The submersible pumps market is estimated to reach a valuation of $12.2 billion from 2020 to 2030. The coronavirus pandemic is expected to impact demand for submersible pumps in the short term largely to the suspension of industrial activities in multiple sectors, and the drop in industrial and slurry pumping. Demand is likely to recover with the relaxation of lockdown rules towards 2021.
National oil companies are increasingly investing in new naphtha crackers. A number of brownfield refinery expansion projects, particularly in the Asia Pacific are expected to boost demand for submersible pumps throughout the forecasting period.
Submersible Pumps Market – Important Takeaways
Mining sector applications account for major revenue share, supported by the recent growth in metal production facilities.
Grinder submersible pumps are anticipated to witness significant growth on the back of investments in sewage and wastewater applications.
Asia Pacific is a major market for submersible pumps owing to growing hydrocarbon production and exploration efforts in the country.
Submersible Pumps Market – Driving Factors
- Applications of submersible pumps are growing in agricultural endeavors owing to national and international food security requirements.
- Strict policies and regulations for water resources and wastewater handling are key factors driving demand for submersible pumps.
Submersible Pumps Market – Leading Constraints
- High expenses in terms of repairing failed submersible pumps is a major challenge for adoption.
- Single stage submersible pumps are limited in scope of multi-functional applications, hindering demand.
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Anticipated Market Impact by Coronavirus Outbreak
The coronavirus outbreak has had a negative impact on the submersible pumps market largely owing to the disruption of activities in multiple industrial sectors that involve water pumping processes.
Further, lockdown restrictions, and health fears in mining, and offshore exploration and production operations are likely to impact market growth.
Disruptions in supplies of essential components are detrimental to growth prospects.
However, the market is likely to recover steadily towards 2021, as lockdown restrictions on end user industries are relaxed.
Leading manufacturers in the consolidated submersible pumps market include but are not limited to Sumitomo Heavy Industries Ltd., Kubota Corp., Ingeroll-Rand Plc, Wacker Neuson Group, Tsurumi Manufacturing Co., Atlas Copco Group, the Weir Group plc, KSB SE & Co. KGaA, Sulzer AG, and Xylem Inc.
Leading manufacturers in the submersible pumps market have been largely pushing for product launch and innovations strategies to expand portfolios and keep up with changing user needs.
For instance, Tsurumi Manufacturing Co. has released HS Series high performance drainage pumps for de-watering applications.
Upwing Energy has unveiled a patent for high-efficiency electric motor configuration for down hole submersible systems.
Warman has unveiled SHW submersible slurry pumps for high performance mining de-watering applications.