Electrical Submersible Pump Market Size, Trends and Insights By Type (Open Well, Borewell), By Capacity (Low, Medium, High), By Operation (Single Stage, Multi Stage), By End-Use Industry (Residential & Commercial, Water & Wastewater, Mining, Agriculture, Oil & Gas, Others), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2023–2032


Report Code: CMI40284

Published Date: February 2024

Pages: 320+

Category: Industrial Automation And Equipment

Report Snapshot

CAGR: 6.1%
14B
2022
15.6B
2023
31.5B
2032

Source: CMI

Study Period: 2023-2032
Fastest Growing Market: Asia-Pacific
Largest Market: Europe

Major Players

  • Schlumberger Limited
  • Baker Hughes Company
  • Borets International Limited
  • General Electric Company
  • Halliburton Company
  • Others

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Reports Description

Global Electrical Submersible Pump Market was valued at USD 15.6 Billion in 2023 and is expected to reach USD 31.5 Billion by 2032, at a CAGR of 6.1% during the forecast period 2023 – 2032.

An electrical submersible pump is a type of pump that is submerged in a liquid, typically water or oil, and is designed to pump the fluid to the surface. It consists of several components, including a motor, pump stages, and a power cable.

The electrical submersible pump, typically called an ESP, is an efficient and reliable artificial-lift method for lifting moderate to high volumes of fluids from wellbores.

These volumes range from a low of 150 B/D to as much as 150,000 B/D (24 to 24,600 m3/d). Variable-speed controllers can extend this range significantly, both on the high and low side.

Electrical Submersible Pump Market – Significant Growth Factors

Rise in oil and gas exploration and production

The rise in oil and gas exploration and production significantly propels the electrical submersible pumps (ESP) market. ESPs play a pivotal role in extracting hydrocarbons from wells, particularly in challenging environments such as deepwater reservoirs or those with high-viscosity oil.

As global energy demand continues to escalate, the need for efficient and reliable pumping solutions intensifies. ESPs provide a crucial mechanism for lifting oil and gas to the surface, enhancing well productivity. Their ability to operate effectively in various reservoir conditions, coupled with advancements in ESP technology, positions them as essential tools for the energy industry.

The increasing demand for ESPs is, therefore, directly linked to the expansion of oil and gas exploration activities globally, reflecting the industry’s reliance on these pumps for optimized production and extraction processes.

For instance, in January 2024, Norwegian oil and gas companies will drill more exploration wells this year as the country seeks to maintain its position as a key oil and gas supplier to Europe. Norway become Europe’s top supplier of natural gas in 2022, replacing Russian flows that were cut following Moscow’s invasion of Ukraine.

It now contributes about a quarter of the continent’s gas and will likely remain a key supplier as European countries use it as a transition fuel amid a green push. The country aims to keep oil and gas production stable in the coming years, the directorate said, with investments in ongoing field developments forecast to hit a record high of 77 billion kroner ($7.5 billion) in 2024.

Increasing demand for water management solutions

The increasing demand for water management solutions, driven by population growth, urbanization, and industrial expansion, is a key driver for the growth of the electrical submersible pumps (ESP) market. ESPs play a crucial role in water extraction from wells for diverse applications such as agricultural irrigation, municipal water supply, and industrial processes.

As water resources become scarcer, there is a growing emphasis on efficient and reliable pumping systems. ESPs offer a practical and versatile solution for lifting water from varying depths, ensuring a sustainable and consistent water supply.

Their submersible design makes them suitable for diverse environments, including wells and reservoirs. With the rising need for effective water management, the demand for ESPs is expected to continue increasing, making them integral to addressing the challenges associated with water extraction and distribution.

For instance, in June 2023, Planet Smart City, a UK-based proptech firm, is providing water management solutions to housing societies in Pune. As of 2022, the company has installed its platform at 60 societies in over 1,500 buildings and managed over 60 lakh litres of water in the city leading to a reduction in wastage.

Electrical Submersible Pump Market – Restraints

Upfront capital costs associated with acquiring and installing ESP systems

The upfront capital costs associated with acquiring and installing electrical submersible pump (ESP) systems act as a significant hindrance to the market. These costs include the purchase of the ESP equipment, well modification expenses, and installation costs.

For industries and projects operating within tight budget constraints, the substantial initial investment required can discourage adoption. The financial burden may be particularly impactful for smaller enterprises or projects where cost-effectiveness is paramount.

