Market Size (2016)
2016
$9.73B
Vertical: EnPBase Year: 201710 Sections
Market Size (2016)
2016
$9.73B
Projected (2023)
2023
$14.13B
CAGR (2016–2023)
5.5%
5.5%Key Players
109+
Submersible pumps are submerged in fluid and are largely used to pump water from wells. Submersible pumps have series off impellers that push fluid to the surface with high pressure. The initial cost of these pumps is high, but the service life is longer than any other pump. The global submersible pumps market is expected to register a 5.57% CAGR during the forecast period of 2018 to 2023. In 2017, the market was led by Asia-Pacific with a 41.94% share, followed by the North Americas and Europe with shares of 18.16% and 24.94%, respectively. The growth of the global submersible pumps market can be attributed to the increasing mining activities and high preference of submersible pumps.
The global submersible pumps market has been segmented based on well type, operation, power rating, industry, and region. On the basis of well type, the bore well segment accounted for the largest share with 65.92% of the global submersible pumps market in 2017. On the basis of operation, the multi stage segment accounted for the largest share of 68.02% of the global submersible pumps market in 2017. On the basis of power rating, the high-power segment accounted for a 41.46% share in 2017. On the basis of industry, the water & wastewater segment accounted for a 39.85% share in 2017.
Market Size
2017: USD 10204.7 Million
2023: USD 14127.2 Million
CAGR
5.57%
Key Regions
North America: 18.16%
Europe: 24.94%
Asia-Pacific: 41.94%
Key Countries
US
Germany
China
Japan
Key Market Drivers
Increasing mining activities
High preference of submersible pumps
Key Market Opportunity
Increasing offshore exploration and subsea activities
Key Vendors
Xylem Inc.
Sulzer AG
KSB Group
Grundfos Group
Flowserve Corporation
The Submersible Pump Market market is projected to grow at a CAGR of 5.5% from 2016 to 2023.
Historical performance and future projections (2020–2030, USD Billion)
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View Subscription PlansA submersible pump is a centrifugal pump, which has a hermetically sealed electric motor that spins a series of impellers and operates while being submerged in fluid. Each impeller forces the fluid through a diffuser into the eye of the above impeller in the series. The capacity of the submersible pumps is determined by the width of the impeller vanes and its pressure by the number of impellers. In other pumps, an increase in well depth or discharge pressure will reduce the capacity, while submersible pumps are efficient, high in capacity, require very little maintenance and are very economical for wells that are 50 meter or more in depth.
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View Subscription PlansThis report applies a rigorous multi-stage research process combining primary interviews, secondary data sources, and bottom-up market modelling to ensure accuracy and completeness across all segments and geographies.
Base Year
2017
Historical Period
2016 – 2017
Forecast Period
2017 – 2023
Primary Interviews
150+
Historical data (2016–2017) and forecast period (2017–2023)
Our research process spans primary interviews with industry stakeholders combined with comprehensive secondary data analysis, validated through triangulation across multiple independent sources.
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View Subscription PlansMarket estimates by geography (2023)
InsightAsia Pacific leads with $5.92B by 2023, while North America is projected to grow fastest at a 6.3% CAGR.
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View Subscription Plans| REGION | 2016 | 2017 | 2023 | CAGR | SHARE |
|---|---|---|---|---|---|
| Asia Pacific | $4.08B | $4.99B | $5.92B | 5.5% | 42% |
| Europe | $2.45B | $2.89B | $3.34B | 4.5% | 24% |
| Rest of the World | $1.45B | $1.81B | $2.17B | 6.0% | 15% |
| North America | $1.75B | $2.22B | $2.69B | 6.3% | 19% |
| Total | $9.73B | $11.90B | $14.13B | 5.5% | 100% |
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View Subscription PlansTotal Market Size
$14.13B
| APPLICATION | REVENUE ($B) | GROWTH RATE | MARKET PENETRATION |
|---|---|---|---|
| Water & Wastewater | $5.83B | 5.5% | 77% |
| Mining | $2.36B | 5.5% | 53% |
| Others | $2.14B | 5.5% | 53% |
| Agriculture & Irrigation | $1.70B | 5.5% | 85% |
| Oil & Gas | $1.41B | 5.5% | 60% |
| Construction | $685.90M | 5.5% | 66% |
* Revenue projections based on 2025 estimates. Growth rates represent CAGR 2024–2030. Market penetration indicates current adoption rate within addressable market segments.
