The Europe submersible pumps market is expanding steadily, driven by the region's focus on sustainable water management and infrastructure development. Environmental concerns and regulatory pressures are encouraging the adoption of energy-efficient and eco-friendly pumping solutions. Key industries contributing to market growth include construction, agriculture, and wastewater treatment. Additionally, technological innovations and investments in renewable energy projects are further enhancing the market landscape.
Europe Submersible Pumps are water pumps submerged in the water and provide extensive applications ranging from agriculture to wastewater treatment. They are capable of delivering voltage at low power levels and fluctuations in voltage as well. The Europe Submersible Pumps market report by Market Research Future (MRFR) covers trends and opportunities for the industry as well as estimations for the period of 2024 to 2030.
Europe Submersible Pumps Market Scope
The Europe Submersible Pumps market is expected to rise from a 2022 valuation of USD 15.23 Billion to a 2030 valuation of USD 24.80 Billion at a CAGR of 7.22% over the forecast period, as per the findings of Market Research Future (MRFR). The anti-corrosive and anti-resistant nature of Europe Submersible Pumps can be used in handling foreign liquids and solids. Its reliable nature and ability to function in harsh environments can drive the market demand over the forecast period.
Rise in mining and renewal of licenses in certain regions can drive the market demand significantly. Reliance on rare earth metals such as cerium, neodymium, and lanthanum and coal by consumer electronic manufacturers can compel its demand by mining companies to ensure a steady supply of raw materials. Advantages over jet pumps and efficiency of Europe Submersible Pumps in extracting fluids from cavities can favor the market till 2030.
Europe Submersible Pumps Market Segmentation
By well type, the market is segmented into open well and bore well. The bore well segment is expected to gain a large share of the market till the end of the assessment period.
By operation, the market is segmented into single-stage and multi-stage. Multi-stage operations are likely to dominate the market in the coming years owing to heavy demand for rare elements.
By power rating, the Europe Submersible Pumps market is segmented into low power, medium power, and high power. The high power segment is expected to lead in the market till the end of the forecast period.
By end use, the market is segmented into water and wastewater, agriculture and irrigation, construction, mining, oil and gas, and others. The oil and gas sector is expected to gain a major market share owing to Europe Submersible Pumps being effective in lifting large volumes of fluids from wells. In addition, the ability of the pumps to work quietly in an environment can lead to heavy demand from the market.
Europe Submersible Pumps Market Regional Analysis
By region, the Europe Submersible Pumps market is segmented into North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
APAC is likely to be the leading contributor to the Europe Submersible Pumps market over the forecast period due to the growing offshore exploration and production activities. The growing water and wastewater treatment industry in the region and efforts to reduce pollution levels of the water in rivers are likely to drive market demand. The region accounted for 42% market share in 2017.
Europe Submersible Pumps Market Competitive Outlook
Flowserve Corporation, The Gorman-Rupp Company, Sulzer Ltd., EBARA CORPORATION, The Weir Group PLC, Grundfos, Tsurumi Manufacturing Co. Ltd., Xylem, KSB Group, and Atlas Copco AB are key players of the Europe Submersible Pumps market.
Recently, Upwing Energy and Mitsubishi Heavy Industries were awarded by DeepStar, an offshore research and development group, for conducting a successful trial of an electric submersible pump. This can be used in subsea and deepwater offshore applications. The magnetic drive system integrated in its design can improve production and lower expenses considerably.
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