Submersible pump are designed to place within the reservoir of water that need to be pump out. As such, they are often used for drainage in floods, sewerage pumping, emptying ponds or even as pond filters. Filtration pumps found inside fish tanks are a type of submersible pump. As per the requirement these submersible pumps are used in different sectors. The major roles of such pumps are in the agriculture for the irrigation of fields. Rising investment in construction industries, strict regulations for wastewater treatment across different sectors, surge in the infrastructure industry are some of the major factors driving the submersible pumps market. Furthermore, increasing focus of manufacturers to develop submersible pumps that reduces energy consumption, further are highly durable is another factor expected to boost growth of the global submersible pumps market in next 10 years. Additionally, the agricultural activities are the most important part of the submersible pumps market.

Region Analysis:

Asia-Pacific region is expected to register the largest share during the forecast period. The reasons for the growth of this regions is highest number of capitals which is invested for the production of submersible pumps. Ruling bodies are also providing their support for the development of this sector.   Countries like India and China, are witnessing increase in multiple sectors, thereby surge growth in demand for crude oil, chemicals, among others.

Key Development:

• In July 2019, Xylem launched a new product, Flygt N3069 stainless steel submersible pump. It is specifically manufactured for industrial processes containing high chloride or extreme pH levels and helps in corrosion resistance
• In April 2020, Pleuger has expanded its presence in Singapore to strengthen its footprint in the Asian market.
• In September 2021, Kirloskar Brothers Limited (KBL) launched a new series of borewell submersible pumps, the NEO Series 4-in, designed for rural, domestic, and community water supply markets, including farming, buildings, and construction sectors

To know the upcoming trends and insights prevalent in this market, click the link below:

Links- https://www.prophecymarketinsights.com/market_insight/Global-Submersible-Pumps-Market-By-214

Segmentation:

The Global Submersible Pumps Market accounted for US$ 11.65 billion in 2020 and is estimated to be US$ 19.45 billion by 2030 and is anticipated to register a CAGR of 5.3%.  The Global Submersible Pumps Market is segmented by Type, Operation, Power Rating, Industry and Region.

• By Type, the Global Submersible Pumps Market is segmented into Openwell and Borewell
• By Operation, the Global Submersible Pumps Market is classified into Single Stage and Multi-Stage
• By Power Rating, the Global Submersible Pumps Market is classified into Low Power, Medium Power and High Power
• By Industry, the Global Submersible Pumps Market is further classified into Water & Wastewater, Energy & Power, Mining & Construction, and Others
• By region, Asia-pacific is expected to account for major revenue share in Global Submersible Pumps Market, followed by other regions.

Competitive Analysis:                                                                                                 

The key players operating in the global submersible pumps market includes Xylem Inc., Sulzer AG, KSB Group, Grundfos A/S, Ebara Corporation, Atlas Copco AB, Flowserve Corporations, General Electric Company, Halliburton Company, and The Gorman-Rupp Company