Oil & Gas Electric Submersible Pump Market Analysis

Oil & Gas Electric Submersible Pump Market Analysis

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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. For instance, in February 2022, Chevron announced to raise its shale production in the Permian basin by 10%, thereby adding 60,000 barrels per day. Similarly, Exxon stated that it has increased its production volume by 25% in 2022, raising its overall output by 100,000 barrels per day.
 

Single stage ESPs is projected to grow at a rate of 8.6% by 2032. The multistage pumps are equipped with two or more impellers where the pump head may reach to more than 125 meters. The liquid lifting capacity can be adjusted by increasing or decreasing the number of stages. The units are primarily deployed across the oil & gas fields for lifting hydrocarbons to the surface, commercial & industrial water extraction, mine dewatering, drainage, and large water treatment plants.
 

The pumps are costlier than the single-stage units, where the cost surges with the addition of each stage to the pump system. The increasing deployment of water treatments facilities along with the growing demand for artificial lift technologies will stimulate the product adoption. In addition, the pump demand is set to grow with increasing focus toward rainwater harvesting. In addition, respective state and central governments are taking active measures to restore the groundwater level and discourage the digging of borewells.
 

The ESP market in the Asia Pacific region is affected by the balance between demand and supply of oil and gas. Fluctuations in global oil prices, geopolitical factors, and government policies can influence investment decisions in exploration and production, subsequently impacting the demand for ESP systems.