High upfront capital requirements limit the accessibility of ESP technology, hindering its widespread adoption across various sectors, including oil and gas and water management. As a result, potential users may opt for alternative, less expensive pumping solutions, impeding the growth of the ESP market despite its efficiency and effectiveness in various applications.

Global Electrical Submersible Pump Market 2023–2032 (By Operation)

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Stringent rules for approval of Electrical Submersible Pump

The approval and deployment of electrical submersible pumps (ESPs) are subject to various stringent rules and regulations, particularly in industries such as oil and gas, water management, and other related sectors. These regulations are in place to ensure safety, environmental compliance, and efficient operation. Some key considerations and rules for the approval of ESPs include:

  • Safety Standards: Regulatory bodies often set safety standards that ESP manufacturers and users must adhere to. These standards may include specifications for materials used, design features, and operational parameters to prevent hazards such as electrical malfunctions, leaks, or other potential risks.
  • Environmental Compliance: ESP systems used in industries like oil and gas must comply with environmental regulations to minimize the impact on surrounding ecosystems. This involves measures to prevent oil spills, chemical leaks, and other environmental contaminants.
  • Installation and Operation Protocols: Guidelines for the proper installation, operation, and maintenance of ESPs are often established to maximize their effectiveness and longevity. This may include requirements for skilled personnel, monitoring systems, and regular maintenance schedules.
  • Documentation and Reporting: Regulatory authorities may require thorough documentation of the ESP specifications, installation processes, and ongoing performance. Users may need to submit reports demonstrating compliance with established standards.

Electrical Submersible Pump Market – Opportunities

Integration of digitalization and the Internet of Things

The integration of digitalization and the Internet of Things (IoT) is a driving force behind the growth of the Electrical Submersible Pumps (ESP) market. Digital technologies allow for advanced monitoring, control, and optimization of ESP systems.

IoT sensors embedded in ESPs enable real-time data collection, offering insights into pump performance, fluid conditions, and equipment health. This data can be remotely accessed, analyzed, and used to implement predictive maintenance strategies, reducing downtime and enhancing operational efficiency.

Moreover, digital solutions enable automation, facilitating adaptive control based on changing well conditions. Enhanced operational visibility and control, coupled with the ability to optimize performance through data analytics, make ESPs more reliable and cost-effective.

As industries increasingly embrace digital transformation, the demand for smart and connected ESP solutions continues to rise, driving innovation and market expansion.

Global Electrical Submersible Pump Market 2023–2032 (By Capacity)

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Electrical Submersible Pump Market Segmentation Analysis

The Electrical Submersible Pump market is segmented by type, capacity, operation, end-use industry and region.  Based on type, the market is classified into open wells and borewells. Borewell dominated the market in 2022 with a market share of 58% and is expected to keep its dominance during the forecast period 2024-2032.

The borewell-driven electrical submersible pumps (ESP) market is significantly influenced by different types catering to diverse operational requirements. The market encompasses various ESP types such as oil-filled, water-filled, and water-cooled pumps.

Oil-filled ESPs are common in oil and gas applications, offering effective cooling and lubrication for downhole components. Water-filled ESPs are utilized in water extraction, emphasizing their compatibility with clean and non-corrosive fluids.

Water-cooled ESPs enhance heat dissipation in demanding environments, providing efficiency in elevated temperature conditions. The selection of ESP types is driven by the specific needs of borewell applications, whether for oil production, water supply, or industrial processes.

The market dynamics are shaped by the versatility of ESP types, addressing the unique challenges associated with diverse borewell operations and contributing to the overall growth and adaptability of the ESP market.

Based on capacity, the market is classified into low, medium, and high. The medium segment dominated the market in 2022 with a market share of 45% and is expected to keep its dominance during the forecast period 2024-2032.

The medium segment dominates the electrical submersible pumps market its due to its diverse applications in commercial and industrial sectors, including water supply, wastewater treatment, and oil and gas production.

As the industry explores and exploits hydrocarbon reserves in diverse geological settings, medium-capacity ESPs, with their adaptable design and cost-effectiveness, become pivotal. These pumps cater to reservoirs with moderate depth and production rates, providing an optimal balance between power consumption and extraction efficiency.

Additionally, the rising emphasis on reservoir optimization and the need for enhanced production rates in medium-sized wells contribute to the market’s expansion. The medium-capacity ESP segment aligns with the industry’s evolving requirements, playing a crucial role in sustaining and augmenting oil and gas production from reservoirs with intermediate characteristics.

