Electric Submersible Pump Market Size 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

Industry Trends

Electric Submersible Pump Market size valued at USD 11 billion in 2021 and is projected to expand at over 8% CAGR from 2022 to 2030. Rapid urbanization is fueling construction activities and product applications in the oil & gas sector, driving the market demand.
 

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Increasing water needs in residential & commercial complexes in conjunction with rising concerns toward sewage & wastewater treatment are boosting product adoption. In addition, a substantial increase in water management activities to promote clean water for drinking and agriculture applications will positively influence the industry outlook.
 

The COVID-19 pandemic had a negative impact on the global electric submersible pump industry owing to excessive product application in oil & gas exploration. The oil & gas sector was by far one of the major negatively impacted industries that witnessed the lowest crude oil prices with USD 12.41 per barrel by the end of April 2020. These pumps are widely used in this industry and an abrupt decrease in the oil demand impacted the continuous use of pumps for exploration during the first half of 2020. However, the situation came to normal post-lockdown through cautious work conditions and vaccination processes, which resulted in the resumption of commercial activities across the globe and thereby favoring the industry dynamics.
 

Product application in the oil, gas & mining industries

The oil & gas electric submersible pump market is predicted to observe 7% growth rate till 2030. Considerable adoption of the enhanced oil recovery (EOR) method along with the use of artificial lift systems & technologies to boost the production of oil & gas will augment product demand. ESPs are deployed across producing or mature wells at some point in their life cycle to increase the fluid flow rate. Additionally, rising exploration of new fields coupled with ongoing product adoption in geothermal wells will proliferate the industry landscape.
 

Growing investments in exploration & production activities

The exploitation of shale reserves along with rising capital expenditure & production from oil wells is anticipated to sway product adoption in oil & gas applications. Government support to control increasing oil prices coupled with support from key players in the oil & gas sector through investments and increasing production will have a positive impact on the ESP sector. Ongoing investments and replacement of old oil & gas infrastructures will propel the demand for electric submersible pumps across oil & gas sector.
 

Rapid commercialization and urbanization along with increasing demand for distilled water in the cities of APAC region

Asia Pacific electric submersible pump market is estimated to register 9% CAGR through 2030. Rising government funding favoring new building infrastructures in conjunction with increasing migration of people to urban areas from remote regions will stimulate the usage of electric submersible pumps across building services. Moreover, the proliferating population in countries including China, India, and Indonesia is rapidly growing new verticals for the construction industry thereby rising product adoption in building services for water supply.
 

A wide array of national oil companies in the APAC region are actively engaged in investing in & developing the oil & gas industry. Private investments along with government support to increase the oil & gas refining process are further expected to surge product application in the oil & gas sector. For instance, in March 2022, Aramco invested in the development of an unified refinery and petrochemical complex in Liaoning Province, Panjin City, China. Huajin Aramco Petrochemical Company (HAPCO), a joint venture between Aramco, Panjin Xincheng Industrial Group, and North Huajin Chemical Industries Group Corporation, will develop the refinery. This will enable Aramco to provide up to 210,000 barrels per day of crude oil feedstock, which will be operational in 2024.
 

Favorable policies to enhance the development & distribution of water supply in line with the expansion of building & real estate infrastructure will accelerate the market outlook. In addition, stringent building efficiency norms along with the replacement of old existing pumping systems with cost-effective submersible pumps have further amplified product penetration. Furthermore, product application in other verticals including water supply in high-rise buildings, hotels, and resorts with HVAC systems will foster the market growth.
 

Strategic collaborations and contractual agreements will enhance the overall industry presence

Major participants operating across the market include 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., Novomet, and Halliburton.
 

The electric submersible pump market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘USD Million’ from 2018 to 2030 for the following segments:

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Market, By Industry

• Oil & Gas
  • Onshore
  • Offshore
• Sewage & Wastewater
  • Borewell
  • Open Well
• Agriculture
  • Borewell
  • Open Well
• Building Services
  • Borewell
  • Open Well
• Geothermal
• Others

Market, By Wells

• Borewell
• Open Well

Market, By Operations

• Single Stage
• Multi Stage

The above information has been provided for the following regions and countries:

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Russia
  • UK
  • Italy
  • France
  • Germany
  • Netherland
  • Norway
  • Denmark
• Asia Pacific
  • China
  • India
  • Australia
  • Indonesia
  • Malaysia
  • Thailand
  • New Zealand
  • Philippines
• Middle East & Africa
  • Saudi Arabia
  • Turkey
  • Kuwait
  • UAE
  • Angola
  • Nigeria
  • South Africa
• Latin America
  • Brazil
  • Argentina
  • Chile