Electric Submersible Pump Market worth over $24 Bn by 2030

Electric Submersible Pump Market size is set to surpass USD 24 billion by 2030, according to a new research report by Global Market Insights Inc.
 

The market growth is attributed to the rising population in line with the extensive development of building infrastructure, especially in emerging economies. Increasing product demand to replace aging water infrastructure and the need for uninterrupted water supply along with rising concerns about depleting water resources are factors fueling the industry landscape. Electric Submersible Pumps (ESPs) are broadly installed across municipal facilities & high-rise buildings to ensure sufficient & efficient water supply and distribution.
 

The spread of COVID-19 had an adverse effect on the industry as manufacturing companies observed a drop in product demand across different application industries. The shutdown of commercial activities across the globe with strict lockdown measures to break the chain of virus spread caused supply chain disruptions in the market. In addition, the shortage of supply was witnessed due to fluctuating raw material prices, which in turn, resulted in a delay of the order closure for the most of 2020.
 

Increasing investments in the agriculture and sewage & wastewater treatment industries are attributed to rapid urbanization & population growth

The sewage & wastewater electric submersible pump market is projected to grow significantly during the forecast period. This growth is attributed to the growing concerns about water management and deployment of water for irrigation applications. High investments in replacing old water supply & distribution infrastructures in conjunction with renovation activities for aging water plants & systems are likely to create a lucrative growth opportunity for the electric submersible pump industry.
 

Browse key industry insights spread across 460 pages with 1,054 market data tables & 26 figures & charts from the report, “Electric Submersible Pump Market, By Industry (Oil & Gas {Onshore, Offshore}, Sewage & Wastewater, Agriculture, Building Services, Geothermal), By Well (Borewell {Sewage & Wastewater, Agriculture, Building Services}), Open Well {Sewage & Wastewater, Agriculture, Building Services}), By Operation (Single Stage, Multi Stage), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2030”, in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/electric-submersible-pump-market
 

Rising infrastructure developments coupled with private & public investment to upscale irrigation facilities across the agriculture sector

The agriculture application segment is estimated to grow at a rate of over 10% by 2030. Increasing spending by respective governing authorities to offer cost-effective irrigation services & improve agriculture infrastructures will accelerate the business landscape. Public & private investments are further expected to increase product adoption in agriculture applications as ESPs are used across drip irrigation, sprinklers, and large-scale agriculture projects that require efficient water utilization & even supply of water.
 

Increasing demand for cost-effective fluid pumping systems along with ongoing product features

The U.S. electric submersible pump market is predicted to observe strong growth on account of increasing oil & gas exploration activities along with an increasing number of hydrocarbon development projects across the country. For instance, the total number of rig counts in the U.S. in June 2021 was 470, which increased to a total of 740 in June 2022. This increase in rig count along with the increasing demand for oil products including heating oil, gasoline & liquified petroleum gas owing to the growing population and rapid urbanization is anticipated to boost the industry potential in the coming years.
 

Eminent players operating in the market are Borets, 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., Halliburton, and Novomet.