Based on operation, the market is classified into single stage and multi stage. The multistage segment dominated the market in 2022 with a market share of 55% and is expected to keep its dominance during the forecast period 2024-2032.

The multistage segment become a dominant force in the ESP market due to their ability to achieve higher head lift capacities, making them suitable for deeper wells, oil & gas extraction, and industrial applications. Multi-stage ESPs employ multiple impellers and diffusers arranged in series, allowing for incremental pressure boosts as the fluid passes through each stage.

This design is particularly advantageous in overcoming challenges associated with lifting fluids from greater depths or handling high-viscosity substances. The multi-stage configuration enhances the pump’s ability to maintain consistent flow rates and pressure levels, contributing to improved overall operational performance.

As a result, industries, especially in oil and gas production, benefit from increased production rates, reduced energy consumption, and enhanced reliability. The demand for multi-stage drive ESPs is propelled by their capacity to efficiently handle diverse operational requirements, making them a preferred choice for applications where precise control and adaptability are crucial.

Based on end use industry, the market is segmented into residential & commercial, water & wastewater, mining, agriculture, oil & gas, and others. Water & Wastewater held the largest share of 40% in 2022, and is expected to keep its dominance during the forecast period 2024-2032.

Water & Wastewater held the largest share due to the growing demand for efficient water management in municipalities, industries, and agriculture. The water & wastewater sector propels the growth of the electrical submersible pumps (ESP) market by demanding efficient and reliable pumping solutions for fluid extraction and management.

ESPs play a crucial role in water-related applications, including the extraction of groundwater for municipal water supply, agricultural irrigation, and industrial processes. Moreover, they are integral in wastewater management, facilitating the efficient transport of sewage and treated water.

As global urbanization and industrialization intensify, the demand for effective water and wastewater solutions increases, driving the adoption of ESPs. The ability of submersible pumps to operate in submerged conditions makes them well-suited for these applications, contributing to their prominence in the water and wastewater sector and bolstering the overall growth of the ESP market.

Report Scope

Feature of the Report Details
Market Size in 2023 USD 15.6 Billion
Projected Market Size in 2032 USD 31.5 Billion
Market Size in 2022 USD 14 Billion
CAGR Growth Rate 6.1% CAGR
Base Year 2022
Forecast Period 2023-2032
Key Segment By Type, Capacity, Operation, End-Use Industry and Region
Report Coverage Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options Request tailored purchasing options to fulfil your requirements for research.

Electrical Submersible Pump Market – Regional Insight

By region, electrical submersible pump market is segmented into North America, Europe, Asia-Pacific and LAMEA. The Asia-Pacific dominated the global market in 2022 with a market share of 40% in 2022 and is expected to keep its dominance during the forecast period 2024-2032.

The Asia-Pacific region is a significant driver for the Electrical Submersible Pumps (ESP) market due to burgeoning industrialization, rapid urbanization, and robust oil and gas activities. The region’s burgeoning population and increasing energy demands propel oil and gas exploration, necessitating efficient pumping solutions like ESPs for good extraction.

Moreover, the expanding agricultural sector requires reliable water management systems, further boosting the demand for ESPs in water extraction from wells. As countries in the Asia-Pacific region continue to invest in infrastructure and industrial projects, the need for efficient and technologically advanced pumping solutions grows, fostering the growth of the ESP market.

Additionally, ongoing technological advancements and the adoption of ESPs for diverse applications in the region contribute to the market’s expansion.

Global Electrical Submersible Pump Market 2023–2032 (By Billion)

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Electrical Submersible Pump Market – Recent Developments

  • In July 2022, Baker Hughes announced it is acquiring AccessESP, a leading provider of advanced technology for artificial lift solutions, to further transform core oil and gas operations by reducing costs and downtime for operators. AccessESP’s “GoRigless ESP System” provides proprietary solutions that enable an electrical submersible pump (ESP) to be deployed and retrieved with conventional, light-duty intervention equipment (e.g., wireline, coiled tubing or well tractor) without the need for a rig or requiring the well production tubing to be pulled. These technologies significantly reduce the cost of, and downtime between, workovers used in the replacement of ESPs, which is of increasing importance in offshore and remote areas.
  • In January 2023, Sulzer extended the efficiency and performance of the submersible recirculation pump range. Sulzer’s product range for wastewater processes is extensive and its submersible recirculation pumps are renowned for their reliability and performance. These pumps operate round-the-clock so the recent development program aimed to deliver further improvements in efficiency and build quality.
  • In May 2021, Weatherford International and Valiant Artificial Lift Solutions signed a memorandum of understanding (MoU) to jointly commercialise electrical submersible pumps (ESPs).

