Submersible Pumps Market Size, Share, and Trends 2024 to 2033

The global submersible pumps market size surpassed USD 12.61 billion in 2023 and is predicted to reach around USD 20.33 billion by 2033, registering a CAGR of 4.94% during the forecast period from 2024 to 2033.

Key Takeaways

• Asia-Pacific contributed more than 41.11% of market share in 2023.
• North America is estimated to expand the fastest CAGR between 2024 and 2033.
• By product, the borewell segment has held the largest market share of 39% in 2023.
• By product, the openwell segment is anticipated to grow at a remarkable CAGR of 5.5% between 2024 and 2033.
• By drive, the electric segment generated over 45% of the market share in 2023.
• By drive, the hydraulic segment is expected to expand at the fastest CAGR over the projected period.
• By end user, the agriculture segment generated over 26% of revenue share in 2023.
• By end user, the chemical segment is expected to expand at the fastest CAGR over the projected period.

Submersible Pumps Market in the Asia Pacific 2024 to 2033

The Asia Pacific submersible pumps market size was valued at USD 5.18 billion in 2023 and is expected to be worth USD 8.43 billion by 2033, growing at a CAGR of 5.05% from 2024 to 2033.

Asia Pacific has held the largest revenue share of 41.11% in 2023. Asia-Pacific commands a significant share in the submersible pumps market due to rapid industrialization, urbanization, and agricultural expansion. The region's robust economic growth has propelled the demand for efficient water management solutions, with submersible pumps playing a crucial role in various applications. Moreover, increasing infrastructure development projects, particularly in emerging economies, contributes to the substantial market share. As Asia-Pacific nations prioritize modernization across sectors, the need for reliable and versatile submersible pumps continues to grow, sustaining the region's dominant position in the global market.

North America is estimated to witness the highest growth. North America holds a major growth in the submersible pumps market due to robust industrial infrastructure, extensive agricultural practices, and stringent regulations promoting efficient water management. The region's advanced mining and oil exploration activities also drive the demand for submersible pumps. Furthermore, a focus on technological innovation, such as the integration of smart pump technologies, contributes to the market's growth. The region's commitment to sustainability and environmental regulations further propels the adoption of submersible pumps for their energy efficiency and eco-friendly features.

Submersible Pumps Market Overview

Submersible pumps are specialized devices designed to operate underwater for tasks such as water supply, drainage, and irrigation. These pumps feature a sealed motor and pump unit, positioned beneath the water surface, enabling efficient water movement. Widely utilized in wells, boreholes, and other water sources, submersible pumps are favored for their robustness, energy efficiency, and versatility in handling different liquids, including clean water and corrosive fluids.

Functioning by converting electrical energy into mechanical energy, submersible pumps employ an impeller to propel fluids to the surface. The sealed design ensures the motor remains protected from water ingress, guaranteeing a secure and dependable operation. With applications spanning residential, agricultural, industrial, and municipal contexts, submersible pumps offer a reliable and adaptable solution for diverse water management needs.

Growth Factors

• Increased Agricultural Practices: Growing demand for efficient irrigation systems in agriculture boosts the adoption of submersible pumps.
• Urbanization and Infrastructure Development: Rising urbanization and construction activities drive the need for submersible pumps in water supply and drainage systems.
• Expanding Industrial Sector: The industrial sector's expansion requires reliable water management, propelling the demand for submersible pumps for various processes.
• Technological Advancements: Ongoing innovations in pump technology enhance efficiency, reliability, and performance, stimulating market growth.
• Water Scarcity Concerns: Escalating concerns about water scarcity globally drives investments in water extraction and distribution systems, benefiting the submersible pumps market.
• Renewable Energy Integration: Growing focus on renewable energy sources, including solar-powered submersible pumps, contributes to market expansion.
• Government Initiatives: Supportive government policies and initiatives promoting water infrastructure development foster market growth.
• Mining Activities: Increasing mining operations necessitate efficient dewatering solutions, boosting the demand for submersible pumps.
• Rising Population: Population growth drives higher water consumption, leading to increased demand for submersible pumps in various applications.
• Environmental Regulations: Stringent environmental regulations prompt industries to adopt energy-efficient and eco-friendly pumping solutions.
• Oil and Gas Exploration: Expansion in oil and gas exploration activities requires reliable submersible pumps for extraction and wastewater management.
• Construction of Smart Cities: Smart city projects worldwide demand advanced water management systems, driving the market for submersible pumps.
• Infrastructure Rehabilitation: Rehabilitation and modernization of existing water infrastructure contribute to the market's growth.
• Increasing Investments in Agriculture: Growing investments in modern agricultural practices, including precision farming, boost the use of submersible pumps.
• Awareness of Water Conservation: Rising awareness about water conservation encourages the adoption of efficient water pumping solutions.
• Demand from Residential Sector: Increasing construction of residential complexes and housing projects drives the demand for submersible pumps for water supply and drainage.
• Focus on Energy Efficiency: The emphasis on energy-efficient solutions in various industries supports the adoption of advanced submersible pumps.
• Emergency Response Preparedness: The need for reliable water pumping solutions during emergencies and natural disasters fuels market growth.
• Expanding Wastewater Treatment: Growing investments in wastewater treatment facilities drive the demand for submersible pumps in sewage and effluent handling.
• Globalization of Agriculture: The globalization of agriculture increases the need for efficient irrigation systems, contributing to the growth of the submersible pumps market.

