Electric Submersible Pump Market Size - By Industry (Oil & Gas, Sewage & Wastewater, Agriculture, Building Services, Geothermal), By Well (Borewell, Open Well), By Operation (Single Stage, Multistage) & Forecast, 2024 - 2032

Electric Submersible Pump Market Size - By Industry (Oil & Gas, Sewage & Wastewater, Agriculture, Building Services, Geothermal), By Well (Borewell, Open Well), By Operation (Single Stage, Multistage) & Forecast, 2024 - 2032

Electric Submersible Pump Market Size

Electric Submersible Pump Market was valued at USD 13.7 billion in 2023 and is anticipated to grow at over 8.8% CAGR from 2024 to 2032. The industry growth is primarily contributed to recovering oil prices, rapidly exceeding population, and rising government focus toward magnifying agricultural production.

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The manufacturers have developed flexible and customized designs that have broadened the product applicability across multiple industries. In the O&G industry, the units are deployed as an artificial lift method to boost the liquid flow inside the well and maximize the production or recovery from mature fields. The growth of the O&G sector is affected by the price volatility however, growing population and investment toward irrigational practices will favor positive market growth.

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Electric submersible pumps are efficient and cost-effective, making them an attractive choice for oil and gas producers. They require less maintenance and can operate for longer periods compared to other alternatives. In addition, with the increasing inclination towards renewable energy will drive the demand for multistage electric submersible pumps, particularly in applications such as geothermal energy production, where they are used to extract hot water from underground reservoirs.

COVID- 19 Impact

The COVID-19 pandemic had an adverse impact on the global electric submersible pump market owing to large product deployment across oil & gas & building services applications. The oil & gas sector was by far one of the major negatively impacted industries that witnessed the lowest crude oil prices with USD 12.41 per barrel by the end of April 2020. The product is widely used in this industry and an abrupt decrease in the oil & gas demand impacted the constant use of pumps for exploration during the first half of 2020. However, post-lockdown the situation returned to normal owing to checked working conditions and vaccination procedures, which encouraged the dynamics of the sector by allowing global trade to resume.

Electric Submersible Pump Market Trends

The industry was being driven by the growing demand for oil and gas exploration activities. ESPs are extensively used in the oil and gas industry for efficient extraction of hydrocarbons from wells. Ongoing advancements in ESP technology is enhancing the efficiency, reliability, & durability of ESP’s. For instance, the development of high-performance materials, improved motor designs, and advanced monitoring and control systems were enabling better pump performance and operational optimization.

Growing focus on energy efficiency along with the introduction of new & advanced electric submersible is becoming a crucial driving factor for the application industries. ESP manufacturers are increasingly incorporating energy-saving features and optimizing pump designs to reduce power consumption and improve overall efficiency. This trend is driven by the need to reduce operating costs and comply with stringent environmental regulations, thereby augmenting the electric submersible pumps market expansion.

Electric Submersible Pump Market Analysis

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The oil & gas electric submersible pump market is expected to observe 8% growth between 2032. Ongoing investments toward well recovery coupled with the incessant need of artificial lift systems across conventional and unconventional fields will supplement the industry growth. Over 90% of the producing wells employ some form of artificial lift technology to bring the hydrocarbons to the surface when the natural pressure of the well declines and is no longer fit to produce at economic rates.

Continuous government provision to control snowballing oil prices and the support from key industry players in the oil & gas sector through increasing production and investments will have a sway the electric submersible pump market outlook. For example, in February 2022, Chevron announced to raise its shale production in the Permian basin by 10%, thereby adding 60,000 barrels per day. Similarly, Exxon stated that it has increased its production volume by 25% in 2022, raising its overall output by 100,000 barrels per day.

Ongoing investments and replacement of old oil & gas infrastructures will further propel product demand in the sector. Support from local bodies together with continuing promotions has offered lucrative business opportunities to the pump manufacturers. Furthermore, respective governments are working to achieve a common goal of the circular economy along with significant funding by private investors will complement the adoption of these units.

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Single stage electric submersible pump market will witness 9.3% growth rate till 2032. The multistage pumps are equipped with two or more impellers where the pump head may reach to more than 125 meters. The liquid lifting capacity can be adjusted by increasing or decreasing the number of stages. The units are primarily deployed across the oil & gas fields for lifting hydrocarbons to the surface, commercial & industrial water extraction, mine dewatering, drainage, and large water treatment plants.

