July 21, 2024
Submersible Pumps Market
Ict

Submersible Pumps Market Driven By Rising Demand From Industrial Sector

Submersible pumps are widely used pumps that can be submerged in liquid and help remove liquids from a height or distance. They find applications in various areas like extraction of water from borewells or storage tanks, dewatering of flooded areas, filtration systems etc. Submersible pumps offer advantages like compact design, portability and durability. The global rise in construction and infrastructure development activities have increased the requirement of reliable dewatering systems. Submersible pumps help in continuous draining of pits, basements and underground areas in construction sites with ease.

The global Submersible Pumps Market is estimated to be valued at US$ 12308.02 Mn in 2023 and is expected to exhibit a CAGR of 6.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Key Trends:

One of the key trends in the submersible pumps market is the growing adoption of wireless pump monitoring systems. Traditionally, pumps required manual monitoring which was a cumbersome process. However, with introduction of IoT connectivity, pumps can now be monitored remotely. Key parameters like operation status, water pressure, power consumption etc. can be tracked in real-time through mobile or web-based dashboards. This enables timely detection of faults and reduces downtime. Many manufacturers have started offering pumps integrated with wireless communication modules. Integration of artificial intelligence capabilities is another trend where pumps can self-diagnose issues and even automate maintenance tasks to optimize performance. Growing focus on energy efficiency is also prompting development of improved hydraulic systems and variable speed drives to lower operating costs.

Porter’s Analysis

Threat of new entrants: The threat of new entrants in the submersible pumps market is moderate as substantial investment is required to set up manufacturing facilities and gain brand reputation. However, technology advancement has lowered the entry barriers.

Bargaining power of buyers: The bargaining power of buyers in the submersible pumps market is high due to the availability of multiple manufacturers and product differentiation. Buyers can negotiate on price and demand value-added services.

Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw material suppliers are fragmented. However, suppliers hold some bargaining power owing to regulations regarding the usage of specific materials.

Threat of new substitutes: The threat of substitutes is low as submersible pumps have applications in drainage, sewage, industrial, and other areas that are not easily replaceable.

Competitive rivalry: Competition in the submersible pumps market is high due to the presence of numerous global and regional players. Players differentiate their offerings in terms of customization, energy efficiency, and technology.

Key Takeaways

The Global Submersible Pumps Market Demand is expected to witness high growth.

Regional analysis: The APAC market is dominating with a share of over 35% in 2023 in terms of revenue. China dominates the APAC market owing to rapid industrialization. India is expected to grow at the fastest CAGR during the forecast period due to increasing agricultural activities. Europe and North America are also significant markets for submersible pumps.

Key players operating 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. These players are focusing on new product launches, partnerships, and expansions to gain a competitive advantage in the market.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it