Electric Submersible Pump Market size to exceed $17bn by 2025

Electric Submersible Pump Market size is set to surpass USD 17 billion by 2025, as reported in the latest study by Global Market Insights, Inc.
 

Rapidly increasing population along with extensive development of building infrastructure primarily across emerging nations will drive the electric submersible pump industry growth. Growing requirement for uninterrupted water supply, ageing infrastructure and depleting water resources are the prime factors facilitating the product adoption. These units are widely deployed across high rise buildings and municipal facilities to ensure efficient supply and distribution.

 

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The European electric submersible pump market is anticipated to register more than 5% CAGR through 2025. Ongoing product development coupled with growing number of mature fields primarily will foster the industry growth. Large number of fields across Romania and Russia have reached at their maturity along with declining production rate across existing wells have instigated the product demand. Growing need for economic recovery of resources along with increasing energy consumption will augment the market landscape. Furthermore, the demand for ESP systems have grown owing to increased spending in upstream sector, leading to adoption of various hydrocarbon recovery measures including artificial lift and EOR.
 

Increasing spending by respective government authorities toward providing effective irrigation facilities along with surging agricultural demand will accelerate the business growth. The units are used across sprinkler, drip irrigation and large-scale agriculture projects providing even distribution and efficient water utilization. These systems can be selected based on different farm requirements along with ease of availability on rent and lease will stimulate the product penetration. In addition, significant upscale in farm output owing to reduced dependency on monsoon rains and effective water distribution have led to growing adoption by local farmers.
 

Rising exploration and production activities on account of recovering oil & gas prices will foster the electric submersible pump market outlook. Growing focus toward operational management coupled with reducing capital and operating expenses will enhance the industry demand. Furthermore, declining technology cost coupled with increasing focus toward low cost manufacturing and technology innovation will boost the product demand.
 

Browse key industry insights spread across 350 pages with 790 market data tables & 24 figures & charts from the report, “Electric Submersible Pump Market Statistics By Industry (Oil & Gas {Onshore, Offshore}, Sewage & Wastewater, Agriculture, Building Services), By Well (Borewell {Sewage & Wastewater, Agriculture, Building Services}, Open well {Sewage & Wastewater, Agriculture, Building Services}), By Operation (Single Stage, Multistage), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 - 2025in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/electric-submersible-pump-market
 

The U.S. electric submersible pump market market will witness robust growth owing to rising number of hydrocarbon development projects along with discoveries of new oilfields. Increased rig count along with recovering oil prices will provide massive growth prospects for the industry players. For instance, the U.S. rig count increased to 945 in 2018 when compared with the 900 in 2017. Substantial demand from agriculture sector along with surging irrigation investments after the prolong drought conditions will further enhance the business outlook.
 

Prevailing issues concerning the water crisis along with extreme shortage of drinking and sanitary water will propel the borewell ESP market growth. The borewells are primarily dug for extraction of groundwater with a diameter of 4.5 to 12 inch, where 4 - 5 inch diameter wells are used for domestic purposes whereas more than 6 inch diameter wells are used for large applications. Growing deployment across industrial & commercial water management facilities along with surging demand for municipal sewage and drainage systems will augment the business landscape.
 

Key participants functioning across the electric submersible pump market include Borets International, Schlumberger, Weatherford, Halliburton, General Electric, Ebara, Flowserve Corporation, Atlas Copco, Grundfos Holding, Wilo SE, Sulzer, Novomet-Perm, Crompton Greaves and Tsurumi Manufacturing.
 

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