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    Electric Submersible Pump Market Report

    Electric Submersible Pump Market Report
    Report code - SR1161 Delivery - 2 Weeks
    Electric Submersible Pump Market Size, Share, Dynamics, Trends, Market Report and For See more...

    Market Insights

    The electric submersible pump market is estimated to grow from USD 12.2 billion in 2022 to USD 17.55 billion by 2028 at a healthy CAGR of 6.0% during the forecast period.

    Electric-submersible-pump-market-size

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    What is an electric submersible pump?

    An electric submersible pump (ESP) is a device consisting of a hermetically sealed motor closely attached to the body, with the entire assembly submerged in the liquid. The pump designs are customized as per different industries’ operational requirements and are employed in various verticals such as sewage & wastewater, agriculture, oil & gas, and building services.

    Electric Submersible Pump Market Report Overview

    Market Size in 2028

    USD 17.55 Billion

    Market Size in 2022

    USD 12.2 Billion

    Market Growth (2023-2028)

    CAGR of 6.0%

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

     

    COVID-19 Impact

    The COVID-19 outbreak has significantly affected the electric submersible pump industry. Due to stringent lockdown and social distance norms, there were limited production activities and a limited supply of raw material supply. There was a limited workforce and a temporary shutdown of operations in oil & gas, sewage & wastewater, and building services further affected the industry's growth.

    Market Dynamics

    These factors are expected to boost the demand for the market in the coming years:

    • The escalating demand for efficient water management systems is anticipated to significantly contribute to the increasing adoption of electric submersible pumps.

    • The rising number of mature fields and the adoption of electric submersible pumps by oil & gas companies, due to its operational advantages over other forms of artificial lift augments the industry growth during the review period.

    • Moreover, developments of potential shale reserves across the globe are anticipated to create immense growth opportunities for industry players in the coming years.

    • Governments worldwide are actively investing in the development of robust water management infrastructure, which presents lucrative opportunities for manufacturers of electric submersible pumps.

    Electric-submersible-pump-market-snapshot

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    Despite favourable market drivers, the growth of the market faces certain challenges that could potentially impede its progress. These challenges include:

    • High cost: Electric submersible pumps are generally more expensive compared to other types of pumps available on the market. This higher cost can limit their adoption, particularly in price-sensitive markets where cost considerations are paramount.
    • Competition from alternative pump technologies: Electric submersible pumps face competition from alternative pump technologies, such as centrifugal pumps and diaphragm pumps. These alternative pumps often offer lower upfront costs and can be applied to a wider range of applications, providing customers with more options and potentially overshadowing the advantages of electric submersible pumps.
    • Environmental concerns: The environmental impact of electric submersible pumps should be considered due to their potential contributions to water pollution and greenhouse gas emissions.

    Key Players

    Some of the key players operating in the market are-

    • Baker Hughes Company (The U.S),
    • Schlumberger Limited (The U.S),
    • Halliburton Company (The U.S),
    • Borets International Limited (Russia),
    • ALKHORAYEF PETROLEUM (Saudi Arabia),
    • DOS Canada Inc. (Canada),
    • Weatherford International,
    • ESP Ltd (The U.S),
    • Extract Production Services LLC (The U.S), and
    • NOVOMET (The U.S).

    Segments Analysis

    Wall Trends

    The market is segmented as borewell and open well. The borewell segment is expected to dominate the market during the review period. One of the key factors contributing to the popularity of these products is the continuous supply of water for irrigation and agricultural purposes, as well as the ease of installation in household, residential, and industrial enterprises. Better handling of acidic and sandy water, along with an airtight design for increased efficiency, drives the demand even higher. And also, the open well type will be expected to witness significant growth due to its ease of transportation, compact construction, efficient handling, and superior cooling qualities.

    Operation Trends

    The market is classified into single-stage and multistage. The single-stage segment held a significant share in 2022 and is projected to grow at the highest CAGR during the assessment period. This is mainly attributed to rising single-stage ESPs demand from domestic applications coupled with growing deployment across commercial and industrial, which further bolsters the segment growth.

    Regional Analysis

    The Asia Pacific market accounted for the largest share in 2022 and is expected to grow at a substantial CAGR of nearly 8.8% in the following years. This is mainly ascribed to the growing population and ongoing development of building infrastructure especially in the countries such as India and China. Moreover, the rising requirement for reliable sewage management plants along with substantial government funding to enhance the public infrastructure, which further proliferates the regional market growth.

    Electric-submersible-pump-market-region

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    Segmentation

    The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

    The market is segmented into the following categories:

    By wall type:

    • Borewell
    • Open well

    By operation type:

    • Single stage
    • Multistage

    By industry type:

    • Oil & gas
    • Sewage & Wastewater
    • Agriculture
    • Building services
    • Others

    By region:

    • North America
    • Europe
    • Asia-Pacific
    • Rest of the world

    Electric-submersible-pump-market-segmentation

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    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.

    More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

    We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision-making for the existing players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth analysis of the electric submersible pump market.

    How lucrative is the future?

    The market forecast and trend data and emerging trends.

    Which regions offer the best sales opportunities?

    Global, regional and country-level historical data and forecasts.

    Which are the most attractive market segments?

    Market segment analysis and Forecast.

    Which are the top players and their market positioning?

    Competitive landscape and Market share analysis.

    How complex is the business environment?

    Porter’s five forces, PEST and Life cycle analysis.

    What are the factors affecting the market?

    Drivers & challenges.

    Will I get the information on my specific requirement?

    10% free customization.

    Target Audience

    Here is the list of the group of customers that the electric submersible pump market hopes to have the greatest opportunity to convert-

    • Vendors
    • Retailers
    • Oil & gas companies
    • Sewage & wastewater companies

    Critical Questions Answered in the Report

    • What are the key trends in the market?
    • How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
    • What is the impact of COVID-19 on the market?
    • What are the key strategies adopted by the major vendors to lead in the market?
    • What is the market share of the top vendors?

    Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to 3 players)
    • SWOT analysis of key players (up to 3 players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com

    Frequently Asked Questions (FAQs)

    An electric submersible pump (ESP) is a device consisting of a hermetically sealed motor closely attached to the body, with the entire assembly submerged in the liquid. The pump designs are customized as per different industries operational requirements and are employed in various verticals such as sewage & wastewater, agriculture, oil & gas, and building services.

    The market is expected to grow at a CAGR of 6.0% during the review period.

    The rising number of mature fields and the adoption of electric submersible pumps by oil & gas companies, due to its operational advantages over other forms of artificial lift augments the industry growth during the review period.

    The market size is estimated to grow from USD 12.2 Bn in 2022 to USD 17.55 Bn by 2028.

    The Asia Pacific market accounted for the largest share in 2022 and is expected to grow at a substantial CAGR of nearly 8.8% in the following years.

    Baker Hughes Company (The U.S), Schlumberger Limited (The U.S), Halliburton Company (The U.S), Borets International Limited (Russia), ALKHORAYEF PETROLEUM (Saudi Arabia), DOS Canada Inc. (Canada), Weatherford International, ESP Ltd (The U.S), Extract Production Services LLC (The U.S), and NOVOMET (The U.S). are the key companies in the market.

    The single-stage segment has the largest share of the market during the estimated time.

    The study period of the market is 2017-2028.