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.