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The market consist of major companies like Pedrollo, Proril Pumps, Weir Group Together these companies hold a market share of 2%-5% of the total market. Manufacturers are investing in research and development to enhance the performance, energy efficiency, and reliability of ESPs. Innovations such as advanced motor designs, real-time monitoring systems, and automation are enabling manufacturers to offer more efficient and cost-effective solutions to the industries. Additionally, several manufacturers are incorporating energy-saving features and eco-friendly materials into their ESP designs.
Major players operating in the electric submersible pump industry are:
The borewell segment recorded revenue of around USD 8.9 billion in 2023 and is estimated to grow at a CAGR of around 7.9% during the forecast period from 2024 to 2032, due to their versatility, efficiency, and cost-effectiveness.
Chinas electric submersible pump market accounted for revenue of around USD 1.69 billion in 2023 and is expected to reach USD 3.43 billion by 2032, driven by large infrastructure projects and rapid urbanization.
The global electric submersible pump industry was valued at USD 13.9 billion in 2023 and is estimated to grow at a CAGR of over 7.8% from 2024 to 2032, driven by advancements in oil and gas exploration.
Key players in the industry include Aqua Group, Atlas Copco, Baker Hughes, Dab Pumps, EBARA, Flexachem, Pedrollo, Pleuger, Proril Pumps, SLB, SPP Pumps, Sumak Pump, Weir Group, Whisper Pumps, and Xylem.