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Multistage Electric Submersible Pump Market Size

Report ID: GMI5815
Published Date: May 2023
Report Format: PDF

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Multistage Electric Submersible Pump Market Size

Multistage Electric Submersible Pump Market size surpassed USD 8.3 billion in 2023 and is anticipated to grow at 8.4% from 2024 to 2032. The factors driving the industry growth includes the expansion of construction activities which is being fueled by rapid urbanization, and product uses in the oil and gas sector. Persistent product demand for fluid movement across application industries is expected to boost the business development.

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Product espousal is being boosted by mounting water needs in residential and commercial complexes along with increasing concerns towards sewage and wastewater treatment. In addition, a significant rise in water management efforts to support the use of clean water for agriculture and drinking purposes is paving the way for a promising future for the submersible pump sector.

The substantial presence of alternative pump present in the market might act as a restrain for the multistage electric submersible pump market growth. Specific application, location, and requirements for flow rate, pressure, & power source are the prime factors governing the deployment of pumps, where power source acts as a key aspect promoting the implementation of multistage electric submersible pump across industry verticals. Various products including air lift pump, hydraulic pump, wind-powered pumps, among others that do not requires electrical power might affect the market penetration. However, high-efficiency and large-scale product usage in oil & gas application will benefit the industry landscape by 2032.

Multistage Electric Submersible Pump Market Report Attributes
Report Attribute	Details
Base Year:	2023
Multistage Electric Submersible Pump Market Size in 2023:	USD 8.3 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	8.4%
2032 Value Projection:	USD 17.2 Billion
Historical Data for:	2019 to 2023
No. of Pages:	470
Tables, Charts & Figures:	655
Segments covered:	Industry & Region
Growth Drivers:	Growing development of efficient wastewater & sewage management facilities Increasing investment toward exploration and production activities Water scarcity and limited availability of clean drinking water
Pitfalls & Challenges:	Substantial availability of other alternatives

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Multistage 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.

Authors: Ankit Gupta, Shashank Sisodia

Frequently Asked Questions (FAQ) :

The market size of multistage electric submersible pump exceeded USD 8.3 billion in 2023 and is projected to expand at 8.4% CAGR during 2024 to 2032, explains GMI report.

The oil & gas multistage electric submersible pump industry will observe 7% growth rate from 2023-2032 driven by the rapid adoption of the Enhanced Oil Recovery (EOR) method to boost oil production.

The Asia Pacific multistage electric submersible pump industry to witness 9% growth rate till 2032 led by rapid urbanization and commercialization in countries such as India and China.

Schlumberger Ltd., Atlas Copco AB, WILO SE, Grundfos Holding A/S, Gorman-Rupp Pumps, Novomet, and Halliburton are some of the major manufacturers of multistage electric submersible pumps.