Prompted by ample applications in wastewater treatment and oil and gas exploration projects, the global submersible pumps market is expected to reach $9 billion this year, according to a recent study by Fact.MR.
A study by ESOMAR-certified market research and consulting firm shows continued growth potential from this year through 2031, with the market by that year estimated at $14.5 billion and a compound annual growth rate (CAGR) of 4.8%.
Sales of the submersible pumps market expanded at a moderate rate between 2016-2020; CAGR came in at approximately 3%. Demand declined in the first half of 2020 due to the COVID-19 pandemic, but the fast-tracking of the vaccination has led to a rebound in many countries.
Submersible pumps with advanced technologies have been leveraged by wastewater treatment providers as a solution for providing potable water wherever it is needed. The Fact.MR report states that 4 billion people experience severe water scarcity for at least one month each year, according to UNICEF. In addition, over 2 billion people live where water supply is inadequate, and half of the world’s population are living where water scarcity may be a serious problem by 2025.
Market Study Takeaways
- India will account for a third of global submersible pumps sales.
- A CAGR worth 3% is expected from the U.S. in the global submersible pumps market.
- Submersible pump sales are estimated to increase 1.6 times from 2021-2031.
- Germany should see growth opportunities worth $180 million through 2031, generating 30% revenue.
- Borewell submersible pumps potentially hold more than 50% of the revenue share through 2031.
- Submersible pumps with heads above 100 millimeter should produce 70% of the revenue share, which represents a gain of 73 basis points (BPS) (0.73%).
- Water and wastewater treatment is expected to generate absolute opportunity worth $141.7 million.
- Borewell submersible pumps sales are expected to surge at more than 3% CAGR from 2021-2031.
