in products through product innovations to deliver highly efficient pumps to end user customers. They are integrating pumps with industrial internet of things (IIoT) solutions in order for them to deliver real-time data insights on multiple parameters such as temperature, contamination, mechanical breakdowns, and water and pressure levels.