 List of the prominent players in the Electrical Submersible Pump Market:

  • Schlumberger Limited
  • Baker Hughes Company
  • Borets International Limited
  • General Electric Company
  • Halliburton Company
  • Weatherford International
  • Novomet
  • L&T Valves Limited
  • Grundfos Holding A/S
  • Canadian Advanced ESP Inc.
  • Sulzer Ltd.
  • Novomet-Perm LLC
  • Torqueflow Sydex Ltd.
  • Hitachi America
  • Tianjin Rongheng Group LLC
  • ZUWA-Zumpe
  • Novomet-Perm Ltd.
  • Star Hydraulics Limited
  • Atlas Copco AB
  • Crompton Greaves Limited
  • Others

These key players are adopting various growth strategies such as mergers & acquisitions, joint ventures, expansion, strategic alliances, new product launches, etc. to enhance their business operations and revenues.

The Electrical Submersible Pump Market is segmented as follows:

By Type

  • Open Well
  • Borewell

By Capacity

  • Low
  • Medium
  • High

By Operation

  • Single Stage
  • Multi Stage

By End-Use Industry

  • Residential & Commercial
  • Water & Wastewater
  • Mining
  • Agriculture
  • Oil & Gas
  • Others

Regional Coverage:

North America

  • U.S.
  • Canada
  • Mexico
  • Rest of North America

Europe

  • Germany
  • France
  • U.K.
  • Russia
  • Italy
  • Spain
  • Netherlands
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Taiwan
  • Rest of Asia Pacific

