Submersible Pump Market Size to Hit USD 20.58 Billion by 2026 | Exhibit a CAGR of 6.0%
Fortune Business Insights
6 min read
Fortune Business Insights
According to Fortune Business Insights, the global submersible pumps market was valued at USD 12.95 billion in 2018, and is projected to reach USD 20.58 Billion by 2026, growing at CAGR of 6.0% from 2021 to 2026. Launch of UPA S 200 by KSB Group to stimulate market growth.
Pune, India, Aug. 10, 2022 (GLOBE NEWSWIRE) -- The global submersible pump market size is expected to grow from USD 12.95 billion in 2018 to USD 20.58 billion by 2026, exhibiting a CAGR of 6.0% during the forecast period. The growing concerns regarding environment will subsequently aid the development of the submersible pump market during the forecast period. Moreover, the rising emphasis regarding wastewater discharges will fuel demand for submersible pump, which in turn will boost the submersible pump market trends, states Fortune Business Insights™, in its report titled “Submersible Pump Market, 2021-2026.”
Rising concerns about water impact water systems installations, thereby contributing to market growth. In addition, the growing focus of key players towards enhancing and improving the operational performance of submersible pump will aid expansion of the market during the forecast period. For instance, in May 2019, Caprari, a world leader in pumps and centrifugal electric pumps announced to increase the operational performance of its submersible motor’s portfolio called MAC series. The improvement is achieved by using High Thrust (HT) bearings in the units to increase axial load resistance and durability of the products.
Key Industry Development: February 2020 – Tsurumi declared to hold dominating share in Obart Pumps Ltd., a UK based pump distributor. The merger is aimed to fortify the company’s presence in the regional market by offering new products & services to the users. September 2019 – Sulzer introduced a new unit to its submersible dewatering pump offerings. The addition, namely, XJ900, is aimed to deliver reliable and economical operations owing to its low operational losses coupled with high-efficiency motor usage
COVID-19 Impact
In-Depth Qualitative COVID 19 Outbreak Impact Analysis Include Identification And Investigation Of The Following Aspects: We analysed industry trends in the context of COVID-19. We analysed the impact of COVID-19 on the product industry chain based on the upstream and downstream markets. We analyse the impact of COVID-19 on various regions and major countries.
Report Scope & Segmentation:
Report Coverage
Details
Forecast Period
2019-2026
Forecast Period 2019 TO 2026 CAGR
6.0%
2026 Value Projection
USD 20.58 billion
Base Year
2018
Market Size in 2018
USD 12.95 billion
Historical Data for
2015-2017
No. of Pages
180
Segments covered
Capacity, Pump Type, End User, Region
Growth Drivers
Rising Measures to Treat and Reuse Discharged Wastewater Will Propel the Industry Size
Increasing Agricultural Activities Is Set to Augment Industry Outlook
Submersible Pump Market Drivers:
Increasing Agricultural Activities Is Set to Augment Industry Outlook
Water is the basic necessity needed by every individual to sustain, and depletion & contamination of water resources have risen grave concerns among nations. Consequently, different regional governments have implemented stern policies and guidelines to curb the mixture of released wastewaters into mainstream water reserves.
For instance, in May 2018, the government of Gujrat, a state in India, had introduced a policy named Reuse of Treated Waste Water Policy. The framework is aimed to reduce the reliance on the regional freshwater sources like rivers and support the setup of Sewage Treatment Plants (STP) in the state. Growing industrial and commercial infrastructures are driving demand for potable water, leading to an increasing installation of submersible pumps, thereby driving the growth of the market of the submersible pumps worldwide.
Rising Mining and Construction Activities to Propel Market in North America
The market in North Americaa generated a revenue of USD 4.22 billion in 2018. The growth in the region is attributed to growing mining and construction activities. Additionally, the rising extraction of hydrocarbons from conventional and unconventional reserves will aid the market in North America. Moreover, the surge in chemical production will also spur opportunities for the market in North America. Likewise, the growing exploration activities for oil and gas will enable growth in the market. Asia Pacific is predicted to grow rapidly owing to the surge in construction industry in the developing countries.
Competitive Landscape:
Launch of UPA S 200 by KSB Group to Stimulate Market Growth
The KSB Group, a global supplier of pumps, valves and systems announced that it will unveil of its new UPA S 200 submersible borehole pump, designed for water supply, irrigation, groundwater management and pressure boosting applications, at this year’s IFAT trade fair, which is due on 7–11 September 2020. The announcement of KSB Group is likely to spur sales opportunities for the submersible pump market owing to its efficiency and hydraulic design, metal casing wear rings and silicon carbide bearings, leading to low energy consumption even when there is high grit contents in the fluid handled.
The Report Lists the Key Companies in the Submersible Pump Market:
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