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Electric Submersible Pump Market Trends

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

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Electric Submersible Pump Market Trends

The industry was being driven by the growing demand for oil and gas exploration activities. ESPs are extensively used in the oil and gas industry for efficient extraction of hydrocarbons from wells. Ongoing advancements in ESP technology is enhancing the efficiency, reliability, & durability of ESP’s. For instance, the development of high-performance materials, improved motor designs, and advanced monitoring and control systems were enabling better pump performance and operational optimization.

Growing focus on energy efficiency along with the introduction of new & advanced electric submersible is becoming a crucial driving factor for the application industries. ESP manufacturers are increasingly incorporating energy-saving features and optimizing pump designs to reduce power consumption and improve overall efficiency. This trend is driven by the need to reduce operating costs and comply with stringent environmental regulations, thereby augmenting the electric submersible pumps market expansion.

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.