The Middle East & Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa

Latin America

  • Brazil
  • Argentina
  • Rest of Latin America

Table of Contents

  • Chapter 1. Preface
    • 1.1 Report Description and Scope
    • 1.2 Research scope
    • 1.3 Research methodology
      • 1.3.1 Market Research Type
      • 1.3.2 Market Research Methodology
  • Chapter 2. Executive Summary
    • 2.1 Global Electrical Submersible Pump Market, (2023 – 2032) (USD Billion)
    • 2.2 Global Electrical Submersible Pump Market: snapshot
  • Chapter 3. Global Electrical Submersible Pump Market – Industry Analysis
    • 3.1 Electrical Submersible Pump Market: Market Dynamics
    • 3.2 Market Drivers
      • 3.2.1 Rise in oil and gas exploration and production
      • 3.2.2 Increasing demand for water management solutions
    • 3.3 Market Restraints
    • 3.4 Market Opportunities
    • 3.5 Market Challenges
    • 3.6 Porter’s Five Forces Analysis
    • 3.7 Market Attractiveness Analysis
      • 3.7.1 Market Attractiveness Analysis By Type
      • 3.7.2 Market Attractiveness Analysis By Capacity
      • 3.7.3 Market Attractiveness Analysis By Operation
      • 3.7.4 Market Attractiveness Analysis By End-Use Industry
  • Chapter 4. Global Electrical Submersible Pump Market- Competitive Landscape
    • 4.1 Company market share analysis
      • 4.1.1 Global Electrical Submersible Pump Market: Company Market Share, 2022
    • 4.2 Strategic development
      • 4.2.1 Acquisitions & mergers
      • 4.2.2 New Product launches
      • 4.2.3 Agreements, partnerships, collaboration, and joint ventures
      • 4.2.4 Research and development and Regional expansion
    • 4.3 Price trend analysis
  • Chapter 5. Global Electrical Submersible Pump Market – Type Analysis
    • 5.1 Global Electrical Submersible Pump Market Overview: By Type
      • 5.1.1 Global Electrical Submersible Pump Market Share, By Type, 2022 and 2032
    • 5.2 Open Well
      • 5.2.1 Global Electrical Submersible Pump Market by Open Well, 2023 – 2032 (USD Billion)
    • 5.3 Borewell
      • 5.3.1 Global Electrical Submersible Pump Market by Borewell, 2023 – 2032 (USD Billion)
  • Chapter 6. Global Electrical Submersible Pump Market – Capacity Analysis
    • 6.1 Global Electrical Submersible Pump Market Overview: By Capacity
      • 6.1.1 Global Electrical Submersible Pump Market Share, By Capacity, 2022 and 2032
    • 6.2 Low
      • 6.2.1 Global Electrical Submersible Pump Market by Low, 2023 – 2032 (USD Billion)
    • 6.3 Medium
      • 6.3.1 Global Electrical Submersible Pump Market by Medium, 2023 – 2032 (USD Billion)
    • 6.4 High
      • 6.4.1 Global Electrical Submersible Pump Market by High, 2023 – 2032 (USD Billion)
  • Chapter 7. Global Electrical Submersible Pump Market – Operation Analysis
    • 7.1 Global Electrical Submersible Pump Market Overview: By Operation
      • 7.1.1 Global Electrical Submersible Pump Market Share, By Operation, 2022 and 2032
    • 7.2 Single Stage
      • 7.2.1 Global Electrical Submersible Pump Market by Single Stage, 2023 – 2032 (USD Billion)
    • 7.3 Multi Stage
      • 7.3.1 Global Electrical Submersible Pump Market by Multi-Stage, 2023 – 2032 (USD Billion)
  • Chapter 8. Global Electrical Submersible Pump Market – End-Use Industry Analysis
    • 8.1 Global Electrical Submersible Pump Market Overview: By End-Use Industry
      • 8.1.1 Global Electrical Submersible Pump Market Share, By End-Use Industry, 2022 and 2032
    • 8.2 Residential & Commercial
      • 8.2.1 Global Electrical Submersible Pump Market by Residential & Commercial, 2023 – 2032 (USD Billion)
    • 8.3 Water & Wastewater
      • 8.3.1 Global Electrical Submersible Pump Market by Water & Wastewater, 2023 – 2032 (USD Billion)
    • 8.4 Mining
      • 8.4.1 Global Electrical Submersible Pump Market by Mining, 2023 – 2032 (USD Billion)
    • 8.5 Agriculture
      • 8.5.1 Global Electrical Submersible Pump Market by Agriculture, 2023 – 2032 (USD Billion)
    • 8.6 Oil & Gas
      • 8.6.1 Global Electrical Submersible Pump Market by Oil & Gas, 2023 – 2032 (USD Billion)
    • 8.7 Others
      • 8.7.1 Global Electrical Submersible Pump Market by Others, 2023 – 2032 (USD Billion)
  • Chapter 9. Electrical Submersible Pump Market – Regional Analysis
    • 9.1 Global Electrical Submersible Pump Market Regional Overview
    • 9.2 Global Electrical Submersible Pump Market Share, by Region, 2022 & 2032 (USD Billion)
    • 9.3. North America