Submersible Pumps Market Scope

Submersible Pumps Market Dynamics

Driver

Agricultural expansion and industrial growth

The market demand for submersible pumps sees a notable boost due to the expansion of agriculture and growth in the industrial sector. In agriculture, the increasing use of advanced irrigation methods necessitates efficient water systems, and submersible pumps play a crucial role in ensuring a dependable water supply for optimal crop growth. As global agricultural practices continue to expand to meet growing food demands, the demand for submersible pumps experiences a corresponding increase. Simultaneously, in the industrial landscape, submersible pumps are indispensable for various processes requiring fluid management.

Industries rely on these pumps for tasks such as dewatering in mining operations, water supply for manufacturing processes, and drainage in construction projects. The robust and versatile nature of submersible pumps makes them a preferred choice for industries seeking efficient and reliable solutions for water handling, thereby contributing to the overall surge in market demand.

Restraint

High initial cost and complex maintenance

The market demand for submersible pumps encounters notable constraints due to the combination of high initial costs and complex maintenance requirements. The upfront investment for acquiring and installing submersible pumps is often substantial, acting as a deterrent for potential buyers, particularly in cost-sensitive markets. This financial barrier can limit the adoption of submersible pumps, hindering their widespread use despite their efficiency and effectiveness in various applications.

Moreover, the complex maintenance associated with submersible pumps, especially in underwater installations, adds another layer of challenge. The intricacies involved in upkeep, which often necessitate specialized knowledge and tools, can contribute to higher operational costs over the pump's lifecycle. This complexity may discourage some users, particularly those with limited technical expertise, from choosing submersible pumps, impacting their market demand as consumers seek solutions with more straightforward maintenance requirements and lower initial investment burdens.

Opportunity

Renewable energy integration and smart pump technologies

Renewable energy integration and the advancement of smart pump technologies are pivotal opportunities within the submersible pumps market. The increasing emphasis on sustainable practices has opened doors for submersible pumps to integrate with renewable energy sources, particularly through the development of solar-powered systems. This not only aligns with global efforts to reduce reliance on conventional power but also positions submersible pumps as eco-friendly solutions, appealing to environmentally conscious consumers and businesses.

Simultaneously, the rise of smart pump technologies, incorporating features like IoT-enabled sensors and automation, presents a transformative opportunity. These innovations enhance the monitoring and control capabilities of submersible pumps, optimizing performance, reducing downtime, and increasing energy efficiency. The implementation of smart technologies not only improves overall pump functionality but also aligns with the broader trend of Industry 4.0, making submersible pumps more versatile, reliable, and appealing to industries seeking advanced and interconnected solutions for their water management needs.

Product Insights

In 2023, the borewell segment held the highest market share of 39% on the basis of the product. The borewell segment in the submersible pumps market refers to pumps specifically designed for use in boreholes or deep wells. These pumps are crafted to efficiently draw water from substantial depths, catering to agricultural, industrial, and residential water supply needs. A trend in this segment involves the integration of advanced materials and technologies, enhancing pump durability and performance. Additionally, manufacturers are focusing on developing energy-efficient borewell submersible pumps to align with sustainability goals and address the increasing demand for reliable water extraction from deep sources.

