Electric Submersible Pump Market Size

Electric Submersible Pump Market Size

Electric Submersible Pump Market was valued at USD 13.7 billion in 2023 and is anticipated to grow at over 8.8% CAGR from 2024 to 2032. The industry growth is primarily contributed to recovering oil prices, rapidly exceeding population, and rising government focus toward magnifying agricultural production.

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The manufacturers have developed flexible and customized designs that have broadened the product applicability across multiple industries. In the O&G industry, the units are deployed as an artificial lift method to boost the liquid flow inside the well and maximize the production or recovery from mature fields. The growth of the O&G sector is affected by the price volatility however, growing population and investment toward irrigational practices will favor positive market growth.

Electric submersible pumps are efficient and cost-effective, making them an attractive choice for oil and gas producers. They require less maintenance and can operate for longer periods compared to other alternatives. In addition, with the increasing inclination towards renewable energy will drive the demand for multistage electric submersible pumps, particularly in applications such as geothermal energy production, where they are used to extract hot water from underground reservoirs.