The rise in urbanization, population growth, industrialization, and water consumption are the main factors propelling the deep well pump market. Additionally, because of technological improvements, there are now energy-efficient pumps on the market that deliver excellent efficiency with little power usage. This has helped the market's expansion even further. Additionally, the demand for deep well pumps has increased due to the rapid economic development in continents like Africa and Asia Pacific, which is propelling the market's expansion.
Deep well pumps are employed in residential, commercial, and agricultural settings. In areas with scarce water supplies or where groundwater is difficult to access, these pumps are widely utilized for irrigation and water delivery purposes. To ensure a long operational life, these pumps are also made using corrosion-resistant materials. The need for deep well pumps has grown even more as a result.
Deep well pumps have a number of benefits, including good longevity, low power consumption while maintaining high efficiency, and simple installation and maintenance. These pumps are also made using corrosion-resistant materials to ensure a long operational life. In comparison to other pumping systems, the deep well pump industry has competitive pricing. The need for deep well pumps has grown even more as a result.
A submersible pump that can work in water that is deeper than 10 feet is referred to as a deep well pump. It can be operated manually or electrically and is used to pull water from wells or reservoirs. Deep well pumps provide a number of advantages, including good longevity, low power consumption while maintaining high efficiency, and simple installation and maintenance. To ensure a long operational life, these pumps are also made with materials that are resistant to corrosion.
The deep well pump market is anticipated to expand at a CAGR of 5.5% between 2021 and 2031, rising from USD 1.92 billion in 2021 to USD 5.87 billion by 2031.
The rising demand for deep well pumps from the industrial and agricultural sectors is responsible for the market's expansion. Additionally, as people become more conscious of the need to conserve energy, there is a rising demand for energy-efficient deep well pumps on a global scale.
Inhibitors to the growth of the deep well pump industry include high startup costs and a shortage of installation and maintenance specialists. Additionally, the availability of less expensive alternatives in developing nations has prevented the market from expanding. In addition, strict government requirements on energy efficiency have increased the cost of production, which has slowed the market's expansion. However, in the near future, market participants should expect to benefit financially from the rising urbanization and water demand.
The leading companies in the deep well pump market are KSB SE & Co. KGaA (Germany), Franklin Electric Co., Inc. (US), Grundfos Holding A/S (Denmark), Xylem Inc. (US), and Sulzer Ltd. (Switzerland). To boost their market share, these businesses have used tactics like partnerships, product launches, and expansions.
4" diameter x 6" segment to form major portion of the market
The deep well pump market is divided into three categories: Diameters of 1", 4", and 6". The segment with the highest anticipated CAGR during the forecast period is the 4" diameter x 6" sector. This is explained by the rise in demand for deep well pumps in both residential and commercial settings. Due to their high effectiveness, dependability, and minimal power consumption, these pumps are frequently employed in water delivery systems. In comparison to other types of pumps, they also provide simple installation and maintenance. As a result, this category is expected to grow considerably throughout the forecast period.
The Industrial segment to be on top of the market
Deep well pump applications are classified as industrial, agricultural, residential, and commercial. The industrial segment is expected to have the most share during the projection period, the industrial segment is expected to have the most share. Growing investments in a variety of industries in developing countries such as China and India are to blame. The expansion of this market is also being fueled by the growing use of deep well pumps in water supply and wastewater treatment systems. The demand for energy-efficient pumps from industrial applications including the oil and gas and chemical sectors has also increased, which has fueled this segment's rise.
North America to dominate the market
There are five geographic segments that make up the deep well pump market: North America, Europe, Asia Pacific, Middle East, and Africa, and South America. Due to rising investments in water infrastructure projects and the presence of numerous market competitors in the region, the market in North America is anticipated to experience considerable expansion during the forecast period. Additionally, there is a higher demand for deep well pumps in residential and commercial applications as a result of rising energy-efficiency consciousness.
Covid-19 Impact & Market Status
The deep well pump sector has been badly damaged by the Covid-19 epidemic. The logistics and supply chain for the parts and materials necessary to make deep well pumps have been hampered by the lockdown enforced by various governments around the world, which has affected production. In addition, the pandemic-related economic crises have decreased demand for these pumps. As a result, the market for deep well pumps has declined in size. However, the market is expected to revive in 2021 and beyond as a result of businesses progressively reopening.
Latest Innovations in the Global Deep Well Pump Market: A Snapshot
Grundfos Holding A/S has introduced SEV submersible motors, which are intended for deep-well and borehole pumps that run on single-phase 220-240V power. These motors are suited for household applications because of their great efficiency and low power consumption.
Xylem Inc. unveiled the e-SV Series of vertical multi-stage pumps that are engineered to work well even under demanding circumstances. These pumps can be utilized in industrial settings and are very energy-efficient. The deep well pump market is anticipated to increase throughout the forecast period as a result of these market advancements.
Deep Well Pump Market Scope
|Revenue forecast in 2030
|USD 5.87 billion
|CAGR of 5.5% during 2021-2030
|Type, Application, By End User, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|KSB SE & Co. KGaA (Germany), Franklin Electric Co., Inc. (US), Grundfos Holding A/S (Denmark), Xylem Inc. (US), and Sulzer Ltd. (Switzerland).
Key Segments of the Global Deep Well Pump Market
By Type Overview, 2021-2031 (USD Billion)
• 1” ≤Diameter?4”,
• 4” ≤Diameter≤6”,
By Application Overview, 2021-2031 (USD Billion)
• Residential & Commercial
By End User Overview, 2021-2031 (USD Billion)
• Mining, Oil & Gas,
• Water & Wastewater Treatment,
By Regional Overview, 2021-2031 (USD Billion)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
Middle East and Africa