T he global submersible pumps market is slated to reach US$ 9 Bn by 2021, impelled by extensive applications across wastewater treatment and oil & gas exploration projects, according to a recently published study by ESOMAR-certified market research and consulting firm. Long-term growth prospects appear further optimistic, registering a CAGR of 4.8% from 2021-2031 to reach USS$ 14.5 Bn.

Sales of submersible pumps experienced a moderate expansion rate during the 2016-2020 historical period, clocking a CAGR of around 3%. Prospects further declined throughout the first half of 2020, with demand falling to over 10 million barrels a day due to the COVID-19 pandemic. Fortunately, prospects have rebounded following fast tracking of vaccination drives across major countries.

According to UNICEF, four billion people experience severe water scarcity for at least one month each year. Over two billion people live in countries where water supply is inadequate. The report further states that half of the world’s population could be living in areas facing water scarcity by as early as 2025. Consequently, wastewater treatment providers are leveraging submersible pumps equipped with highly advanced technologies to supply potable water.

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Key Takeaways from the Market Study

“Rising global population base and the consequent pressure on existing water resources to impel submersible pumps applications across water and wastewater treatment applications,” says the Senior Research Analyst.

Some of the key players in the market include Kubota Corporation, Wacker Neuson Group, Atlas Copco Group, KSB SE & Co. KGaA, Xylem Inc., Ebara Corporation, Grundfos, Sulzer AG, The Weir Group PLC, Tsurumi Manufacturing Co., Ltd., Ingeroll-Rand PLC, and Sumitomo Heavy Industries, Ltd., etc.

These insights are based on a report on Submersible Pump Market by Fact.MR.

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