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Multistage Electric Submersible Pump Market Trends

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

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Multistage Electric Submersible Pump Market Trends

The business outlook will be accelerated by favorable policies to improve the development and distribution of water supply in coordination with the construction of building and real estate infrastructure. The replacement of outdated pumping systems with more affordable submersible pumps and strict building efficiency standards has further increased product demand.

Multistage electric submersible pump market trends will witness high deployment owing to increasing technological advancements across various industry verticals. The three-phase submersible pump will find application in agriculture & irrigation, municipalities, industrial and mining sectors. Exponential increase in product demand led by rising water needs across region where artificial systems are deployed to pump water will augment the industry statistics by 2032.

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.