The submersible pumps market is projected to reach USD 15.5 billion by 2025 from an estimated USD 11.2 billion in 2020, at a CAGR of 6.7% during the forecast period. High demand for submersible pumps in agricultural sector, and increasing investments in construction industry attributing to rapid urbanization are the key factors driving the growth of the submersible pumps market. Likewise, adoption of solar-powered submersible pumps, and the upgradation of aging and construction of new water & wastewater treatment facilities are expected to offer lucrative opportunities for the submersible pumps market during the forecast period.
Asia Pacific is expected to grow at the highest CAGR during the forecast period. Asia Pacific region has been segmented, by country, into China, India, Australia, Indonesia, Japan, and Rest of Asia Pacific. Rest of Asia Pacific includes Malaysia, Thailand, Philippines, and South Korea. According to the World Bank, Asia Pacific is the fastest-growing region in the world, experiencing continued economic growth. The International Monetary Fund (IMF) has deemed China and India to be two of the fastest-growing economies in the world. This is expected to increase industrial activities and population, which will, in turn, play a significant role in driving the demand for water & wastewater treatment plants and further boost the submersible pumps market in the region.
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The submersible pumps market, by operation, is segmented into single-stage and multi-stage. The single-stage segment is projected to grow at the highest CAGR from 2020 to 2025. The reliability and low maintenance costs of single-stage pumps in applications with moderate dynamic heads such as water pumping stations, which are some of the most common applications of submersible pumps, are expected to boost their demand for single-stage pumps across the globe.
The report segments the submersible pumps market, by application, into open-pit and borewell. Open-pit pumps are generally used in open tanks, reservoirs, containers, and water bodies. Open pit submersible pumps are expected witness the highest demand from industrial applications, particularly from the water supply and treatment sector, as well as the mining and construction industries, where they play an important role in dewatering open pits.
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On the basis of sector, the submersible pumps market is segment three major sectors, namely, industrial, agricultural, and domestic. The industrial sector has been classified into four sub-segments: water & wastewater, mining & construction, energy & power, and others (pulp & paper, chemical & pharmaceutical, and food & beverage). The submersible pumps market is expected to witness most of its demand from the industrial sector in the next 5 years, especially from Asia Pacific, which is quickly becoming the center of global economic growth in terms of production as well as consumption.
