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

Submersible Pump Market: Key Insights

The Global submersible pump market is anticipated to reach USD 12.5 billion in 2023 witnessing a CAGR of 5.5% over the forecast period 2015-2023. Asia-Pacific accounted for the highest percentage share of 42% to the global market in 2014, however the market is estimated to reach USD 2.8 billion by 2016 This can be attributed to various factors such as growing urbanization, rapid growth in industrialization, increasing population and emerging economy of developing nations such as India, China and Japan.

The North America market is anticipated to reach USD 2 billion by the end of 2023 witnessing a compound annual growth rate of 5.5% over the period of forecast. This can be attributed to the reauthorization of Safe water drinking act, 1996 this will facilitate the establishment of advanced water and wastewater industry in the United States. Further, increasing population and rapid urbanization has resulted into the high demand of water supply in residential as well as commercial sector, vendors are investing a huge amount of capital to fulfill the increased demand of water supply in these sectors and further this will fuel the growth of pump industry in the coming 5-6 years.

Base Year	2024
Forecast Year	2025-2037
CAGR	5.5%
Base Year Market Size (2024)	USD 11.18 billion
Forecast Year Market Size (2037)	USD 22.34 billion
Regional Scope	North America (U.S., and Canada) Latin America (Mexico, Argentina, Rest of Latin America) Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific) Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe) Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)

Frequently Asked Questions (FAQ)

In the year 2025, the industry size of submersible pump is evaluated at USD 11.67 billion.

The submersible pump market size was over USD 11.18 billion in 2024 and is projected to exceed USD 22.34 billion by the end of 2037, growing at over 5.6% CAGR during the forecast period i.e., between 2025-2037. Increasing demand for various industries, including construction, pulp and paper, food & beverage, and oil and gas will boost the market growth.

Asia Pacific industry is estimated to hold 28% of the revenue share by 2037, driven by rising government initiative to provide fresh water in rural regions.

The major players in the market include Wacker Neuson Group, Atlas Copco AB, Xylem Inc., Sulzer AG, The Weir Group PLC, Kriloskar Brothers Ltd., Flowserve Corporation, Shimge Pump Industry Group Co., Ltd., Pleuger Industries, Shakti Pumps Ltd.

Submersible Pump Market Trends