Submersible Pumps Market Size

Market Size Snapshot

Note – Market size depicts the revenue generated over the financial year

Submersible pumps accounted for $ 15.2 billion in the year 2022 and is estimated to reach $ 24.8 billion by the year 2030, growing at a CAGR of 7.22% from 2024 to 2030. This is attributed to the increasing demand for submersible pumps in various industries, including water and sewage, oil and gas, and agriculture, driven by increasing urbanization and industrialization. The growing need for water management and the growing focus on sustainable practices are further expected to drive the market. The development of energy-efficient and intelligent submersible pumps is also contributing to the growth of the market. Submersible pumps have become more reliable and effective, which has increased their popularity among end users. The leading companies such as Grundfos, Xylem, and KSB SE & Co. KGaA are actively involved in strategic initiatives such as strategic alliances and product launches to increase their market presence. Xylem's recent investment in smart water technology is an example of the industry's shift towards integrating digital solutions, which is expected to boost the market in the coming years.

Regional Market Size

Regional Deep Dive

Submersible pumps are experiencing significant growth across all regions. This growth is mainly driven by the increasing demand for water management solutions, the growing industrial applications, and the technological advancements in pumps. North America is characterized by the strong presence of key manufacturers and their focus on innovation, whereas Europe is characterized by a focus on compliance and regulations. Asia-Pacific is characterized by its growing industrialization and urbanization, which is expected to drive the demand for submersible pumps in agriculture and construction. The Middle East and Africa are characterized by their unique challenges, such as water scarcity, which is expected to drive investments in water management. Latin America is gradually adopting submersible pumps, driven by the growing need for agriculture and urbanization.

Europe

• The European Union's Green Deal is pushing for stricter energy efficiency standards, leading to increased demand for high-efficiency submersible pumps that comply with new regulations.
• Companies such as KSB SE & Co. KGaA are innovating with smart pump technologies that integrate IoT capabilities, enhancing operational efficiency and predictive maintenance in various applications.

Asia Pacific

• Rapid urbanization in countries like India and China is driving the demand for submersible pumps in municipal water supply and wastewater management projects, with significant investments from governments.
• Innovations in solar-powered submersible pumps are gaining traction in rural areas, providing sustainable solutions for irrigation and drinking water supply, particularly in regions with limited electricity access.

Latin America

• The agricultural sector in Brazil is increasingly adopting submersible pumps for irrigation, driven by the need for efficient water management in farming practices.
• Government programs aimed at improving rural water supply infrastructure are facilitating the growth of the submersible pump market, with local manufacturers stepping up to meet the demand.

North America

• The U.S. Environmental Protection Agency (EPA) has introduced new regulations aimed at improving water efficiency, which is driving the adoption of advanced submersible pump technologies in municipal water systems.
• Key players like Xylem Inc. and Grundfos are investing in R&D to develop energy-efficient submersible pumps, responding to the growing demand for sustainable solutions in both residential and industrial sectors.

Middle East And Africa

• The Middle East is investing heavily in desalination projects, with companies like Veolia and SUEZ deploying submersible pumps to enhance water supply in arid regions.
• In Africa, initiatives such as the African Development Bank's water supply projects are increasing the demand for submersible pumps to improve access to clean water in underserved communities.

Did You Know?

“Submersible pumps can operate at depths of over 1,000 meters, making them essential for deep well applications and mining operations.” — International Association of Drilling Contractors (IADC)

Segmental Market Size

The submersible pumps sector plays an important role in the overall market, mainly serving applications in water extraction, sewage treatment and industry. The current growth of this sector is mainly driven by the growing need for efficient water management and the increasing development of the building industry in emerging economies. The growing need for reliable water supplies and the increasing need for better sewage treatment processes are the main driving forces behind this growth. Submersible pumps are currently being used in a wide range of applications, and market leaders such as Grundfos and Xylem are introducing advanced technology into many different projects across Europe and North America. The main applications for submersible pumps are in agriculture, water supply for households and in the building industry. These applications are growing rapidly as a result of the trends towards sustainable development and government initiatives to improve water quality. The Internet of Things (IoT) and automation are also driving the development of submersible pumps, enabling them to be used more efficiently in a wide range of applications.

Future Outlook

The submersible pump market is expected to grow significantly from 2022 to 2030. It is estimated to rise from $13.1 billion to $19.7 billion, with a CAGR of 7.2 percent. This growth is attributed to the rising demand for water and sewage in various sectors such as water and sewage, agriculture and industry. Submersible pumps are also expected to gain market share, especially in developing regions where the construction of new facilities is increasing. In particular, the market penetration of submersible pumps in these industries will increase significantly, and the penetration rate in the major markets of Asia-Pacific and Latin America is expected to exceed 60 percent by 2030. The future of submersible pumps will be shaped by technological advances. Smart pumps, for example, with IoT functionality, are expected to increase the operational efficiency and predictive maintenance, reducing downtime and operating costs. The growing demand for energy efficiency and the stricter environmental regulations will also increase the demand for energy-efficient submersible pumps. In addition, the growing importance of sustainable development will shift the focus of the market towards pumps that not only meet the performance standards but also meet the desired environmental goals. The submersible pump market is thus expected to grow due to technological developments, regulations and increasing demand for water management.