February 24, 2023 01:53 ET | Source: Exactitude Consultancy Exactitude Consultancy
Luton, Bedfordshire, United Kingdom, Feb. 24, 2023 (GLOBE NEWSWIRE) -- The global submersible pumps market size is projected to reach a size of USD 18.8 billion by 2028, at a CAGR of 6.7%, from an estimated USD 11.2 billion in 2021. The submersible pumps market is a rapidly growing industry that is primarily driven by the increasing demand for water and wastewater treatment in various sectors such as municipal, industrial, and agricultural. Submersible pumps are a type of water pump that is designed to be immersed in water or other liquids, and they are used to pump water or other fluids to the surface. Pumps In Wastewater Treatment Plants
The market for submersible pumps is expected to continue to grow in the coming years due to several factors. One of the key factors driving the market is the increasing need for efficient and reliable pumps in industries such as oil and gas, mining, and construction. Additionally, the rising demand for submersible pumps in the agricultural sector, particularly for irrigation purposes, is also contributing to the growth of the market.
The market for submersible pumps is segmented based on type, application, and region. Based on type, the market can be segmented into open-well submersible pumps and borewell submersible pumps. On the basis of application, the market can be segmented into water and wastewater, mining, agriculture, oil and gas, and construction.
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Increasing Agricultural Activities Is Set to Augment Industry Outlook
Several countries across the globe are prioritizing the cultivation and harvesting of edible goods, both for domestic consumption and international trade. In particular, emerging countries in the Asia Pacific region and developed regions like North America are implementing various initiatives to advance their agricultural businesses by adopting modern machinery and equipment.
Rising Measures to Treat and Reuse Discharged Wastewater Will Propel the Industry Size
Access to clean and safe water is crucial for human survival, but the depletion and pollution of water resources have become major concerns for many countries. To address these issues, governments around the world have implemented strict policies and guidelines to prevent the discharge of wastewater into water reserves. For example, the government of Gujarat, a state in India, introduced the Reuse of Treated Waste Water Policy in May 2018. This policy aims to reduce reliance on freshwater sources like rivers and promote the establishment of Sewage Treatment Plants (STPs) in the state.
Complexity in Maintaining the Operational Conditions and High Cost Associated with Repairs May Hinder Market Growth
Submersible pumps are designed with a hermetic seal to prevent external liquids from entering the system, ensuring reliable and efficient pumping operations. However, over time, the seal may become corroded or loose, which can result in water or other liquids entering the system and causing damage to the pump. If this occurs, the pump may fail, and the highly expensive motor and other internal parts will need to be repaired or replaced.
Companies Covered in Submersible Pumps Market Report:
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Key Market Segments: Submersible pumps Market
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