      • 9.3.1 North America Electrical Submersible Pump Market, 2023 – 2032 (USD Billion)
        • 9.3.1.1 North America Electrical Submersible Pump Market, by Country, 2023 – 2032 (USD Billion)
    • 9.4 North America Electrical Submersible Pump Market, by Type, 2023 – 2032
      • 9.4.1 North America Electrical Submersible Pump Market, by Type, 2023 – 2032 (USD Billion)
    • 9.5 North America Electrical Submersible Pump Market, by Capacity, 2023 – 2032
      • 9.5.1 North America Electrical Submersible Pump Market, by Capacity, 2023 – 2032 (USD Billion)
    • 9.6 North America Electrical Submersible Pump Market, by Operation, 2023 – 2032
      • 9.6.1 North America Electrical Submersible Pump Market, by Operation, 2023 – 2032 (USD Billion)
    • 9.7 North America Electrical Submersible Pump Market, by End-Use Industry, 2023 – 2032
      • 9.7.1 North America Electrical Submersible Pump Market, by End-Use Industry, 2023 – 2032 (USD Billion)
    • 9.8. Europe
      • 9.8.1 Europe Electrical Submersible Pump Market, 2023 – 2032 (USD Billion)
        • 9.8.1.1 Europe Electrical Submersible Pump Market, by Country, 2023 – 2032 (USD Billion)
    • 9.9 Europe Electrical Submersible Pump Market, by Type, 2023 – 2032
      • 9.9.1 Europe Electrical Submersible Pump Market, by Type, 2023 – 2032 (USD Billion)
    • 9.10 Europe Electrical Submersible Pump Market, by Capacity, 2023 – 2032
      • 9.10.1 Europe Electrical Submersible Pump Market, by Capacity, 2023 – 2032 (USD Billion)
    • 9.11 Europe Electrical Submersible Pump Market, by Operation, 2023 – 2032
      • 9.11.1 Europe Electrical Submersible Pump Market, by Operation, 2023 – 2032 (USD Billion)
    • 9.12 Europe Electrical Submersible Pump Market, by End-Use Industry, 2023 – 2032
      • 9.12.1 Europe Electrical Submersible Pump Market, by End-Use Industry, 2023 – 2032 (USD Billion)
    • 9.13. Asia Pacific
      • 9.13.1 Asia Pacific Electrical Submersible Pump Market, 2023 – 2032 (USD Billion)
        • 9.13.1.1 Asia Pacific Electrical Submersible Pump Market, by Country, 2023 – 2032 (USD Billion)
    • 9.14 Asia Pacific Electrical Submersible Pump Market, by Type, 2023 – 2032
      • 9.14.1 Asia Pacific Electrical Submersible Pump Market, by Type, 2023 – 2032 (USD Billion)
    • 9.15 Asia Pacific Electrical Submersible Pump Market, by Capacity, 2023 – 2032
      • 9.15.1 Asia Pacific Electrical Submersible Pump Market, by Capacity, 2023 – 2032 (USD Billion)
    • 9.16 Asia Pacific Electrical Submersible Pump Market, by Operation, 2023 – 2032
      • 9.16.1 Asia Pacific Electrical Submersible Pump Market, by Operation, 2023 – 2032 (USD Billion)
    • 9.17 Asia Pacific Electrical Submersible Pump Market, by End-Use Industry, 2023 – 2032
      • 9.17.1 Asia Pacific Electrical Submersible Pump Market, by End-Use Industry, 2023 – 2032 (USD Billion)
    • 9.18. Latin America
      • 9.18.1 Latin America Electrical Submersible Pump Market, 2023 – 2032 (USD Billion)
        • 9.18.1.1 Latin America Electrical Submersible Pump Market, by Country, 2023 – 2032 (USD Billion)
    • 9.19 Latin America Electrical Submersible Pump Market, by Type, 2023 – 2032
      • 9.19.1 Latin America Electrical Submersible Pump Market, by Type, 2023 – 2032 (USD Billion)
    • 9.20 Latin America Electrical Submersible Pump Market, by Capacity, 2023 – 2032
      • 9.20.1 Latin America Electrical Submersible Pump Market, by Capacity, 2023 – 2032 (USD Billion)
    • 9.21 Latin America Electrical Submersible Pump Market, by Operation, 2023 – 2032
      • 9.21.1 Latin America Electrical Submersible Pump Market, by Operation, 2023 – 2032 (USD Billion)
    • 9.22 Latin America Electrical Submersible Pump Market, by End-Use Industry, 2023 – 2032
      • 9.22.1 Latin America Electrical Submersible Pump Market, by End-Use Industry, 2023 – 2032 (USD Billion)
    • 9.23. The Middle-East and Africa
      • 9.23.1 The Middle-East and Africa Electrical Submersible Pump Market, 2023 – 2032 (USD Billion)
        • 9.23.1.1 The Middle-East and Africa Electrical Submersible Pump Market, by Country, 2023 – 2032 (USD Billion)
    • 9.24 The Middle-East and Africa Electrical Submersible Pump Market, by Type, 2023 – 2032
      • 9.24.1 The Middle-East and Africa Electrical Submersible Pump Market, by Type, 2023 – 2032 (USD Billion)
    • 9.25 The Middle-East and Africa Electrical Submersible Pump Market, by Capacity, 2023 – 2032
