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Electric Submersible Pump Market - By Product Type, By Stage, By Type, By Installation, By End Use, By Distribution Channel, Analysis, Share, Growth Forecast, 2024 - 2032
Report ID: GMI3392
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Published Date: December 2024
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Report Format: PDF
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Premium Report Details
Base Year: 2023
Companies covered: 15
Tables & Figures: 413
Countries covered: 16
Pages: 230
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Electric Submersible Pump Market Size
The global electric submersible pump market size 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. Oil and gas exploration is driving significant progression in the market.
As global energy demand rises, companies are investing in exploration projects, especially in offshore and deepwater fields where these pumps are crucial for efficient oil extraction. These pumps are designed for high-volume production in tough conditions, operating at great depths and pressures. As exploration moves into remote and hard-to-reach areas, the need for reliable, high-performance electric submersible pump increases.
Additionally, rising water scarcity and the growing need for effective wastewater management are driving the expansion of the market. As global populations and urbanization increase, the demand for sustainable water supply solutions has intensified, especially in water-stressed regions. Electric submersible pump are crucial for efficiently extracting groundwater and transporting water for municipal, agricultural, and industrial use, helping to reduce water scarcity.
Electric Submersible Pump Market Trends
The market is changing with trends in digitalization, energy efficiency, and new uses beyond oil and gas. Advanced monitoring systems now allow real-time tracking and predictive maintenance, making electric submersible pump more reliable. Energy-efficient designs are cutting power use, and corrosion-resistant materials and high-temperature capabilities are improving performance in tough conditions.
Electric submersible pump are also being used more in water management, mining, and agriculture due to water scarcity and sustainability needs. Additionally, customization options and growing use in emerging markets, especially in Asia-Pacific and Latin America, are expanding the market's reach and versatility across industries.
Fluctuating oil prices create a significant challenge for the market. The oil and gas industry, which heavily uses these pumps, often reduces exploration and production when oil prices drop. Companies cut back on spending and delay or cancel new projects, leading to lower demand for electric submersible pump, especially in areas with high operational costs and deepwater drilling. Conversely, when oil prices rise, demand for electric submersible pump increases as exploration activities pick up. However, this reliance on oil price changes creates an uncertain business environment, making it hard for manufacturers and suppliers to predict future demand and plan long-term investments.
Electric Submersible Pump Market Analysis
Based on product type, the market can be segmented into borewell and open well. The borewell segment have been dominating the market accounted for revenue of around USD 8.9 billion in the year 2023 and is estimated to grow at a CAGR of around 7.9% during the forecast period from 2024 to 2032. Borewell electric submersible pumps lead the market because they are versatile, efficient, and cost-effective. These pumps are essential for extracting groundwater used in agriculture, industry, and municipal water supplies.
In areas with limited surface water, borewell pumps are crucial for accessing deep groundwater. They are affordable and save money over time. Technological improvements, like energy-efficient motors and corrosion-resistant materials, make them dependable for both rural and urban water needs. These factors ensure that borewell ESPs continue to dominate the market.
Based on type, electric submersible pump market is segmented as automatic and semi-automatic. In 2023 automatic type dominated the market holding a market share of around 59% and is anticipated to grow at a CAGR of 8% during the forecast period from 2024 to 2032. Automatic electric submersible pumps dominate the market, thanks to their user-friendliness, efficiency, and innovative features. Equipped with automated control systems, these pumps operate seamlessly without the need for constant manual oversight. Such automation not only boosts efficiency and ensures consistent performance but also minimizes human error and mitigates the risk of pump failures.
Furthermore, automatic ESPs enhance energy management by adjusting operations to real-time conditions, thereby optimizing power consumption. Their capability for remote monitoring and integration of advanced systems positions them as the preferred choice for agriculture, municipal water systems, and industrial processes that demand continuous oversight. These advantages solidify the status of automatic pumps as the leading choice for industries seeking dependable, low-maintenance, and energy-efficient pumping solutions, cementing their market leadership.
China dominated the Asia pacific electric submersible pump market accounting a revenue of around USD 1.69 billion in 2023 and is expected to reach USD 3.43 billion by 2032. China leads the APAC market due to its large infrastructure projects. Rapid urbanization and development in both rural and urban areas increase the need for advanced water management and energy solutions, boosting demand for ESPs.
These projects include building irrigation systems, municipal water supply networks, and industrial water treatment facilities, all of which need reliable and efficient pumps. Additionally, developing oil and gas reserves and mining operations further increases the demand for high-performance ESPs. This focus on infrastructure development makes China a key player in the ESP market, driving both consumption and innovation in the region.
North America: In terms of country, the U.S. dominated the electric submersible pump market with a share of around 78.29% of the total market share in North America in 2023 and is expected to grow at a CAGR of 7.6% during the forecast period from 2024 to 2032. The U.S. market is growing, due to oil and gas exploration. The country has large oil and gas reserves, especially with more shale oil production in Texas and North Dakota. ESPs are important for efficiently extracting oil from deep or unconventional wells where traditional methods do not work well. As production techniques improve to reach these difficult reserves, the need for advanced ESP systems increases to make extraction more efficient, raise production rates, and ensure reliable operation in tough conditions.
Europe: The European electric submersible pump market is expected to grow at a CAGR of 7.9% during the forecast period from 2024 to 2032. In Europe, the focus on renewable energy and strict government regulations is increasing the demand for electric submersible pumps. As the region invests more in geothermal energy to meet sustainability and climate goals, ESPs are essential for extracting heat from deep wells for power generation. At the same time, strong government policies promoting energy efficiency and environmental protection are encouraging industries to use ESPs in oil and gas extraction, water management, and wastewater treatment.
Asia Pacific: Asia Pacific region was accounted with a market share of around USD 38% in 2023 and is anticipated to grow at a CAGR of 8.1% during the forecast period from 2024-2032. Rapid industrialization, rising energy demand, and growing water scarcity in the Asia-Pacific (APAC) region are driving the evolution of the electric submersible pump (ESP) market. As countries like China, India, and those in Southeast Asia industrialize, the need for efficient water and energy solutions in sectors like oil and gas, manufacturing, and mining increases, boosting the demand for ESPs.
Electric Submersible Pump Market Share
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.
Electric Submersible Pump Market Companies
Major players operating in the electric submersible pump industry are:
Electric Submersible Pump Industry News
This electric submersible pump market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) & volume (Thousand Units) from 2021 to 2032, for the following segments:
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Market, By Product Type
Market, By Stage
Market, By Type
Market, By Installation
Market, By End User
Market, By Distribution Channel
The above information is provided for the following regions and countries: