The market for submersible pumps in Southeast Asia is anticipated to grow steadily at a CAGR of 5.5% between 2022 and 2032, reaching US$ 1,076.8 Mn. Due to their expanding end-use applications, borewell submersible pumps are predicted to hold over 56.9% of the market share in the region by 2022.
The International Monetary Fund predicts that Asia-Pacific will experience a CAGR of 4.3% in 2023 despite the COVID-19's uncertain effects in the region as a whole. As a result, it would contribute to offering significant potential for water infrastructure projects in a number of nations.
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The increased investment in water and wastewater treatment projects is anticipated to result in a significant increase in the demand for submersible pumps throughout Southeast Asia. A significant increase in offshore oil and gas exploration as well as rising construction spending in nations like Thailand and Malaysia will support the market for submersible pumps.
The market is also anticipated to be driven by Southeast Asia's rapidly expanding oil & gas, utility, construction, and mining industries. Due to their expanding use across numerous end-use industries like agriculture, residential, commercial, and water utility construction, submersible pumps account for about 5-7% of the global market.
Many nations, including Cambodia and Indonesia, are experiencing increased demand for water projects. The main players in the submersible pump industry are concentrating on satisfying the rising demand for their products coming from fresh public and private projects. Additionally, they are spending money to build facilities for advanced manufacturing.
The cities in Southeast Asia are also growing quickly, which would encourage investment in projects to upgrade the infrastructure. Investments in environmentally friendly housing, real estate, and infrastructure are expected to increase due to increased spending on smart utility solutions. Aside from population growth, Southeast Asia is experiencing exponential demand for agricultural products.
Compared to other regions of the world, Southeast Asia's developing countries have a greater potential for using renewable energy. Additionally, a large number of end-use industries, including livestock, agriculture, and water supply, are anticipated to use submersible pumps. It is predicted that as end users become more aware of environmentally friendly pumping options and the product's increased cost-effectiveness, solar-powered submersible pump technology will gain traction.
Competitive Landscape
Due to the growing demand for dependable and effective pumps, submersible pump manufacturers in Southeast Asia are constantly under pressure to enhance equipment performance. Although there is some market fragmentation, a small number of companies—including Ebara Corporation, Grundfos, Xylem Inc., KSB SE & Co. KGaA, and WILO SE—dominate the submersible pump market in Southeast Asia.
The manufacturing industry wants to increase the supply of its submersible pumps through the introduction of new products and the use of creative expansion strategies.
For instance,
• In June 2022, Sulzer extended its product range of slurry pumps to handle liquids with high solids content. The new eight different sized slurry pumps have additional benefits such as removable suction plates and floating flanges.
• In August 2021, Kubota Corporation signed a contract for project expansion of the water supply system in Pursat province, Kingdom of Cambodia.
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