The Sump pumps have become indispensable in contemporary
agriculture as they effectively irrigate fields and supply water
for livestock. These pumps are submerged in wells, boreholes, or
water sources, guaranteeing a steady water supply for farming
activities. Moreover, sump pumps are widely utilized in residential
water supply systems and municipal water distribution
networks.
PORTLAND, Ore., May 9, 2024
/PRNewswire/ -- Allied Market Research published a report,
titled, "Sump Pumps Market by Type (Submersible Sump Pumps
and Pedestal Sump Pumps), Capacity (Low, Medium, and High), and End
User (Residential, Commercial, and Industrial): Global Opportunity
Analysis and Industry Forecast, 2024-2032". According to the
report, the "sump pumps market" was valued at $18,116.7 million in 2023, and is estimated to
reach $74,964.3 million by 2032, growing at a CAGR of 17.3%
from 2024 to 2032.
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Prime determinants of growth
The global market is influenced by the increase in occurrence of
extreme weather events, such as heavy rainfall and floods. As a
result, property owners have become more aware of the importance of
managing water in their basements and crawl spaces, leading to a
higher demand for efficient sump pump systems. Additionally, the
market's expansion is being driven by continuous technological
advancements. Modern sump pumps now come with advanced features
like battery backup, remote monitoring, and high-efficiency motors,
providing consumers with reliability and peace of mind. These
technological improvements enhance the performance of the pumps and
prolong their lifespan, making them a worthwhile investment for
both residential and commercial property owners. Installing a sump
pump is crucial owing to the prevalence of flooding. Flooding occur
due to various factors, with winter runoff being just one of them.
Even heavy rainfall can result in flooding, particularly in areas
with low elevation. The reality is that when it comes to flooding,
there are limited options to proactively address the issue, apart
from relying on a sump pump. Owing to these factors, sump pumps
market is expected to show significant growth during the forecasted
period.
Report coverage & details:
Report
Coverage
|
Details
|
Forecast
Period
|
2024–2032
|
Base
Year
|
2023
|
Market Size in
2023
|
$18,116.7
Million
|
Market Size in
2032
|
$74,964.3 Million
|
CAGR
|
17.3 %
|
No. of Pages in
Report
|
290
|
Segments
covered
|
Type, Capacity, End
User, and Region
|
Drivers
|
Increasing demand in
Agriculture sector
Growing demand for
solar powered sump pumps
Expansion in
construction industry
|
Opportunity
|
Smart pumping solutions
in sump pumps
|
Restraint
|
Clogging and abrasion
of sump pumps
|
The pedestal sump pump segment is anticipated to maintain its
leadership status throughout the forecast period.
By type, the submersible sump pump segment held the highest
market share in 2023, accounting for more than half of the sump
pumps market revenue and is estimated to maintain its leadership
status throughout the forecast period. Submersible pumps find
extensive applications in various industries such as mining, oil
and gas, and agriculture. They are commonly used for dewatering
purposes in the mining sector, drilling and exploration in the oil
and gas industry, and irrigation in the agricultural sector. In
addition, the demand for submersible pumps in residential and
commercial buildings for drainage and water supply systems is
driving the growth of the market. Within the submersible pump
market, the borewell motor market and texmo motor market are
emerging as prominent sub-markets, experiencing robust growth owing
to their widespread utilization in residential, commercial, and
industrial settings. The increasing adoption of submersible pumps
in bore wells and irrigation systems is a key factor contributing
to the expansion of these markets. Furthermore, the availability of
powerful pumps capable of handling various types of liquids and
solids is another significant factor fueling the market growth.
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The medium segment is expected to maintain its leadership
status throughout the forecast period.
By capacity, the medium segment held the highest market share in
2023, accounting for more than two-fifths of the sump pumps market
revenue and is estimated to maintain its leadership status
throughout the forecast period. Various industries, agriculture,
and households utilize these pumps for a wide range of
applications. Submersible pumps with 5-15 hp offer improved
electrical and mechanical efficiency, aiding in substantial energy
savings and effectively managing electric overload problems
resulting from unstable power sources. Within this power range,
these pumps can be applied in industrial water supply, water
treatment facilities, farming, residential areas, commercial
establishments, and various other industrial settings.
The commercial segment is projected to maintain its
leadership status throughout the forecast period.
By end user, the industrial segment held the highest market
share in 2023, accounting for more than two-fifths of the sump
pumps market revenue and is estimated to maintain its leadership
status throughout the forecast period. Submersible pumps play a
crucial role in dewatering activities at construction sites,
production activities in oilfields (artificial lift), water and
sewage treatment plants, as well as in manufacturing plants and
sand, sludge & slurry removal in mines. The demand for
submersible pumps is projected to be driven primarily by the
industrial sector over the next 5 years, with a particular focus on
the Asia Pacific region, which is
emerging as a key hub for global economic growth in terms of
production and consumption.
Asia-Pacific to maintain its
dominance by 2032
By region, the Asia-Pacific
segment held the highest market share in terms of revenue in 2023
and is likely to dominate the market during the forecast period.
The Asia-Pacific region is rich in
mineral resources, making mining a prevalent industry. Submersible
pumps are widely utilized in mining operations to manage water
accumulation in underground mines. These pumps are highly reliable
for dewatering purposes in mining, as they can withstand
challenging conditions. Numerous countries in the region, such as
Australia, Indonesia, and Mongolia, have substantial mining sectors that
heavily rely on submersible pumps.
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Leading Market Players: -
- Zoeller Pumps Company
- Ebara Corporation
- Xylem, Inc.
- Flowserve Corporation
- WILO SE
- Dover Corporation
- Sulzer Ltd.
- Alfa Level AB
- Baker Hughes Company
- KSB SE.
The report analyzes government regulations, policies, and
patents to provide information on the current market trends and
suggests future growth opportunities. Furthermore, the study
highlights Porter's five forces analysis to determine the factors
affecting market growth.
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