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Electric Submersible Pump Market Size

Report ID: GMI3392
Published Date: May 2023
Report Format: PDF

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Electric Submersible Pump Market Size

Electric Submersible Pump Market was valued at USD 13.7 billion in 2023 and is anticipated to grow at over 8.8% CAGR from 2024 to 2032. The industry growth is primarily contributed to recovering oil prices, rapidly exceeding population, and rising government focus toward magnifying agricultural production.

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The manufacturers have developed flexible and customized designs that have broadened the product applicability across multiple industries. In the O&G industry, the units are deployed as an artificial lift method to boost the liquid flow inside the well and maximize the production or recovery from mature fields. The growth of the O&G sector is affected by the price volatility however, growing population and investment toward irrigational practices will favor positive market growth.

Electric Submersible Pump Market Report Attributes
Report Attribute	Details
Base Year:	2023
Electric Submersible Pump Market Size in 2023:	USD 13.7 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	8.8%
2032 Value Projection:	USD 29.3 billion
Historical Data for:	2019 to 2023
No. of Pages:	580
Tables, Charts & Figures:	829
Segments covered:	Industry, Well, Operation, & Region
Growth Drivers:	Increasing investment toward exploration and production activities Depleting rate and maturity of oil fields Growing development of efficient wastewater & sewage management & irrigation facilities
Pitfalls & Challenges:	Substantial availability of other alternatives

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Electric submersible pumps are efficient and cost-effective, making them an attractive choice for oil and gas producers. They require less maintenance and can operate for longer periods compared to other alternatives. In addition, with the increasing inclination towards renewable energy will drive the demand for multistage electric submersible pumps, particularly in applications such as geothermal energy production, where they are used to extract hot water from underground reservoirs.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The market size of electric submersible pump surpassed USD 13.7 billion in 2023 and will record over 8.8% CAGR from 2024-2032 due to the rising government focus towards magnifying agricultural production.

Electric submersible pump industry share from the oil & gas industry segment is estimated to observe 8% growth till 2032 driven by the ongoing investments toward well recovery.

The industry is anticipated to witness 9.3% growth rate during 2023-2032 with rising usage in lifting hydrocarbons to the surface, commercial & industrial water extraction, mine dewatering, drainage, and large water treatment plants.

Asia Pacific electric submersible pump industry will gain traction through 2032 driven by growing deployment in agriculture, wastewater treatment, and building services.

Schlumberger Ltd, Weatherford, Baker Hughes, Flowserve Corporation, EBARA CORPORATION, Atlas Copco AB, WILO SE, Grundfos Holding A/S, Gorman-Rupp Pumps, Crompton Greaves Consumer Electricals Limited, Sulzer Ltd, Tsurumi Manufacturing Co., Ltd., Novomet, and Halliburton.