Multistage Electric Submersible Pump Market Analysis

Multistage Electric Submersible Pump Market Analysis

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The oil & gas multistage electric submersible pump industry is expected to observe a growth rate of 7% till 2032. Substantial adoption of the Enhanced Oil Recovery (EOR) method in conjunction with the use of artificial lift systems & technologies to enhance the oil & gas production will sway the product demand in the industry. These pumps are deployed across producing or mature wells at some point in their life cycle to increase the fluid flow rate. In addition, increasing exploration activities for fields coupled with rising government environmental regulations that require oil and gas producers to use more efficient and environmentally friendly equipment, including these pumps will further proliferate the business landscape.

Increasing shale reserve exploitation along with rising capital expenditure & production from oil wells is projected to foster the multistage electric submersible pump market statistics in oil & gas applications. Continuous government provision to control snowballing oil prices along with the support from key industry players in the oil & gas application through increasing production and investments will have a sway the industry outlook. Ongoing investments and replacement of old oil & gas infrastructures will further propel product demand in the oil & gas sector.
 

Open well submersible pumps are designed for use in open wells, pits, or sumps. They are commonly used in applications where the water level is above ground level, such as in lakes, rivers, or tanks. Product deployment across irrigation, domestic & industrial water supply, aquaculture, among others are the major factors influencing the multistage electric submersible pump market development.

The Asia Pacific multistage electric submersible pump market is estimated to surpass a growth rate of 9% between 2023 and 2032. Rapid urbanization and commercialization along with increasing demand for distilled water in cities will propel the industry landscape. Government funding favoring new building infrastructures with surety of fulfilling the need of drinkable water along with exponential people migration to urban areas will add to the product requirement in building services. In addition, flourishing population in countries including China, India, and Indonesia is rapidly increasing new verticals for the construction industry thereby rising product adoption in building services for water supply.

Various public & private investments supporting the influx of oil & gas refining process is further set to increase the product deployment in oil & gas market. For instance, in March 2022, Aramco invested in the development of a refinery and petrochemical complex in Liaoning Province, Panjin City, China. Huajin Aramco Petrochemical Company (HAPCO), a joint venture between Aramco, North Huajin Chemical Industries Group Corporation, and Panjin Xincheng Industrial Group will develop the refinery. The initiative will enable Aramco to produce up to 210,000 barrels per day of crude oil feedstock, which will be operational in 2024. Formation of strategies promoting setting up of new refineries in populated countries will result in fulfilling the demand for oil feedstock, which in turn, will the multistage electric submersible pump market by 2032.