Electric Submersible Pump Market Report
The report on the Electric Submersible Pump Market is segmented By Well (Borewell, Open well), By Operation (Single Stage, Multistage), By Industry (Oil & Gas, Sewage & Wastewater, Agriculture, Building Services, Others) and Region. This report also covers COVID-19 Impact Analysis and Forecast to 2026. This market research report provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global electric submersible pump market. The historic years considered for the study are 2016-2019, the base year is 2020, the estimated year is 2021, and the forecast period is 2022-2026.
The report on the Electric Submersible Pump Market is segmented By Well (Borewell, Open well), By Operation (Single Stage, Multistage), By Industry (Oil & Gas, Sewage & Wastewater, Agriculture, Building Services, Others) and Region. ...
Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
The Electric Submersible Pump Market is estimated to grow from USD 10.2 billion in 2020 to USD 14.3 billion by 2026 at a healthy CAGR of 5.9% during the forecast period.
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, building services.
Key players operating in the electric submersible pump market are-
Growing demand for wastewater treatment is likely to further bolster the product demand.
Based on operation, the electric submersible pump market is classified into single-stage and multistage.
By region, the Asia Pacific market accounted for the largest share in 2020 and is expected to grow at a substantial CAGR in the following years.
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 is further affected the industry growth.
Here is the list of the group of customers that the electric submersible pump market hopes to have the greatest opportunity to convert-
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The electric submersible pump market size is expected to reach USD 14.3 billion in the foreseeable future.
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 among the key players in the electric submersible pump market.
The electric submersible pump market is expected to witness an impressive growth of 5.9% CAGR in the foreseeable future.
Growing demand for wastewater treatment, rising number of mature fields and the adoption of electric submersible pumps by oil & gas companies are the factors driving the growth of electric submersible pump market.
Asia Pacific accounted for the largest share in 2020 and is expected to grow at a substantial CAGR.
Electric submersible pump vendors, Electric submersible pump retailers, Oil & gas companies, Sewage & wastewater companies are the target audience in the electric submersible pump market.