Submersible Pump Segmentation
Type (Electric Submersible Pumps, Hydraulic Submersible Pumps, Diesel Submersible Pumps)
The electric submersible pumps segment is poised to capture 59.1% of the submersible pump market share by 2037. Water supply, wastewater management, and industrial processes are prime application areas of the electric submersible pumps. The cost-effectiveness compared to hydraulic or diesel-powered counterparts is contributing to the increasing popularity of electric submersible pumps. Furthermore, public funding aimed at the expansion of rural electrification is expected to fuel the sales of electric submersible pumps in the coming years. As per the study by the U.S. Department of Energy (DOE), the push for energy-efficient electric motors and pumps is projected to propel the application of electric submersible pumps, particularly in agricultural and municipal water settings. This reflects that supportive government policies and schemes are set to increase the sales of electric submersible pumps in the coming years.
Application (Agricultural Irrigation, Municipal Water Supply, Industrial & Commercial, Oil & Gas, Mining)
The agricultural irrigation segment is anticipated to hold 46.5% of the global submersible pump market share throughout the forecast period. The fueling demand for innovative water pumping solutions to enhance agricultural activities is expected to double the revenues of the submersible pumps in the coming years. The favorable government subsidies promoting efficient water use technologies are also contributing to the increasing sales of submersible pumps. According to the study by the Food and Agriculture Organization (FAO), efficient irrigation technologies, including submersible pumps, improve water use efficiency by 31% to 41%. This supports sustainable agricultural practices and draws attention from end users.
Our in-depth analysis of the submersible pump market includes the following segments:
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