Industrial Submersible Pumps is fastest growing segment fueling the growth of Submersible Pumps Market

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Submersible Pumps Market

The global Submersible Pumps Market is estimated to be valued at US$ 12308.02 Mn in 2023 and is expected to exhibit a CAGR of 6.1% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:

Submersible pumps are used extensively across industries such as construction, agriculture, mining, wastewater management and oil & gas to pump out water or slurry from wells and basins. They offer efficient dewatering solutions along with easy installation and low maintenance.

Market key trends:

One of the key trends in the submersible pumps market size is the growing adoption of IoT-enabled pumps. The integration of IoT allows remote monitoring of pump performance in real-time. This helps in predictive maintenance by alerting users about potential issues. IoT connectivity also provides operational data through analytics which helps end-users optimize pump usage. With growing emphasis on efficiency and minimizing downtime, the demand for smart submersible pumps is increasing significantly.

Segment Analysis
The submersible pumps market is segmented by product (bore well, non-submersible and submersible pumps), by end user (water & wastewater, oil & gas, construction, mining and agriculture) and by region. The submersible segment accounts for the largest market share and is expected to remain dominant over the forecast period. Submersible pumps are preferred over non-submersible pumps, as they can be installed directly inside water wells and underground sumps which eliminates the need for long drive shafts and pipes, reducing mechanical failures and maintenance costs.

Key Takeaways
The global submersible pumps market is expected to witness high growth, exhibiting CAGR of 6.1% over the forecast period, due to increasing demand for safe, reliable and efficient pumping solutions in various end use industries.

Regional analysis
Asia Pacific region accounts for the largest market share currently and is expected to remain the fastest growing region over the forecast period. Increasing investments in construction, agriculture and infrastructure development projects in emerging economies like China and India are driving the growth of submersible pumps market in the region.

Key players
Key players operating in the submersible pumps market are Ebara Corporation, Flowserve Corporation, GRUNDFOS, Kirloskar Brothers Limited, KSB AG, Ruhrpumpen Group, Sulzer Ltd., The Weir Group plc, WILO SE, and Xylem Inc. The global market is highly fragmented with the presence of several global and regional players. Ebara Corporation, Flowserve Corporation and GRUNDFOS dominate the market with their extensive product portfolio and strong geographical presence.

For more insights, read-  https://www.newsstatix.com/submersible-pumps-market-share-size-outlook-and-opportunity-analysis-2023-2030/

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