What’s Driving Growth in the Submersible Pumps Market?
Global Submersible Pumps Market projected to grow at a CAGR of 6.9% from 2023 to 2032.
WILMINGTON, DELAWARE, UNITED STATES, August 30, 2024 /EINPresswire.com/ --
According to a new report published by Allied Market Research, the submersible pumps market size was valued at $12.7 billion in 2022, and is estimated to reach $24.4 billion by 2032, growing at a CAGR of 6.9% from 2023 to 2032.
Submersible pumps are a type of pump designed to operate underwater, submerged in the fluid they are meant to pump. These pumps consist of a hermetically sealed motor and a close-coupled impeller, which allows them to push fluids to the surface or transport them over distances. They are often used in applications where traditional pumps are not practical due to their ability to handle large volumes of liquid and their resistance to the challenges of working in submerged conditions.
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Asia-Pacific collectively was the highest revenue contributor and fastest growing segment estimated to register a CAGR of 7.2%.
The major players operating in the global submersible pumps industry analysis across EBARA CORPORATION, Franklin Electric Co., Inc., Grundfos Pumps India Private Ltd., KIRLOSKAR BROTHERS LIMITED, KSB Limited, Pentair, Sulzer Ltd, TSURUMI MANUFACTURING CO., LTD., WILO SE, and Xylem.
The submersible pumps market is projected to witness tremendous growth due to its extensive use in electric, hydraulic, air driven. An increase in focus on water resource management boost the market growth during the forecast period.
One of the primary submersible pumps market opportunities is in agriculture is for irrigation. These pumps are designed to efficiently draw water from various sources, including wells, rivers, ponds, or reservoirs, and deliver it to agricultural fields. This process is vital for maintaining a consistent water supply, especially in regions where natural rainfall might be insufficient or irregular.
The submerged design of these pumps minimizes noise pollution, which is important in agricultural areas near residential communities. Farmers often prefer submersible pumps for irrigation due to their low maintenance requirements, ensuring a dependable and trouble-free watering solution.
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Submersible pumps are commonly used in industrial settings to circulate cooling water through machinery and equipment.
Maintaining proper temperature control is crucial for the efficient and safe operation of industrial processes. These pumps efficiently move water through heat exchangers, condensers, and other cooling systems, dissipating excess heat and preventing overheating of machinery.
Submersible pumps play a critical role in the chemical industry by safely and effectively transferring a variety of corrosive and abrasive fluids. Their hermetically sealed design guarantees no leakage or contamination, prioritizing both safety and product quality.
In industries where water needs to be treated and purified, submersible pumps are utilized to move water through filtration and purification systems. These pumps play a vital role in ensuring the quality and purity of water used in various manufacturing processes, such as in the production of pharmaceuticals, electronics, and food and beverages.
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The open pit segment was the highest revenue contributor to the market representing half of the market share in 2022, however borewell segment was the fastest growing representing 7.0% of CAGR.
The water and wastewater segment dominated the market accounting for one-third of the market share in 2022, growing with a CAGR of 6.5%.
Low-capacity submersible pumps are widely used in agricultural irrigation systems. They efficaciously deliver water to plants in a managed manner, supporting to preserve soil moisture and promote plant growth. The submersion of the pump ensures that water is sourced from various depths, making them ideal for distinctive kinds of irrigation methods, from drip systems to sprinklers.
Submersible air-driven pumps are recognized for their ability to provide specific control over liquid drift rates, making them ideal for applications that require correct management of liquid movement. These pumps are specially precious in laboratories and filtration systems the place managed liquid drift is essential. Submersible air-driven pumps are incredibly lightweight and handy to move, making them suitable for purposes the place mobility is required.
A key advantage of these pumps is their effective handling of solids present in wastewater, such as debris and organic matter. This prevents clogging and damage to equipment.
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The sealed design of submersible pumps minimizes the risk of leakage, preventing environmental contamination. With increasing environmental awareness, industries are adopting water recycling practices, and submersible pumps are essential in industrial water recycling systems for efficient water management and sustainability.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
Pawan Kumar, the CEO of Allied Market Research, is leading the organization toward providing high-quality data and insights. We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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