Allied Market Research

2024

Electric Submersible Pump Market

Electric Submersible Pump Market Size, Share, Competitive Landscape and Trend Analysis Report by Well Type (Bore Well, Open Well), by Operation (Single Stage, Multi Stage) and by End Use Industry (Oil and Gas, Water and Wastewater, Agriculture, Chemicals, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032

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Author's: | Eswara Prasad
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Electric submersible pump market or an ESP is a mechanical device used for lifting fluids from underground or wells. ESPs have hermetically sealed motors along with the pump body and the whole system is submerged into the fluid that is to be pumped. An ESP is more efficient than conventional jet pumps as it prevents pump captivation caused by the high difference in elevation between the pump and the fluid surface. The ESPs have a wide range of applications in different end-use industries including oil & gas, agriculture, wastewater management, and others.

Market scope and structure analysis :

Report Metric

Details

  Market size available for years

  2019–2027

  Base year considered

  2019

  Forecast period

  2020–2027

  Forecast units

  Value (USD)

  Segments covered

  Well, Operation, End-use Industry and Region

  Geographies covered

North America (U.S. and Canada), Europe (Germany, UK, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of LATAM) and Middle East and Africa (Saudi Arabia, UAE, Kuwait, South Africa, and Rest of MEA)

  Companies covered

Borets International Limited, Schlumberger Limited, General Electric, Weatherford International, Flowserve Corporation, Ebara Corporation, Atlas Copco AB, Wilo SE, Grundfos Holding A/S, Gorman-Rupp Company, Sulzer Ltd., Crompton Greaves Consumer Electricals Limited, Tsurumi Manufacturing Co. Ltd. and  Novomet-Perm JSC.

 

COVID-19 scenario analysis:

The outbreak of the COVID-19 pandemic has severely affected the growth of the electric submersible pump market.

  • Major business activities, and normal outdoor lifestyle of common people were at a halt due to the nationwide lockdowns imposed by the governments to contain the virus. This has caused a significant decrease in the demand for fuel and this has consequently affected the demand for electric submersible pumps in the market. 
  • On the other hand, the major lack of workforce caused due to the stringent travel restrictions has made the manufacturers to lower their production rates and thereby affect the growth of the coal gasification market.

Top impacting factors: Market Scenario Analysis, Trends , Drivers and Impact Analysis

Extensive use of these pumps in the oil & gas industry is one of the major factors driving the growth of the electric submersible pump market. There is a growing demand for fuel all over the world owing to the rapid industrial development across the globe. The ESP system is highly effective in lifting the pump fluids from the wellbores during the drilling process. Along with the higher efficiency, the ESPs require much lower space compared to the conventional jet pumps. as well as low maintenance cost. These factors makes it highly popular in the excavation of crude oil among the major oil & gas companies. Moreover, the ESPs also have several applications in the agricultural sector to maintain sufficient water supply in the farm lands. The ESPs are also available on lease or rent so that they can be availed by small scale farmers as well. The ESP systems are also being adopted by different sewage and wastewater treatment plants across the globe. 

In terms of market share, the North American region accounts for a significant share of the global electric submersible pump market with rapid growth in the oil & gas industry in the region. The market in the Middle East and Africa is also anticipated to witness a lucrative growth in demand for electric submersible pump due to the presence of high number of oil & gas industries in the region. The market in the Asia-Pacific region is also expected to grow at a significant pace because of the steady demand for ESP systems in the agricultural and wastewater management industries of the developing nations in the region.

Key segments covered:

Segments

Sub-segments

  Well

  • Borewell
  • Open well

  Operation

  • Single stage
  • Multistage

  End-use Industry

  • Oil & Gas
  • Sewage & Wastewater
  • Agriculture
  • Others


Key benefits of the report:

  • This study presents the analytical depiction of the global electric submersible pump industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global electric submersible pump market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the global electric submersible pump market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed global electric submersible pump market analysis based on competitive intensity and how the competition will take shape in coming years.

Electric Submersible Pump Market Report Highlights

Aspects Details
Electric Submersible Pump Market By Well Type
By Well Type
  • Bore Well
  • Open Well
Electric Submersible Pump Market By Operation
By Operation
  • Single Stage
  • Multi Stage
Electric Submersible Pump Market By End Use Industry
By End Use Industry
  • Oil and Gas
  • Water and Wastewater
  • Agriculture
  • Chemicals
  • Others
Electric Submersible Pump Market By Region
By Region
  • North America  (U.S., Canada, Mexico)
  • Europe  (France, Germany, Italy, Spain, UK, Rest of Europe)
  • Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)
  • LAMEA  (Brazil, South Africa, Saudi Arabia, UAE, Rest of LAMEA)
Key Market Players
Key Market Players

Weatherford International, Schlumberger Limited, Flowserve Corporation, Wilo SE, Gorman-Rupp Company, Ebara Corporation, Borets International Limited, General Electric, Atlas Copco AB, Grundfos Holding A/S

Key Market Players

Sulzer Ltd., Crompton Greaves Consumer Electricals Limited, Tsurumi Manufacturing Co. Ltd., Novomet-Perm JSC, Others

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Electric Submersible Pump Market

Global Opportunity Analysis and Industry Forecast, 2023-2032