India Submersible Pumps Market is Forecast to Grow at a CAGR of 9.2% during 2017-23– 6Wresearch
Growing urbanization and industrialization as well as increasing public & private infrastructural development activities have propelled the demand for submersible pumps in India. Further, need for better and advanced water pumping solutions in several applications has also driven the growth of submersible pumps in India. Additionally, features such as low maintenance cost, energy efficient, less noise, and water proof are providing an added advantage over the traditional pumps.
According to 6Wresearch, India submersible pumps market is forecast to grow at a CAGR of 9.2% during 2017-23. Openwell submersible pumps registered major chunk of the market on account of its adoption majorly in the agriculture sector. However, with rising residential & commercial and industrial applications coupled with declining ground water level and rising demand for water supply, borewell submersible pumps are expected grow at a higher pace during the forecast period.
According to Prijo Samuel, Assistant Research Manager, Research and Consulting, 6Wresearch, “In 2016, the agriculture application acquired major market revenue share in submersible pumps market, followed by the residential & commercial, and industrial applications in India. Declining fresh water resources, rising residential & commercial application projects, and technological advancement in pumping activities such as variable frequency drives are expected to be the key growth drivers for submersible pumps over the coming years.”
“Additionally, in terms of region, the Southern region captured major revenue share in 2016, followed by the Northern, and rest of the regions. Southern region’s growth was majorly attributed to industrial development across several cities, predominantly, Bangalore, Hyderabad, and Kochi. In case of the Western region, major demand was registered from states such as Maharashtra and Gujarat, which are further projected to grow during the forecast period, owing to rising demand for public water supply and industrial expansion,” He Further quoted.
According to Nikunj Shrivastava, Research Associate, Research and Consulting, 6Wresearch, “Increasing adoption of submersible pumps in industries is buoyed by rising industrial applications such as firefighting, sewage pumping, and industrial water and oil extraction. The oil & gas industry holds majority of the market share followed by water & sewage, and power utilities. Other key industries such as chemical, construction, and mining have also played considerable role in shaping the overall submersible pumps market in India.”
Moreover, rise in demand for petroleum products, clean water for residential & commercial usage, and need for continued power supply particularly in rural areas, are driving the demand for submersible pumps. Also, Government infrastructure projects such as Bharatmala Project and AMRUT (aimed at providing basic services such as water supply, transport, sewage) are also likely to spur the demand for submersible pumps market over the coming years,” Nikunj concluded.
India is emerging as one of the most lucrative market for submersible pumps manufacturers. The market comprise of over 800 submersible pump manufacturers; wherein, major share is captured by small players. However, increasing awareness towards star rated and energy efficient pumps, and the cost associated with them in the long run are providing substantial growth opportunities to the international players to increase their exposure in India.
Major companies for India Submersible Pumps Market are Shakti Pumps Ltd., Oswal Pumps Ltd., Kirloskar Brothers Ltd., CRI Pumps Ltd., Texmo Industries Pvt. Ltd., KSB Pumps Ltd., Crompton Greaves Consumer Electricals Ltd., WPIL Ltd., and V-Guard Industries Ltd.
India Submersible Pumps Market (2017-2023) report provides in-depth analysis with 40 figures and 7 tables covered in more than 105 pages. The report estimates and forecast the overall India submersible pumps market by revenues, type, applications, regions, and industries such as Oil & Gas, Water & Sewage, Power Utilities, Construction, Mining, Chemical, and others. The report also offer insights on competitive landscape, companies benchmarking, company profiles, market drivers, and restraints.
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