As per Future Market Insights (FMI), the Southeast Asia submersible pumps market is expected to reach US$ 1,076.8 Mn in 2032. It is anticipated to showcase steady growth at a CAGR of 5.5% between 2022 and 2032. In 2022, more than 56.9% of the market share is likely to be occupied by bore well submersible pumps in the region owing to their increasing end-use applications.
Water stress has recently become a major issue in both developed and developing economies, which is driving the demand for new water sources that can meet Southeast Asia's industrial and domestic water needs. Use of wastewater treatment to alleviate water constraints is growing in terms of popularity, which is also propelling the South Asia submersible pumps market.
In addition to that, the market is anticipated to be driven by the rapidly growing oil gas, utility, construction, and mining sectors in Southeast Asia. Submersible pumps make up around 5-7% of the global market due to their increasing application in various end-use industries like agriculture, residential, commercial, and water utility construction.
To increase sales, many submersible pump manufacturers are concentrating on launching innovative products that are both affordable and efficient. They are mainly focusing on meeting the growing demand for their products from new public and private projects. A few local companies are investing in the establishment of advanced manufacturing facilities.
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Key Takeaways of Southeast Asia Submersible Pump Market Study
- Based on head type, the above 100m segment is expected to reach a valuation of about US$ 808.4 Mn by 2032 and exhibit a CAGR of 5.4% during 2022 to 2032.
- In terms of product type, the borewell segment is anticipated to account for more than 56% of the Southeast Asia submersible pumps market share by 2032.
- In Southeast Asia, Indonesia is projected to hold a significant market share of about 28% in the evaluation period.
- From 2017 to 2021, the Southeast Asia submersible pumps market exhibited growth at a CAGR of 5.2%.
- Sales of submersible pumps are projected to soar between 2022 and 2032 at a CAGR of about 5.5% in Southeast Asia.
"Domestic governments are putting a lot of efforts into expanding their economies and spending extensively on the construction of smart factories infrastructure. It is anticipated to increase sales of submersible pumps throughout the assessment period.," says a Future Market Insights analyst.
Competitive Landscape: Southeast Asia Submersible Pump Market
The Southeast Asia submersible pumps market is highly fragmented and significantly influenced by leading producers. Owing to rapid technological improvements, industry leaders are seeking to enhance their market share by investing in the creation of new product lines and updating their current product lines.
Some of the renowned firms are growing by boosting their supply chain, extending their production facilities, and unveiling cost-effective products to strengthen their market positions. Key players in the market include Xylem Inc., KSB SE Co. KGaA, Grundfos, Ebara Corporation, and WILO SE among others.
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Find More Valuable Insights into Southeast Asia Submersible Pump Market
The research report analyzes the market demand trends for submersible pumps. The Southeast Asia market estimation and growth projection are based on factors like end-use industries development, COVID-19 crisis impact, replacement ratio, and adoption rate of submersible pumps. As per Future Market Insights research scope, the submersible pump market has been studied and segmented on the basis of product type, head type and application. The report provides qualitative and quantitative information on various players in this market. This report also tracks the market by both, the supply side and demand side.