The openwell segment is anticipated to witness highest growth at a significant CAGR of 5.5% during the projected period. The openwell segment in the submersible pumps market refers to pumps designed for use in open wells or sumps. These pumps are installed in wells without requiring a separate pump house. A notable trend in this segment is the growing demand for energy-efficient openwell submersible pumps, driven by increased awareness of sustainability. Manufacturers are focusing on designing pumps with improved motor efficiency and advanced features to cater to diverse applications, such as agriculture, residential water supply, and industrial usage, fueling the market's expansion.

Drive Insights

According to the drive, the electric segment held 45% of the market share in 2023. In the electric segment of the submersible pumps market, electric-driven pumps play a central role, powered by electrical energy for fluid handling applications. The electric submersible pumps segment is witnessing a trend towards increased energy efficiency, driven by advancements in motor technology and control systems.

Manufacturers are focusing on designing electric pumps with higher power ratings and improved operational reliability. Additionally, there is a growing demand for submersible pumps with smart features, allowing for remote monitoring and control, contributing to the overall modernization of electric-driven submersible pump systems.

The hydraulic segment is anticipated to witness the highest growth over the projected period. The hydraulic drive segment in the submersible pumps market refers to pumps powered by hydraulic energy, commonly used in applications requiring high efficiency and reliability. The hydraulic submersible pumps are favored for their ability to handle varying fluid viscosities and harsh environments. A notable trend in this segment involves the integration of advanced hydraulic drive technologies, enhancing pump performance, energy efficiency, and adaptability to diverse operating conditions. As industries prioritize sustainable and efficient solutions, the hydraulic drive segment continues to evolve, contributing to the market's growth and technological advancements.

End User Insights

According to the end user, the agriculture segment held a 26% market share in 2023. The agriculture segment in the submersible pumps market refers to the end-user category where these pumps find extensive use in irrigating farmlands and ensuring efficient water supply. In this context, the trend is shifting towards the adoption of technologically advanced submersible pumps for precision irrigation, offering farmers greater control over water distribution. The integration of smart technologies, such as sensor-based monitoring, is becoming increasingly prevalent, allowing for optimized water usage, improved crop yields, and sustainable agricultural practices.

The chemical segment is anticipated to witness the highest growth over the projected period. In the submersible pumps market, the chemical segment refers to end-users involved in chemical processing industries. These industries utilize submersible pumps for the transfer, circulation, and handling of various chemicals. A notable trend in this segment is the increasing demand for corrosion-resistant submersible pumps to ensure the safe and efficient movement of corrosive liquids. Manufacturers are focusing on developing pumps with materials and coatings that can withstand the challenges posed by aggressive chemicals, addressing the specific needs of the chemical processing sector.

Recent Developments

• In May 2023, Curtiss-Wright Corporation revealed a strategic agreement with Shell Plc, outlining plans to test, manufacture, and offer operational support for an electro-submersible pump destined for a Shell offshore platform in the Gulf of Mexico. The initiative aims to showcase Curtiss-Wright's canned motor technology as a dependable and efficient alternative to existing subsea pump technologies, addressing the evolving needs of offshore applications.
• In February 2022, Industrial Flow Solutions announced its acquisition of Dreno Pompe, an Italian company renowned for designing and manufacturing high-quality electrical submersible pumps tailored for wastewater applications. This acquisition positions Industrial Flow Solutions to broaden its product portfolio and strengthen its presence in the wastewater pump market, leveraging Dreno Pompe's expertise and reputation in the field.

Submersible Pumps Market Companies

• Grundfos
• Xylem Inc.
• Sulzer Ltd.
• KSB SE & Co. KGaA
• Flowserve Corporation
• Franklin Electric Co., Inc.
• Ebara Corporation
• Tsurumi Manufacturing Co., Ltd.
• WILO SE
• Halliburton
• Baker Hughes
• The Gorman-Rupp Company
• Weir Group PLC
• Kirloskar Brothers Limited
• Ruhrpumpen Group

Segments Covered in the Report

By Product

• Borewell
• Openwell
• Non-Clog

By Drive

• Electric
• Hydraulic
• Others

By End User

• Agriculture
• Construction & Building Services
• Water & Wastewater
• Power Generation
• Oil & Gas
• Chemical
• Others

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa