Entering the 21st century, my country's submersible pump industry has begun to enter a period of stable development. After years of development and accumulation, my country's submersible pump production and technical levels have greatly improved, a complete R&D, production and sales system has been formed, and it has gradually developed into an important production base worldwide. China's submersible pump market size increased from 7.03 billion yuan in 2017 to 9 billion yuan, with a compound annual growth rate of 8.6%. Zhejiang's water pump manufacturers occupy a large market share in the fields of small submersible pumps, well submersible pumps, circulation pumps and other products, with a market share of about 60%.
The downstream industry is dealers and end users at all levels. The end users who use submersible pumps for water collection, irrigation and other purposes are mainly ordinary household consumers. Their demand is generally relatively stable, and demand fluctuations are mainly affected by climatic factors and consumer income. The end users who use submersible pumps for water supply and drainage are mainly corporate users, and their needs are affected by macroeconomic development and urbanization progress. Generally speaking, as global water consumption, agricultural water demand continues to increase, and urbanization accelerates, the demand for submersible pumps in downstream industries will continue to increase.
