Market Insights
"The global electric submersible pump market size was estimated at USD 12.2 billion in 2022 and is likely to grow at a CAGR of 6.0% during 2023-2028 to reach USD 17.55 billion in 2028."

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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
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Market Size in 2022
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USD 12.2 Billion
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Market Size in 2028
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USD 17.55 Billion
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Market Growth (2023-2028)
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CAGR of 6.0%
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Base Year of Study
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2022
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Trend Period
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2017-2021
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Forecast Period
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2023-2028
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Market Dynamics
Market Drivers
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.
Despite favorable 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.
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
Segments Analysis
Segmentations
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List of Sub-Segments
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Dominant and Fastest-Growing Segments
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Well-Type Analysis
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Borewell, Open well
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The borewell segment is expected to dominate the market during the forecast period.
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Operation-Type Analysis
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Single Stage, Multistage
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The single-stage segment held a significant share and is projected to grow at the highest CAGR during the forecast period.
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Regional Analysis
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North America, Europe, Asia-Pacific, and Rest of the World
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Asia-Pacific market accounted for the largest share during forecast period.
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Wall Trends
"The borewell segment accounted for the largest market share."
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. 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 single-stage segment accounted for the largest market share."
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 Insights
"Asia Pacific accounted for the largest market share."
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. 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.

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Key Players
The following are the key players in the electric submersible pump market (arranged alphabetically).
Note: The above list does not necessarily include all the top players in the market.
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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
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Relevant contents in the report
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How big is the sales opportunity?
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In-depth analysis of the Electric Submersible Pump Market.
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How lucrative is the future?
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The market forecast and trend data and emerging trends.
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Which regions offer the best sales opportunities?
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Global, regional, and country-level historical data and forecasts.
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Which are the most attractive market segments?
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Market Segment Analysis and Forecast.
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What are the top players and their market positioning?
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Competitive landscape and Market share analysis.
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How complex is the business environment?
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Porter’s five forces, PEST, and Life cycle analysis.
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What are the factors affecting the market?
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Drivers & challenges.
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Will I get the information on my specific requirements?
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10% free customization.
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Research Methodology
This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s electric submersible pump market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.
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 1000 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 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
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 to sales@stratviewresearch.com.