Dubai, UAE, Nov. 24, 2021
Future Market Insights' (FMI's) latest study offers comprehensive insights into the submersible pumps market. The study offers refined growth outlook for the forthcoming decade. It examines scope for the market's expansion across various segments on the basis of product type, head type, and application for the assessment period.
Dubai, UAE, Nov. 24, 2021 /PRNewswire/ -- Future Market Insights (FMI), Dubai: As per an exhaustive analysis by FMI, the global submersible pumps market is poised to total US$ 14.45 Bn by 2031 in comparison to the US$ 8.42 Bn registered in 2020. Increasing demand for submersible pumps from construction, mining, and oil & gas industries is favoring the growth in the market. Driven by this, the market is expected to expand at a CAGR of 5.2% during the forecast period between 2021 and 2031.
Water stress has emerged as one of the leading concerns across the world due to rapid urbanization and industrialization. Thus rising emphasis on wastewater treatment and demand for new water sources, such as ground water reservoirs, to fulfill the domestic and industrial water needs is fueling the demand in the market. In response to this, the sales of submersible pumps are anticipated to register a year-over-year growth of 4.6% in 2021.
Governments of emerging economies are increasingly adopting efforts to improve access to drinking water in rural and urban areas. According to the Department of Drinking water & Sanitation, the Indian Government has launched an initiative, "Jal Jeevan Mission" to enhance water accessibility across the country. Such initiatives are estimated to provide lucrative opportunities for the expansion of the market.
Based on product type, borewell submersible pumps outrank other pumps, accounting for nearly 55.3% of the total sales in the market in 2021. Increasing application in gardening, firefighting systems, and domestic water supply owing to its vertical as well as horizontal installation is driving the growth in the segment.
"Increasing exploration of shale reserves and implementation of stringent wastewater treatment norms to support recovery across the mining and oil & gas industries are expected to augment the growth in the market," says a FMI analyst.
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Key Takeaways from Submersible Pumps Market Study
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The top five players operating in the global submersible pumps market are Grundfos, Ebara Corporation, Xylem Inc., KSB SE & Co. KGaA, The Weir Group Plc. These companies are anticipated to account for more than 31% of the overall sales in 2021.
Leading players are emphasizing on launching novel products to expand their product portfolio. Some of the key players are aiming at strategic collaboration, merger, partnership, and acquisition to strengthen their footprint. For instance,
Some of the key players operating in the market profiled by FMI are:
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More Valuable Insights on Submersible Pumps Market
A new report published by FMI offers a detailed analysis of the global submersible pumps market, uncovering vital dynamics accelerating the market growth through 2021 and beyond. The survey also forecast sales projections for submersible pumps market with detailed segmentation:
By Product Type:
By Head Type:
o Oil & Gas
o Other Industrial
o Water Supply & Distribution
o Wastewater Management
Key Questions Covered in the Report
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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