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

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

Multistage Electric Submersible Pump Market Size

Multistage Electric Submersible Pump Market size surpassed USD 8.3 billion in 2023 and is anticipated to grow at 8.4% from 2024 to 2032. The factors driving the industry growth includes the expansion of construction activities which is being fueled by rapid urbanization, and product uses in the oil and gas sector. Persistent product demand for fluid movement across application industries is expected to boost the business development.

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Product espousal is being boosted by mounting water needs in residential and commercial complexes along with increasing concerns towards sewage and wastewater treatment. In addition, a significant rise in water management efforts to support the use of clean water for agriculture and drinking purposes is paving the way for a promising future for the submersible pump sector.

The substantial presence of alternative pump present in the market might act as a restrain for the multistage electric submersible pump market growth. Specific application, location, and requirements for flow rate, pressure, & power source are the prime factors governing the deployment of pumps, where power source acts as a key aspect promoting the implementation of multistage electric submersible pump across industry verticals. Various products including air lift pump, hydraulic pump, wind-powered pumps, among others that do not requires electrical power might affect the market penetration. However, high-efficiency and large-scale product usage in oil & gas application will benefit the industry landscape by 2032.
 

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Multistage 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 multistage electric submersible pump market owing to large product use oil & gas & building services applications. 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 due to checked working conditions and vaccination procedures, which encouraged the dynamics of the sector by allowing worldwide trade to resume.

Multistage Electric Submersible Pump Market Trends

The business outlook will be accelerated by favorable policies to improve the development and distribution of water supply in coordination with the construction of building and real estate infrastructure. The replacement of outdated pumping systems with more affordable submersible pumps and strict building efficiency standards has further increased product demand.

Multistage electric submersible pump market trends will witness high deployment owing to increasing technological advancements across various industry verticals. The three-phase submersible pump will find application in agriculture & irrigation, municipalities, industrial and mining sectors. Exponential increase in product demand led by rising water needs across region where artificial systems are deployed to pump water will augment the industry statistics by 2032.

Multistage Electric Submersible Pump Market Analysis

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The oil & gas multistage electric submersible pump industry is expected to observe a growth rate of 7% till 2032. Substantial adoption of the Enhanced Oil Recovery (EOR) method in conjunction with the use of artificial lift systems & technologies to enhance the oil & gas production will sway the product demand in the industry. These pumps are deployed across producing or mature wells at some point in their life cycle to increase the fluid flow rate. In addition, increasing exploration activities for fields coupled with rising government environmental regulations that require oil and gas producers to use more efficient and environmentally friendly equipment, including these pumps will further proliferate the business landscape.

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Increasing shale reserve exploitation along with rising capital expenditure & production from oil wells is projected to foster the multistage electric submersible pump market statistics in oil & gas applications. Continuous government provision to control snowballing oil prices along with the support from key industry players in the oil & gas application through increasing production and investments will have a sway the industry outlook. Ongoing investments and replacement of old oil & gas infrastructures will further propel product demand in the oil & gas sector.

Open well submersible pumps are designed for use in open wells, pits, or sumps. They are commonly used in applications where the water level is above ground level, such as in lakes, rivers, or tanks. Product deployment across irrigation, domestic & industrial water supply, aquaculture, among others are the major factors influencing the multistage electric submersible pump market development.

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The Asia Pacific multistage electric submersible pump market is estimated to surpass a growth rate of 9% between 2023 and 2032. Rapid urbanization and commercialization along with increasing demand for distilled water in cities will propel the industry landscape. Government funding favoring new building infrastructures with surety of fulfilling the need of drinkable water along with exponential people migration to urban areas will add to the product requirement in building services. In addition, flourishing population in countries including China, India, and Indonesia is rapidly increasing new verticals for the construction industry thereby rising product adoption in building services for water supply.

Various public & private investments supporting the influx of oil & gas refining process is further set to increase the product deployment in oil & gas market. For instance, in March 2022, Aramco invested in the development of a refinery and petrochemical complex in Liaoning Province, Panjin City, China. Huajin Aramco Petrochemical Company (HAPCO), a joint venture between Aramco, North Huajin Chemical Industries Group Corporation, and Panjin Xincheng Industrial Group will develop the refinery. The initiative will enable Aramco to produce up to 210,000 barrels per day of crude oil feedstock, which will be operational in 2024. Formation of strategies promoting setting up of new refineries in populated countries will result in fulfilling the demand for oil feedstock, which in turn, will the multistage electric submersible pump market by 2032.

Multistage Electric Submersible Pump Market Share

The leading participants are focusing on strategic partnerships and collaborations, new product launch along with mergers and acquisitions to gain their competitive edge over the others. Leading market players across the multistage 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
• Halliburton

Multistage 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 various ESPs including multistage electric submersible pump 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 multistage 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

• Oil and Gas
  • Onshore
  • Offshore
• Sewage & Wastewater
  • Borewell
  • Open well
• Agriculture
  • Borewell
  • Open well
• Building Services
  • Borewell
  • Open well
• Geothermal
• Others
  • Borewell
  • Open well

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
  • UAE
• Latin America
  • Brazil
  • Argentina
  • Chile