Submersible pump system is the most effective mechanical device to pump fluid to the surface; these have a wide range of application in oil and gas plants, water treatment plants due to its high efficiency, low-cost and maintenance, and low space requirement.
Global submersible pumps market stood at USD9.57 billion in 2016, according to TechSci Research, and is anticipated to reach USD16.3 billion by 2026, growing at a CAGR of 5.49%, in value terms, during 2017 - 2026, on account of increasing demand for submersible pumps in agriculture sector for irrigation purposes, growing need to treat wastewater generated from industrial sector and declining groundwater levels.
Moreover, rising industrialization coupled with huge investments in infrastructure and water treatment development is expected to increase demand for submersible pumps across the globe during forecast period. The rising preference for submersible pumps over jet pumps is identified as one of the primary growth factors for this market.
Submersible pumps and jet pumps perform the same functions of extracting liquids to the surface. But submersible pumps are a lot more efficient and use lesser energy to operate compared to the jet pumps. These pumps are also preferred as they do not need suction techniques that are required by jet pumps to pull the liquid. Moreover, submersible pumps are waterproof as the leakproof seals prevent leakage of the liquid or electric charge when the pumps are immersed in the liquid. Additionally, these pumps do not need extra space or utility room for their existence and can be immersed deeper in the liquid unlike any other pumps.
Furthermore, when immersed in the liquid the submersible pumps, do not make much noise and are free from cavitation due to which there is no spike in pressure. During 2016, the multistage segment accounted for the major shares of the submersible pump market. Factors such as the increased usage in the industrial sector and the rising concern for wastewater management, will contribute to the growth of this industry segment in the coming years.
Borewell pumps are cost-effective and do not require much installation time. Additionally, end-users with lesser space can also install a borewell pump. As per this market research report, the borewell submersible pumps segment accounted for the maximum shares of the submersible pump market during 2016. The boost in the submersible pump industry is because of the growing environmental concerns, government initiative to recycle the waste water to over the shortage of drinking water and huge investment of government as well as vendors to develop infrastructure for waste water management and safe drinking water.
Environment legislation that has forced manufactures to produce energy-efficient pumps and this will further propel the growth of submersible pump market over the forecast period. Growth in the infrastructure development due to rapid urbanization in the developing countries such as India and China this will further attract international process manufacturing organizations to set up their plants in these countries that will further boost up the demand of submersible pumps.
Increasing subsea operations and deep water exploration activities in oil and gas industry, increasing sewage treatment & other effluent management activities will further expand the submersible pump market across the globe, however factor like high operational and maintenance cost, high-cost of product are some factors that can restraint the market growth over the forecast period.
Owing to the presence of large international vendors, the submersible pump market is highly fragmented. These companies hold the maximum market share and are expected to retain their market positions during the forecast period. The key reasons for their prominence in the market are efficiency, reliability, and sustainability of the products provided by them. The leading vendors in the market are Baker Hughes, General Electric, Grundfos, Halliburton and Schlumberger.