      • 9.25.1 The Middle-East and Africa Electrical Submersible Pump Market, by Capacity, 2023 – 2032 (USD Billion)
    • 9.26 The Middle-East and Africa Electrical Submersible Pump Market, by Operation, 2023 – 2032
      • 9.26.1 The Middle-East and Africa Electrical Submersible Pump Market, by Operation, 2023 – 2032 (USD Billion)
    • 9.27 The Middle-East and Africa Electrical Submersible Pump Market, by End-Use Industry, 2023 – 2032
      • 9.27.1 The Middle-East and Africa Electrical Submersible Pump Market, by End-Use Industry, 2023 – 2032 (USD Billion)
  • Chapter 10. Company Profiles
    • 10.1 Schlumberger Limited
      • 10.1.1 Overview
      • 10.1.2 Financials
      • 10.1.3 Product Portfolio
      • 10.1.4 Business Strategy
      • 10.1.5 Recent Developments
    • 10.2 Baker Hughes Company
      • 10.2.1 Overview
      • 10.2.2 Financials
      • 10.2.3 Product Portfolio
      • 10.2.4 Business Strategy
      • 10.2.5 Recent Developments
    • 10.3 Borets International Limited
      • 10.3.1 Overview
      • 10.3.2 Financials
      • 10.3.3 Product Portfolio
      • 10.3.4 Business Strategy
      • 10.3.5 Recent Developments
    • 10.4 General Electric Company
      • 10.4.1 Overview
      • 10.4.2 Financials
      • 10.4.3 Product Portfolio
      • 10.4.4 Business Strategy
      • 10.4.5 Recent Developments
    • 10.5 Halliburton Company
      • 10.5.1 Overview
      • 10.5.2 Financials
      • 10.5.3 Product Portfolio
      • 10.5.4 Business Strategy
      • 10.5.5 Recent Developments
    • 10.6 Weatherford International
      • 10.6.1 Overview
      • 10.6.2 Financials
      • 10.6.3 Product Portfolio
      • 10.6.4 Business Strategy
      • 10.6.5 Recent Developments
    • 10.7 Novomet
      • 10.7.1 Overview
      • 10.7.2 Financials
      • 10.7.3 Product Portfolio
      • 10.7.4 Business Strategy
      • 10.7.5 Recent Developments
    • 10.8 L&T Valves Limited
      • 10.8.1 Overview
      • 10.8.2 Financials
      • 10.8.3 Product Portfolio
      • 10.8.4 Business Strategy
      • 10.8.5 Recent Developments
    • 10.9 Grundfos Holding A/S
      • 10.9.1 Overview
      • 10.9.2 Financials
      • 10.9.3 Product Portfolio
      • 10.9.4 Business Strategy
      • 10.9.5 Recent Developments
    • 10.10 Canadian Advanced ESP Inc.
      • 10.10.1 Overview
      • 10.10.2 Financials
      • 10.10.3 Product Portfolio
      • 10.10.4 Business Strategy
      • 10.10.5 Recent Developments
    • 10.11 Sulzer Ltd.
      • 10.11.1 Overview
      • 10.11.2 Financials
      • 10.11.3 Product Portfolio
      • 10.11.4 Business Strategy
      • 10.11.5 Recent Developments
    • 10.12 Novomet-Perm LLC
      • 10.12.1 Overview
      • 10.12.2 Financials
      • 10.12.3 Product Portfolio
      • 10.12.4 Business Strategy
      • 10.12.5 Recent Developments
    • 10.13 Torqueflow Sydex Ltd.
      • 10.13.1 Overview
      • 10.13.2 Financials
      • 10.13.3 Product Portfolio
      • 10.13.4 Business Strategy
      • 10.13.5 Recent Developments
    • 10.14 Hitachi America
      • 10.14.1 Overview
      • 10.14.2 Financials
      • 10.14.3 Product Portfolio
      • 10.14.4 Business Strategy
      • 10.14.5 Recent Developments
    • 10.15 Tianjin Rongheng Group LLC
      • 10.15.1 Overview
      • 10.15.2 Financials
      • 10.15.3 Product Portfolio
      • 10.15.4 Business Strategy
      • 10.15.5 Recent Developments
    • 10.16 ZUWA-Zumpe
      • 10.16.1 Overview
      • 10.16.2 Financials
      • 10.16.3 Product Portfolio
      • 10.16.4 Business Strategy
      • 10.16.5 Recent Developments
    • 10.17 Novomet-Perm Ltd.
      • 10.17.1 Overview
      • 10.17.2 Financials
      • 10.17.3 Product Portfolio
      • 10.17.4 Business Strategy
      • 10.17.5 Recent Developments
    • 10.18 Star Hydraulics Limited
      • 10.18.1 Overview
      • 10.18.2 Financials
      • 10.18.3 Product Portfolio
      • 10.18.4 Business Strategy
      • 10.18.5 Recent Developments
    • 10.19 Atlas Copco AB
      • 10.19.1 Overview
      • 10.19.2 Financials
      • 10.19.3 Product Portfolio
      • 10.19.4 Business Strategy
      • 10.19.5 Recent Developments
    • 10.20 Crompton Greaves Limited
      • 10.20.1 Overview
      • 10.20.2 Financials
      • 10.20.3 Product Portfolio
      • 10.20.4 Business Strategy
      • 10.20.5 Recent Developments
    • 10.21 Others.
      • 10.21.1 Overview
      • 10.21.2 Financials
      • 10.21.3 Product Portfolio
      • 10.21.4 Business Strategy
      • 10.21.5 Recent Developments
List Of Figures

