Submersible Pump Market Trends

Growth Drivers

• Rising Agricultural Activities– Agriculture, forestry, and fishing generated a 78 percent increase in real terms between 2000 and 2020, surpassing USD 3.6 trillion in 2020. Moreover, in 2021, the agriculture sector holds a solid 4% share of the global GDP. Farmers are using submersible pumps to raise water from wells and boreholes and distribute it to roots, ensuring equal water distribution.

• Increasing Demand for Clean Water – Submersible pumps are utilized frequently for obtaining clean water from ground levels. Therefore, the rising demand for clean water is contributing to the submersible pump market growth. Freshwater is necessary for a healthy human life, but 1.1 billion people across the globe need access to it, and 2.7 billion face a shortage of water.
• Growing Production of Paper– In 2021, the worldwide use of paper and paperboard was around 408 million tonnes. Consumption is expected to rise further over the next ten years, reaching 476 million tonnes by 2032. Submersible pumps are used in the papermaking process to move slurry or pumps between stages.

Challenges

• Difficulty in Maintenance and Service- Since submersible pumps are placed below or deep beneath the ground, they may prove difficult to maintain and service on a regular basis. Furthermore, regular maintenance is critical for decreasing downtime and operating disturbances.
• Large Network of Competitive Market
• Hard to Design a Versatile Pump