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Analytical insights on Submersible Pump Market covering market dynamics, competitive landscape, and strategic outlook.
The Submersible Pump Market market is projected to reach $14.13B by 2023, growing at 5.5% CAGR. The Water & Wastewater segment holds the largest share.
Rapid growth in the mining sector plays a vital role in the developing countries. To meet the rising demand of minerals and metals, countries are expanding its reserve base, which have witnessed growth in terms of exploration of minerals in the last decade as per the National Mining Association. Furthermore, the governments are also participating in the reformation of mining taxation to attract the foreign players and invest. For instance, the governments in the US, Canada, and Australia have successfully introduced tax policies to attract foreign players in mineral exploration. These initiatives include concession and incentives, to undertake exploration, which ultimately form a competitive framework.
The graph depicts the growing exploration of minerals in the US specifically, coal, metal, non-metal, and stone.
Pumping is one the most important operations in minerals exploration, which accumulate mine water out of working area. Submersible pumps are used in almost all process such as water distribution, and dewatering. Efficient submersible pumps are installed for operations in mining and metal industries, across the globe, as they function in severe conditions with reliability, and a long service life. Such wide use ultimately leads the growth of submersible pumps in the mining industry.
The steady increase in oil prices and improvements in dynamic positioning equipment, drilling technology, and floating production and drilling units have turned otherwise unreachable reserves into potential projects. As per study, the pace of deepwater (≥ 500m) exploration has increased by ~40% over the last three years. The companies are focusing on an overall cost reduction in deepwater exploration, mainly through deflation and efficiency improvements. Moreover, the hydrocarbons under the ocean floor remain the only major source of oil and gas that is unexplored whereas the on-shore oil and gas reserves are getting depleted. Therefore, subsea operations are increasing, as the oil and gas companies are showing great interest in using these hydrocarbons. Therefore, increasing deepwater exploration activities and subsea operations are expected to be an opportunity in the market of submersible pumps.
Submersible motors fail when applied exceeding their design limits of temperature, loading and power requirements. These motors are frequently used in applications that often require higher design capacity of the motors, leading to failures. The various causes of submersible motor failure are reverse rotation, dry running, overheating, high specific gravity of pumping fluid, and cable damage. Due to these causes, seals or gaskets may deteriorate and rupture, allowing the external fluids and foreign matter into the motor. The foreign matter, which can be abrasive, will also hinder the functioning of the motor.
Such high chances of failure involve immediate and frequent repair and replacement. However, the failure of the motor is difficult to detect as the submersible pumps remain submerged in fluids. Therefore, the frequency of failure and their difficult detection are expected to restrain the growth of submersible pumps market.
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Profiles of 109 companies operating in the Submersible Pump Market market, including revenue, employee count, and market positioning where available.
Showing 109 of 109 companies
The Gorman-Rupp Company
Company Headquarters: US Founded: 1933 Workforce: ~1,150 Company Working: The Gorman-Rupp Company specializes in the manufacturing and design of pumps system and pumps. It provides pumps for various applications, which include construction, industrial, wastewater, petroleum, original equipment, fire protection, agriculture, food, and military applications. The pump product line includes standard centrifugal pumps, self-priming centrifugal pumps, submersible pumps, rotary gear pumps, priming assisted pumps, air-driven diaphragm pumps, and trash pumps. It carries out the distribution of pumps through a wide network of distributors, suppliers, company representatives, direct sales, and e-commerce. The company serves in more than 150 countries worldwide through a network of subsidiaries and distributors. The subsidiaries of the company include Patterson Pumps Group, National Pumps Company, Custom Pumps Group, and Gorman-Rupp Pumps.
EBARA CORPORATION
Company Headquarters: Japan Founded: 1912 Workforce: ~16,200 Company Working: EBARA CORPORATION is into the manufacturing of environmental and industrial machinery, such as pumps and turbines. It is engaged in design and manufacture of infrastructure and industrial machinery. Its product business segment includes fluid machinery & systems, environmental engineering, and precision machinery. The fluid machinery & systems segment includes pumps, compressors, turbines, refrigeration and heating equipment, fans, and blowers. The environmental engineering segment includes municipal waste incineration plants, industrial waste incineration plants, and water treatment plants. The precision machinery segment includes dry vacuum pumps, CMP equipment, plating equipment, and exhaust-gas treatment equipment. The company has total 89 subsidiaries, which includes 57 consolidated subsidiaries. It also owns 8 affiliate companies across the globe. It primarily manages its business from Asia-Pacific and Eastern Europe.
