Submersible Pump Market

Submersible pumps are submerged in fluid and are largely used to pump water from wells. Submersible pumps have series off impellers that push fluid to the surface with high pressure. The initial cost of these pumps is high, but the service life is longer than any other pump. The global submersible pumps market is expected to register a 5.57% CAGR during the forecast period of 2018 to 2023. In 2017, the market was led by Asia-Pacific with a 41.94% share, followed by the North Americas and Europe with shares of 18.16% and 24.94%, respectively. The growth of the global submersible pumps market can be attributed to the increasing mining activities and high preference of submersible pumps.

The global submersible pumps market has been segmented based on well type, operation, power rating, industry, and region. On the basis of well type, the bore well segment accounted for the largest share with 65.92% of the global submersible pumps market in 2017. On the basis of operation, the multi stage segment accounted for the largest share of 68.02% of the global submersible pumps market in 2017. On the basis of power rating, the high-power segment accounted for a 41.46% share in 2017. On the basis of industry, the water & wastewater segment accounted for a 39.85% share in 2017.

Market Size

2017: USD 10204.7 Million

2023: USD 14127.2 Million

CAGR

5.57%

Key Regions

North America: 18.16%

Europe: 24.94%

Asia-Pacific: 41.94%

Key Countries

US

Germany

China

Japan

Key Market Drivers

Increasing mining activities

High preference of submersible pumps

Key Market Opportunity

Increasing offshore exploration and subsea activities

Key Vendors

Xylem Inc.