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Oil & Gas Electric Submersible Pump Market Trends

Report ID: GMI6180
Published Date: Jul 2023
Report Format: PDF

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Oil & Gas Electric Submersible Pump Market Trends

The increasing adoption of ESPs in the oil and gas sector can be attributed to their ability to enhance production, their compatibility with unconventional resources and deepwater operations, technological advancements, cost efficiency, and environmental considerations. These factors have propelled the industry to embrace ESP technology as a valuable tool for optimizing production and maximizing hydrocarbon recovery.

ESPs are highly efficient in lifting fluids from wells, including oil, gas, and water. They provide a significant boost to production rates by increasing the flow of hydrocarbons to the surface. This improved production capability makes ESPs a preferred choice for maximizing oil and gas recovery from reservoirs. As a result, growing focus on energy efficiency along with the introduction of new & advanced electric submersible is becoming a crucial driving factor for the application industries. For instance, in March 2021, Flowserve Corporation introduced deep well submersible pump & motors under its brand name ‘Byron Jackson’ for water centric applications. The three-phase submersible pump will find application across agriculture & irrigation, municipalities, industrial and mining sectors. ESP manufacturers are increasingly incorporating energy-saving features and optimizing pump designs to reduce power consumption and improve overall efficiency. This trend is driven by the need to reduce operating costs and comply with stringent environmental regulations, thereby augmenting the industry landscape.

Authors: Ankit Gupta, Shashank Sisodia

Frequently Asked Questions (FAQ) :

The market size of oil & gas electric submersible pump reached USD 5.7 billion in 2023 and will record over 8% CAGR from 2024 to 2032 due to the recovering oil prices, rapidly exceeding population, and growing government support.

The onshore oil & gas electric submersible pump market is poised to witness over 9% CAGR from 2023 to 2032 driven by the ongoing investments toward well recovery along with the incessant need of artificial lift systems across conventional and unconventional fields.

Asia Pacific oil & gas electric submersible pump market recorded over 30% of the industry share in 2022 due to the robust presence of extensive offshore oil and gas fields, particularly in countries including China, Australia, Indonesia, and Malaysia.

Schlumberger Ltd, Weatherford, Baker Hughes, Flowserve Corporation, EBARA CORPORATION, Atlas Copco AB, WILO SE, Grundfos Holding A/S, and Gorman-Rupp Pumps are some of the major oil & gas electric submersible pump companies.