Submersible pumps are centrifugal pumps powered by electric motors that are completely submerged in the fluid in a water well or water source. They are commonly used for groundwater abstraction for agricultural or domestic water supplies, removing storm water or sewage, emptying or refilling fish ponds, aquariums and more. They have many advantages over traditional turbine or jet pumps as they can pump water from greater depths and more reliably. They can handle solids and sediment in the water much better. With rising population and reducing freshwater resources, efficient irrigation in agriculture is becoming increasingly important.
The global Submersible Pumps Market is estimated to be valued at US$ 14178.84 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Opportunity:
The growing agricultural sector is presenting a major market opportunity for submersible pumps. With increasing food demand from a rising population, more land is being brought under irrigation worldwide. Submersible pumps are ideally suited for irrigation applications as they can reliably pump water from deeper underground aquifers and water tables. Their leakage-proof operation also ensures none of the pumped water is wasted. The ability of submersible pumps to handle sediment-rich water further makes them attractive for use in agricultural fields. As countries seek to boost farm output through expanded irrigation, the demand for efficient and reliable submersible pumps is expected to surge considerably over the forecast period.
Porter's Analysis
Threat of new entrants: New entrants face high capital requirements to establish manufacturing facilities and distribution networks. Regulations also create entry barriers.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes. However, customer loyalty gives some buyers more influence.
Bargaining power of suppliers: A few large suppliers exist for key materials increasing their negotiation power. However, availability of substitutes balances their influence.
Threat of new substitutes: New technologies pose a threat but compatibility issues slow substitute adoption in many applications.
Competitive rivalry: The market is moderately competitive with top players having significant market shares.
SWOT Analysis
Strengths: Established brands and technological leadership. Growing applications in wastewater management and agriculture boost demand.
Weaknesses: High R&D and capital expenditure requirements limit entry of small players. Fluctuating raw material prices impact margins.
Opportunities: Expanding into emerging markets. Adopting new materials and technologies for performance improvement and cost reduction.
Threats: Slow capital spending during economic downturns. Stringent regulations regarding energy efficiency and emissions.
Key Takeaways
The global Submersible Pumps Market Share is expected to witness high growth. The global Submersible Pumps Market is estimated to be valued at US$ 14178.84 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2024 to 2031.
Asia Pacific dominates accounting for over 35% share supported by growth in agriculture, industrialization and urbanization. China, India and other Southeast Asian countries contribute significantly to regional demand.
Key players in the submersible pumps market are Koninklijke DSM NV, KD Pharma Group, The Archer Daniels Midland Company, Corbion NV, Novasep Holding SAS, Neptune Wellness Solutions, BASF SE, Clover Corporation Ltd, Croda International PLC, Novotech Nutraceuticals, and Polaris.
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