According to Future Market Insights (FMI), the Southeast Asia submersible pumps market is projected to hit USD 1,076.8 million by 2032. The market is expected to grow steadily at a compound annual growth rate (CAGR) of 5.5% from 2022 to 2032. In 2022, borewell submersible pumps are anticipated to capture more than 56.9% of the market share in the region due to their increasing applications.
Rising Water Stress Drives Demand for Submersible Pumps
Water stress has emerged as a significant concern in both developed and developing economies, driving the need for new water sources to meet Southeast Asia’s industrial and domestic requirements. The growing use of wastewater treatment to address water scarcity is also fueling the demand for submersible pumps in the region.
Expanding Sectors Boost Market Growth
Additionally, the expanding oil & gas, utility, construction, and mining sectors in Southeast Asia are expected to drive market growth. Submersible pumps constitute about 5-7% of the global market due to their versatile applications in agriculture, residential, commercial, and water utility construction sectors.
Manufacturers Focus on Innovation
To boost sales, submersible pump manufacturers are focusing on launching innovative, cost-effective, and efficient products. They are primarily targeting the rising demand from new public and private projects. Some local companies are investing in advanced manufacturing facilities to meet this demand.
Government Investments in Water Treatment Projects to Drive Sales
Submersible pumps are extensively used to control fluid flow in water treatment plants. The market for wastewater treatment and water distribution is expected to grow significantly, supporting the expansion of the submersible pump industry in Southeast Asia.
High Government Spending on Infrastructure Projects
High government spending on infrastructure projects is anticipated to further drive the sales of submersible pumps during the forecast period. For instance, the Indonesian government recently announced seven water supply and wastewater treatment projects worth a combined USD 1.9 billion across the country. Several private companies are also expected to undertake numerous new water infrastructure projects.
Increasing Demand for Submersible Slurry Pumps from Offshore Projects
Governments across Southeast Asia are actively investing in oil and gas exploration projects. This is expected to create a substantial demand for submersible pumps over the next decade.
Focus on Offshore Projects
Manufacturing enterprises in the region are focusing on novel offshore projects, given the broad range of applications for submersible pumps. The rising demand for submersible pump systems at offshore locations is poised to further drive the market.
Competitive Landscape of the Southeast Asia Submersible Pump Market
The Southeast Asia submersible pumps market is highly fragmented and influenced by leading manufacturers. Rapid technological advancements are prompting industry leaders to enhance their market share by developing new product lines and upgrading existing ones.
Key Players and Market Strategies
Prominent firms are expanding their supply chains, increasing production capacities, and launching 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.
Conclusion
The Southeast Asia submersible pump market is set for significant growth over the next decade. With rising water stress, expanding industrial sectors, and increasing government investments in infrastructure projects, the demand for submersible pumps is expected to surge, driving innovation and competition in the market.