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Oil & Gas Electric Submersible Pump Market Size

Report ID: GMI6180
Published Date: Jul 2023
Report Format: PDF

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Oil & Gas Electric Submersible Pump Market Size

Oil & Gas Electric Submersible Pump Market size was valued over USD 5.7 billion in 2023 and is set to grow at a rate of over 8% by 2032. The electric submersible pump market growth is primarily contributed to recovering oil prices, rapidly exceeding population, and rising government focus toward magnifying oil & gas exploration.

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ESPs are widely used for artificial lift operations in oil wells. They are deployed in wells that have low reservoir pressure or high water cut, where natural flow is insufficient to bring the oil to the surface. The ESP system consists of a motor, pump, and seal section, which are submerged in the wellbore. The pump helps to lift the fluids, including oil, gas, and water, to the surface, enhancing production rates.

Oil & Gas Electric Submersible Pump Market Report Attributes
Report Attribute	Details
Base Year:	2023
Oil & Gas Electric Submersible Pump Market Size in 2023:	USD 5.7 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	8%
2032 Value Projection:	USD 11.5 Billion
Historical Data for:	2019 to 2023
No. of Pages:	240
Tables, Charts & Figures:	277
Segments covered:	Application, Operation, & Region
Growth Drivers:	Increasing investment toward exploration and production activities Depleting rate and maturity of oil fields
Pitfalls & Challenges:	Substantial availability of other alternatives

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ESPs are commonly employed in offshore oil and gas production platforms. These platforms operate in deepwater environments, where the wells are drilled below the seabed. ESPs can handle the high pressures and deliver the necessary flow rates to lift the hydrocarbons from these subsea wells to the production platform.

Increasing trend of subsea boosting along with increasing inclination towards adoption of unconventional resources is anticipated to boost the product deployment over the projected timeframe. In addition, ESPs can also be utilized in water injection wells, where water is injected into the reservoir to maintain pressure and displace hydrocarbons. ESPs help to lift the injection water from the surface and push it into the well for injection purposes.

Authors: Avinash Singh, Sunita Singh

Frequently Asked Questions (FAQ) :

The market size of oil & gas electric submersible pump reached USD 5.7 billion in 2023 and will record over 8% CAGR from 2024 to 2032 due to the recovering oil prices, rapidly exceeding population, and growing government support.

The onshore oil & gas electric submersible pump market is poised to witness over 9% CAGR from 2023 to 2032 driven by the ongoing investments toward well recovery along with the incessant need of artificial lift systems across conventional and unconventional fields.

Asia Pacific oil & gas electric submersible pump market recorded over 30% of the industry share in 2022 due to the robust presence of extensive offshore oil and gas fields, particularly in countries including China, Australia, Indonesia, and Malaysia.

Schlumberger Ltd, Weatherford, Baker Hughes, Flowserve Corporation, EBARA CORPORATION, Atlas Copco AB, WILO SE, Grundfos Holding A/S, and Gorman-Rupp Pumps are some of the major oil & gas electric submersible pump companies.