Latest News- Submersible Pump Market: Electric is expected to lead the Type segment during 2025-2029

The Submersible Pump Market is being driven by Rapid growth in construction sector

The Submersible Pump Market is expected to grow at a CAGR of 4.7% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 6.23 billion. In the oil and gas industry, the integration of Internet of Things (IoT) technology in submersible pumps is revolutionizing operations. Key players, including Grundfos, Flowserve, and Sulzer, are providing IoT-enabled submersible pumps, enabling real-time data collection and analysis. This innovation significantly enhances monitoring and optimization of oilfield equipment, including submersible pumps, by providing remote access and expediting troubleshooting. Crucial factors impacting daily oil production, such as oil viscosity, pressure, market prices, and oil well conditions, are closely monitored through IoT devices. The emphasis on energy efficiency in oilfields further accentuates the importance of IoT-enabled submersible pumps. The adoption of this technology is projected to persist throughout the forecast period. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Electric
  • Hydraulic
  • Air-driven
• Application
  • Borewell
  • Openwell
• Power Rating
  • 5 to 15 HP
  • 1 to 5 HP
  • Below 1 HP
  • Above 15 HP
• Product Type
  • Multi stage
  • Single stage
• Geography
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • Europe
    • Germany
    • UK
    • France
  • North America
    • Canada
    • US
  • Middle East and Africa
  • South America

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rapid growth in construction sector
• Increased demand for wastewater treatment
• Growth in shale oil production

However, the market also witnesses some limitations, which are as follows:

• High ownership and maintenance cost
• Issues faced by submersible pumps
• Volatility of raw material prices

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Market Scope in Submersible Pump Market Research Report

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Research Analysis Overview

The Submersible Pumps Market is experiencing a significant impact due to various factors such as economic contractions and global shutdown caused by rapid urbanization, leading to supply chain disruptions. The agricultural sector and mining industry are major consumers, but order intake has slowed due to raw material scarcity and order closures. Motor failure and high troubleshooting costs add to the challenges, pushing design limits in the market.

Market Research Overview

The Submersible Pumps Market is a significant segment of the larger Global Industrial Machinery and Supplies and Components Market. This market encompasses businesses involved in the production of industrial machinery and components, including compressors, pollution control equipment, elevators, and pumps, among others. According to Technavio, the market's expansion will be fueled by several key factors. Primarily, the increasing industrial output in process and discrete industries of developing countries, leading to capacity additions in energy, chemicals and petrochemicals, pulp and paper, and processed food and beverage sectors. Additionally, the agricultural sector's growth, particularly in Asia, will drive demand for submersible pumps in irrigation applications. Conversely, economic contractions in certain regions may cause supply chain disruptions and price drops, impacting the market's growth. Furthermore, the mining industry's fluctuating demand for submersible pumps due to metallurgical and thermal coal price volatility may pose challenges. Overall, the Submersible Pumps Market's growth is influenced by the global economic landscape, industrial trends, and sector-specific factors.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/