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

Published Date: July - 2024 | Publisher: MIR | No of Pages: 240 | Industry: Industrial-Machinery | Format: Report available in PDF / Excel Format

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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.

There are many different types of pumps available, which could slow down the growth of the multistage electric submersible pump market. The type of pump you choose depends on what you need it for, where you're using it, and how much flow rate, pressure, and power you need. Power is a big reason why multistage electric submersible pumps are becoming more popular in different industries. Other pumps, like air lift pumps, hydraulic pumps, and wind-powered pumps, don't need electricity. So, they could take away some market share from multistage electric submersible pumps. But the high efficiency and widespread use of these pumps in the oil and gas industry will help the market grow by 2032.

Multistage Electric Submersible Pump Market Report Attributes
Report Attribute Details
Base Year 2023
Multistage Electric Submersible Pump Market Size in 2023 USD 8.3 Billion
Forecast Period 2024 to 2032
Forecast Period 2024 to 2032 CAGR 8.4%
2032 Value Projection USD 17.2 Billion
Historical Data for 2019 to 2023
No. of Pages 470
Tables, Charts & Figures 655
Segments covered Industry & Region
Growth Drivers
  • Growing development of efficient wastewater & sewage management facilities
  • Increasing investment toward exploration and production activities
  • Water scarcity and limited availability of clean drinking water
Pitfalls & Challenges
  • Substantial availability of other alternatives

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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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Get ready for a surge in the oil and gas industry! Multistage electric submersible pumps, which help pump oil and gas out of the ground, are expected to see a steady growth of 7% until 2032. Here's whywe're getting better at extracting oil and gas using Enhanced Oil Recovery (EOR) methods, which means we need more pumps to help boost production. These pumps are also used in older wells to keep the oil and gas flowing. But that's not all. Governments are cracking down on oil and gas companies to use greener equipment, so these pumps, which are known for their efficiency and eco-friendliness, are becoming more popular. As we continue to explore new oil and gas fields, the demand for these pumps will only increase. So, if you're in the oil and gas business, get ready for a pumped-up future!

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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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Picture thisover the next decade, the Asia Pacific region is set to experience a significant surge in the demand for electric submersible pumps used in a variety of industrial and residential settings. This expected growth of over 9% from 2023 to 2032 is being fueled by several key factors. As cities expand and grow in population, the need for reliable and efficient water supply and management systems becomes paramount. This rapid urbanization and commercialization is driving the demand for advanced pumping solutions, particularly electric submersible pumps. Governments are also playing a crucial role by investing in infrastructure projects and promoting sustainable water management practices. This includes funding for new buildings that incorporate these types of pumps to ensure a steady supply of clean drinking water in urban centers. Furthermore, the rising population in countries like China, India, and Indonesia is leading to the construction of new residential and commercial buildings, which in turn increases the demand for water supply systems. This creates a lucrative market for electric submersible pumps, which are highly effective and efficient in delivering water to multiple floors and locations within a building.

Investments from governments and companies in oil and gas refining are expected to boost the use of oil and gas products in the market. For example, in 2022, Aramco put money into building a new refinery and petrochemical plant in Panjin, China. The refinery will be built by a group of three companiesAramco, North Huajin Chemical Industries Group Corporation, and Panjin Xincheng Industrial Group. Aramco will be able to process up to 210,000 barrels of crude oil per day with this new refinery, which is expected to be up and running by 2024. Governments are also coming up with plans to build new refineries in countries with a lot of people, which will help meet the demand for oil and gas and boost the market for multistage electric submersible pumps 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

 

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