Market Size of Global Industrial Submersible Pumps Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 5.76 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Industrial Submersible Pumps Market Analysis
Global Industrial Submersible Pumps market is analyzed to grow at a CAGR of 5.76% during the forecast period 2022-2027. A submersible pump is a centrifugal pump that is powered by an electric motor and runs while immersed in water. A series of impellers are spun by the sealed electric motor. The industrial sector has various uses for pumps, including transporting process chemicals, assisting manufacturing operations, boiler feed, increasing pressure, filtration, and many other operations.
- The oil and gas industry dominates the market, mostly as a due to rising capital expenditure, sustaining or boosting well production, expanding the use of shale deposits, and increasing the creation of a lot of wastewater. The oil and gas industry is predicted to be dominated by North America.
- The demand for industrial submersible pumps in many manufacturing and processing industries has been spurred by the demand for greater production efficiency. Food and beverage applications is analyzed to hold significant share and is analyzed to sustain the position during the forecast period owing to the signficant demand and investments in the sector. The submersible pumps are deployed in food and beverage manufacturing processes for cleaning, sanitizing, filling, brewing and so on.
- In developed regions such as North America and Europe, wastewater and water treatment facilities are ageing and moving toward the end of their operating lifecycles. To avoid this situation, significant investments in reinstalling and upgrading the outdated infrastructure are needed. However, many developing nations lack appropriate access to clean drinking water and are only now developing new water infrastructure. Such efforts to update old infrastructure are certainly going to present a market opportunity for submersible pumps.
- However this market has its share of challenges, including high maintenance and operating expenses and the erratic nature of oil and gas prices. These constraints prevent the market from expanding.
- The COVID-19 pandemic had a detrimental effect on the market for submersible pumps. Economic contractions brought on by a cessation of investments from various end-use industries were the main cause of the slowdown.
