$7.8 Bln Submersible Pumps Market to Grow at 6.3% CAGR in the Next Decade
Global sales of submersible pumps is estimated to be valued at US$ 7,854.3 Mn by the end of 2016 and is expected to register a CAGR of 6.3% in terms of sales revenue during the forecast period (2016–2026).
Global demand for submersible pumps is likely to be on an upward swing due to increasing infrastructural development activities worldwide. Governments of developing countries such as China and India are focusing on urbanisation, industrialisation, and agricultural development, which is expected to drive demand for submersible pumps in the region. Demand for submersible pumps is expected to remain significant from agriculture and wastewater treatment industries throughout the forecast period.
However, the presence of a large number of Chinese market players with low-priced product offerings is likely to pose major challenges for leading market players operating in the submersible pumps space. The submersible pumps industry is relatively fragmented with the presence of a large number of manufacturers across the globe. Organised market players are going the mergers and acquisitions route in order to expand their global footprint and expand customer base.
The global submersible pumps market has been segmented on the basis of product type (Non-clog submersible pump, Openwell submersible pump, Borewell submersible pump), pump head type (Below 50 m, 50 m – 100 m, Above 100 m), and application (Agriculture, Oil & Gas, Construction, Fire Fighting, Mining, Industrial, Non industrial, Others).
- The Borewell segment is estimated to be valued at US$ 106.1 Mn by the end of 2016 and this is likely to increase to US$ 192.3 Mn by the end of 2026, expanding at a CAGR of 6.2%. This segment is expected to continue its dominance over the forecast period with 61.8% share by the end of 2026
- The Openwell and Non-clog segments are expected to continue to exhibit moderate growth over the forecast period
- The pump head having more than 100 m segment is estimated to account for the largest market value share of 73.3% in the global submersible pumps market by the end of 2016 and this segment is expected to maintain its dominance by the end of the forecast period
- The Industrial water and Wastewater segment is estimated to dominate the global submersible pumps market with a revenue share of 16.4% and is likely to maintain its dominance during the forecast period
- The Agriculture segment is estimated to hold 18.2% share in terms of revenue by the end of 2016 and the overall contribution of this segment to the global submersible pumps market is expected to increase at a CAGR of 6.6% over the forecast period
The global submersible pumps market has been segmented into seven key regions – North America, Latin America, Western Europe, Eastern Europe, Asia Pacific Excluding Japan (APEJ), Middle East & Africa (MEA), and Japan. Sales revenue of the submersible pumps market in the APEJ region is estimated to be 36.1% by 2016 end and this market is expected to dominate the global submersible pumps market. Western Europe followed by North America are the other attractive markets for submersible pumps, estimated to account for a revenue share of 19.8% and 18.1% respectively by the end of 2016.
Source: Future Market Insights