March 05, 2019
WELLESLEY, Mass., March 05, 2019 – A new report from BCC Research, “Sump and Submersible Pumps: Global Markets to 2023,” estimates that by 2023, the market will reach $3.3 billion, up from $2.4 billion in 2018, indicating a compound annual growth rate (CAGR) of 6.6%.
Sump and submersible pumps are crucial in preventing residences and commercial institutions from flooding and managing water, storm water, key process fluids, chemicals and industrial slurries.
“Sump and submersible pumps function across these diverse markets, and trends for their demand are similarly driven by factors affecting these diverse markets. Today, global sump pump sales are being driven by a resurgence of industrial activity in the U.S. and much of Europe, new housing starts in these same areas, retrofit and upgrading of aging pump systems, and demand for higher-efficiency pump systems in select market segments,” said BCC analyst Robert Eckard.
How the European Market Compares
Although Europe produces more pumps than any other region, it holds the smallest share of the sump and submersible pump market compared to North America and Asia. The European market was valued at $229.1 million in 2018 and is expected to advance to $285.1 million in 2023, for a 2018 to 2023 CAGR of 4.5%.
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Sump and Submersible Pumps: Global Markets to 2023( MST064A )
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