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    Electric Submersible Pump Market Report

    Electric Submersible Pump Market Report
    Report code - SR1161 Delivery - 2 Weeks
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    Electric Submersible Pump Market, Dynamics, Trends, Market Analysis
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    Impact of COVID-19 on Electric Submersible Pump Market

    Covid-19 has impacted the market dynamics, competition, and global...

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    Impact of COVID-19 on Electric Submersible Pump Market

    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.

    Market Insights

    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.

    Figure: Electric Submersible Pump Market Size, 2020-2026 (USD Million)

    Electric-Submersible-Pump-Market-Forecast

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    What is Electric Submersible Pump?

    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

    Key players operating in the electric submersible pump 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).

    Market Dynamics

    Growing demand for wastewater treatment is likely to further bolster the product demand.

    • 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.

    Segment's Analysis

    Operation Trends

    Based on operation, the electric submersible pump market is classified into single-stage and multistage.

    • The single-stage segment held a significant share in 2020 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 Trends

    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.

    • 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.

    COVID-19 Impact on Electric Submersible Pump Market

    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.

    Critical Questions Answered in the Report

    • What are the key trends in the electric submersible pump 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 electric submersible pump market?
    • What are the key strategies adopted by the major vendors to lead in the electric submersible pump market?
    • What is the market share of the top vendors?

    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-

    • Electric submersible pump vendors
    • Electric submersible pump retailers
    • Oil & gas companies
    • Sewage & wastewater companies

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    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 [email protected].

    Frequently Asked Questions (FAQs)

    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.

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