The pumps are costlier than the single-stage units, where the cost surges with the addition of each stage to the pump system. The increasing deployment of water treatments facilities along with the growing demand for artificial lift technologies will stimulate the product demand. In addition, the pump demand is set to grow with increasing focus toward rainwater harvesting. In addition, respective state and central governments are taking active measures to restore the groundwater level and discourage the digging of borewells.

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The Asia Pacific electric submersible pump market progression is predominantly driven by a large population base that has escalated the product deployment in the agriculture, wastewater treatment, and building services. Ongoing commercial expansion have presented a favorable outlook to the industry with the development of new water supply and treatment facilities. Stringent government norms pertaining to the discharge of untreated sludge and industry effluents into the water bodies have augmented the business landscape.

The primary growth of the region is driven by India and China with a population of over 1.45 billion and 1.4 billion respectively, as of 2022. The need for reliable sewage management plants along with substantial government funding to enhance the public infrastructure will complement the industry scenario. Moreover, the increasing agricultural demand along with the need for reliable irrigation techniques have further boosted the ESP sales.

Agricultural-driven economies, such as India, are primarily dependent on the monsoon rains for irrigation. However, the espousal of pump systems has enabled the farmers to irrigate their lands throughout the year as per their requirements. Shortage of drinking water and adequate water supply is another concern in the developing countries. Extensive development of high-rise buildings along with the increasing demand across commercial establishments including hospitals, hotels, the food & beverage industry will accelerate the electric submersible pump market development.

Electric Submersible Pump Market Share

The major market players are focusing on strategic partnerships and collaborations, new product launch along with mergers and acquisitions to gain their competitive edge over the others. Leading players in the electric submersible pump industry include

• Schlumberger Ltd
•  Weatherford
• Baker Hughes
•  Flowserve Corporation
•  EBARA CORPORATION
•  Atlas Copco AB
•  WILO SE
•  Grundfos Holding A/S
•  Gorman-Rupp Pumps
•  Crompton Greaves Consumer Electricals Limited
•  Sulzer Ltd
•  Tsurumi Manufacturing Co., Ltd.
•  Novomet, and Halliburton.

Electric Submersible Pump Industry News

• In July 2022, Baker Hughes announced to acquire ‘AccessESP’, “GoRigless ESP System” that is used to alternatively deploy and operate electrical submersible pumps (ESPs) across oil & gas applications. The system enables an electric submersible pump to be deployed & retrieve with traditional and light-duty intervention pump without requiring the well producing tubing to be pulled or without a need for a rig. Adoption of such technology across ESPs will exponentially reduce the downtime and the cost for the workers used in the replacements of ESPs primarily for offshore & remote area applications.
   
• In May 2022, Ebara Machinery India Pvt Ltd, a subsidiary of Ebara Corporation, had launched an outsources production line at an Indian pumping manufacturer in New Delhi. The inclusion of the new production line will expand the company’s market coverage of standard pumps in India, thereby strengthening its product portfolio in the market. The company has plans to produce 2000 EVMS pumps per year by expanding its standard pumps business in the Indian market.

This electric submersible pump market research report includes in-depth coverage of the industry with estimates & forecast in terms ‘USD Million’ from 2019 to 2032, for the following segments

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Market, By Industry

• By Industry
  • Oil and Gas
    • Onshore
    • Offshore
  • Sewage & Wastewater
    • Borewell
    • Open well
  • Agriculture
    • Borewell
    • Open well
  • Building Services
    • Borewell
    • Open well
  • Geothermal
  • Others
    • Borewell
    • Open well
• By Well
  • Borewell
  • Open well
• By Operation
  • Single stage
  • Multistage

The above information has been provided for the following regions across the regions.

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Russia
  • UK
  • Italy
  • France
  • Germany
• Asia Pacific
  • China
  • India
  • Australia
  • Indonesia
  • Malaysia
• Middle East & Africa
  • Saudi Arabia
  • Turkey
  • Kuwait
• Latin America
  • Brazil
  • Argentina
  • Chile