The Weir Group PLC
Company Headquarters: UK Founded: 1871 Workforce: ~18,000 Company Working: The Weir Group PLC is a global provider of mineral and flow control services in the global market. Its product business segment includes pumps, valves, crushers, wellhead, Linatex rubber, hydrocyclones, screening equipment, and oil & gas safety products. The pump segment includes axial flow pumps, belt tensioning system, centrifugal pumps, chop-flow pumps, high pressure pitot tube pumps, high pressure pumps, horizontal slurry pumps, industrial & chemical pumps, mine dewatering pumps, non-clog pumps, PD pumps, prerotation pumping system, recessed impeller pumps, screw centrifugal pumps, self-priming pumps, submersible pumps, vertical slurry pumps, vertical specialty slurry pumps, and well service pump. Its service segment covers minerals services, oil & gas services, and flow control services. It offers solutions and services for various sectors such as water and waste water, chemical and fertilizers, cryogenic, desalination, food and beverage, petrochemicals, pharmaceuticals, and waste to energy. The major brands for pumps are Begemann, GEHO, Hazleton, Lewis, Multiflo, Roto-Jet, Novatech, SPM, WARMAN, WEMCO, and WSP. Its major markets are the US, Chile, Brazil, Peru, South Africa, Malaysia, China, Australia, the UK, and the Netherlands. It operates from more than 70 countries across the world. The major subsidiaries for the group are KOP Surface Products, ESCO Corporation, and Seaboard Holdings Inc.
KSB Group
Company Headquarters: Germany Founded: 1971 Workforce: ~15,455 Company Working: KSB Group is one of the world’s leading suppliers of valves, pumps, and related support services. It operates through three business segments, which are pumps, valves, and service. The pumps segment covers single and multistage pumps, submersible pumps, and associated control and drive systems. The major fields of application for its products are water engineering, wastewater engineering, energy supply, mining, building services, and industries (manufacturing, chemical/petrochemical, transport). It sells its products through its subsidiaries in Europe, the Americas, the Middle East & Africa, and Asia. It manufactures its products in more than 15 countries and sold through the subsidiaries or agencies in more than 100 countries such as Brazil, China, India and the US. KSB Pumps Limited, KSB Shanghai Pump Co., Ltd., KSB S.A.S., Gennevilliers (Paris) and KSB BRASIL LTDA. are some of the major subsidiaries of the company.
Xylem
Company Headquarters: US Founded: 2011 Workforce: ~16,200 Company Working: Xylem is an American water technology company that offers engineered solutions to meet water, wastewater and energy needs for applications such as building services, commercial, public utility, and industrial purposes. It operates in three business segments, which include water infrastructure, applied water and measurement & control solutions. Water & wastewater pumps and filtration, disinfection & biological treatment are the major products of water infrastructure segment. Pumps, valves, heat exchangers & controls, dispensing equipment systems are some of the major products of applied water segment. Measurement & control solutions segment offers various solutions such as smart meters, networked communication devices, data analytics, test equipment & controls, sensor devices, and software & managed services. The company operates in North America, Europe, and Asia-Pacific.
Grundfos
Company Headquarters: Bjerringbro, Denmark Founded: 1945 Workforce: Approximately 18,000 Company Working: Grundfos is a pump manufacturer, based in Denmark. It is majorly into the manufacturing of pump units, circulator pumps (UP), submersible pumps (SP), and centrifugal pumps (CR). Grundfos also manufactures electric motors for pumps and electric motors for separate merchandising. The firm supplies a broad range of pump systems and solutions to sustain the industrial utilities that support industrial processes. Moreover, the company ensures system integration for the pump, variable frequency drives and controls, pump control and monitoring are combined into supporting systems. Through partnership with 83 companies Grundfos operates in 56 countries. The firm has established a strong supply chain management to offer products and services worldwide in less time span. It has its sales office in Africa, the Americas, Asia, and Europe.
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Submersible Pump Market