The global submersible pumps market is estimated to generate nearly US$ 82 Mn in 2020, expanding steadily to reach a valuation of US$ 13 Bn by the end of the forecast period.
A sizeable demand pull from key end-use industries and well-established markets is poised to generate a steady growth curve during the assessment period. Over time, submersible pumps have found extensive applications for industrial de-watering. This has catapulted the demand for continuous-duty motors, having cycles exceeding 20 minutes.
The need to access potable water for municipal purposes has also accelerated submersible pumps demand. By 2025, it is predicted that nearly a quarter of the global population will experience water scarcity, mostly attributed to injudicious usage. Therefore, water management systems incorporating Industry 4.0 have become important to ensure zero wastage. Technologies such as artificial intelligence, big data analytics and the internet of things are being incorporated into submersible pumps to track domestic and commercial water usage.
The coronavirus pandemic has dented short-term growth prospects for the market. As countries reel under the economic downturn induced by the closure of business operations, end-use industries have experienced significant downsizing of their operations. Consequently, there has been a decline in cash inflow, reducing the demand for submersible pumps. However, vendors are exploiting this hiatus to strengthen their existing portfolios by incorporating technological and mechanical advancements and develop better quality pumps.
“As the global outreach of submersible pumps deepens over time, market players are increasingly resorting to online marketing in order to broaden their customer base. Additionally, vendors are rolling out several incentives in the form of price reduction and after-sales service, heightening growth prospects for the future,” inferred an FMI analyst.
The submersible pumps market players are leveraging Industry 4.0 in order to provide technologically advanced submersible pumps to end-users. For instance, Grundfolds has partnered with Telenor Connexion and Ericsson to devise a cutting edge IoT Platform to manage water infrastructures across the world.
Players also resort to offering inexpensive solutions, smart technologies and customised offerings. Examples of this approach are of Hydroo Pump Industries which offers IE-3 certified user-friendly, robust and reliable submersible pumps for irrigation, wastewater treatment, and HVAC & building services. Similarly, Xylem Inc., an American company, offers the Flygt Concertor smart wastewater pumping system to reduce water sanitation and servicing expenses.