December 11, 2020 07:58 ET | Source: Research and Markets Research and Markets

Dublin, Dec. 11, 2020 (GLOBE NEWSWIRE) -- The "Submersible Pumps Market by Type (Electric, Hydraulic, Air-Driven), Application (Open Pit, Borewell), Operation (Single-stage, Multi-stage), Power Rating (&lessThan;1, 1-5, 5-15, >15 HP), Sector (Industrial, Agricultural, Domestic), Region - Global Forecasts to 2025" report has been added to ResearchAndMarkets.com's offering.

The submersible pumps market is projected to reach USD 15.5 billion by 2025 from an estimated USD 11.2 billion in 2020, at a CAGR of 6.7% during the forecast period. Increasing investments in construction industry attributing to rapid urbanization, and high demand for submersible pumps in agricultural sector are the key factors driving the growth of the submersible pumps market. Likewise, the up-gradation of aging and construction of new water & wastewater treatment facilities and adoption of solar-powered submersible pumps are expected to offer lucrative opportunities for the submersible pumps market during the forecast period. However, motor failure & high troubleshooting cost hinder the growth of the market.

The open pit, by application, is expected to be the fastest-growing market from 2020 to 2025.

The open-pit segment is projected to grow at the highest CAGR from 2020 to 2025. Open-pit submersible pump does not require a separate foundation or a pump house; it operates directly under submerged conditions. Open pit submersible pumps are expected to witness the highest demand from industrial applications, particularly from the water supply and treatment sector, as well as the mining and construction industries, where they play an important role in dewatering open pits.

The electrical submersible pumps, by type, is expected to be the largest market from 2020 to 2025.

The report segments the submersible pumps market, by type, into electrical, hydraulic, and air-driven. The electrical segment is expected to hold the largest market share, and grow at the highest CAGR during the forecast period owing to its high reliability and efficiency, and as it never has to be primed as it is already submerged in the fluid. These pumps can handle both solids & liquids and are used across numerous sectors to boost production.

Asia Pacific: The fastest growing region in the submersible pumps market.

Asia Pacific is expected to grow at the highest CAGR during the forecast period. Asia Pacific region has been segmented, by country, into China, India, Australia, Indonesia, Japan, and Rest of Asia Pacific. Rest of Asia Pacific includes Malaysia, Thailand, Philippines, and South Korea. The region's domination can be attributed to rapid economic expansion. The region is attracting investors to set up production facilities because of the availability of raw materials and labor at lower prices. Industrial activities are growing due to low manufacturing costs and the support of the local governments. Increasing investments in R&D is also one of the factors driving the submersible pumps market in Asia Pacific.

The submersible pumps market is dominated by a few major players that have an extensive regional presence. The leading players in the submersible pumps market are Xylem (US), Sulzer (Switzerland), KSB Group (Germany), Grundfos (Denmark), and Atlas Copco (Sweden).

Market Map Supply Chain Analysis

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