Figures No 1 to 31

List Of Tables

Tables No 1 to 102

Report Methodology

In order to get the most precise estimates and forecasts possible, Custom Market Insights applies a detailed and adaptive research methodology centered on reducing deviations. For segregating and assessing quantitative aspects of the market, the company uses a combination of top-down and bottom-up approaches. Furthermore, data triangulation, which examines the market from three different aspects, is a recurring theme in all of our research reports. The following are critical components of the methodology used in all of our studies:

Preliminary Data Mining

On a broad scale, raw market information is retrieved and compiled. Data is constantly screened to make sure that only substantiated and verified sources are taken into account. Furthermore, data is mined from a plethora of reports in our archive and also a number of reputed & reliable paid databases. To gain a detailed understanding of the business, it is necessary to know the entire product life cycle and to facilitate this, we gather data from different suppliers, distributors, and buyers.

Surveys, technological conferences, and trade magazines are used to identify technical issues and trends. Technical data is also gathered from the standpoint of intellectual property, with a focus on freedom of movement and white space. The dynamics of the industry in terms of drivers, restraints, and valuation trends are also gathered. As a result, the content created contains a diverse range of original data, which is then cross-validated and verified with published sources.

Statistical Model

Simulation models are used to generate our business estimates and forecasts. For each study, a one-of-a-kind model is created. Data gathered for market dynamics, the digital landscape, development services, and valuation patterns are fed into the prototype and analyzed concurrently. These factors are compared, and their effect over the projected timeline is quantified using correlation, regression, and statistical modeling. Market forecasting is accomplished through the use of a combination of economic techniques, technical analysis, industry experience, and domain knowledge.

Short-term forecasting is typically done with econometric models, while long-term forecasting is done with technological market models. These are based on a synthesis of the technological environment, legal frameworks, economic outlook, and business regulations. Bottom-up market evaluation is favored, with crucial regional markets reviewed as distinct entities and data integration to acquire worldwide estimates. This is essential for gaining a thorough knowledge of the industry and ensuring that errors are kept to a minimum.

Some of the variables taken into account for forecasting are as follows:

• Industry drivers and constraints, as well as their current and projected impact

• The raw material case, as well as supply-versus-price trends

• Current volume and projected volume growth through 2032

We allocate weights to these variables and use weighted average analysis to determine the estimated market growth rate.

Primary Validation

This is the final step in our report’s estimating and forecasting process. Extensive primary interviews are carried out, both in-person and over the phone, to validate our findings and the assumptions that led to them.
Leading companies from across the supply chain, including suppliers, technology companies, subject matter experts, and buyers, use techniques like interviewing to ensure a comprehensive and non-biased overview of the business. These interviews are conducted all over the world, with the help of local staff and translators, to overcome language barriers.

Primary interviews not only aid with data validation, but also offer additional important insight into the industry, existing business scenario, and future projections, thereby improving the quality of our reports.

All of our estimates and forecasts are validated through extensive research work with key industry participants (KIPs), which typically include:

• Market leaders

• Suppliers of raw materials

• Suppliers of raw materials

• Buyers.

The following are the primary research objectives:

• To ensure the accuracy and acceptability of our data.

• Gaining an understanding of the current market and future projections.

Data Collection Matrix

Perspective Primary research Secondary research
Supply-side
  • Manufacturers
  • Technology distributors and wholesalers
  • Company reports and publications
  • Government publications
  • Independent investigations
  • Economic and demographic data
Demand-side
  • End-user surveys
  • Consumer surveys
  • Mystery shopping
  • Case studies
  • Reference customers


Market Analysis Matrix

Qualitative analysis Quantitative analysis
  • Industry landscape and trends
  • Market dynamics and key issues
  • Technology landscape
  • Market opportunities
  • Porter’s analysis and PESTEL analysis
  • Competitive landscape and component benchmarking
  • Policy and regulatory scenario
  • Market revenue estimates and forecast up to 2032
  • Market revenue estimates and forecasts up to 2032, by technology
  • Market revenue estimates and forecasts up to 2032, by application
  • Market revenue estimates and forecasts up to 2032, by type
  • Market revenue estimates and forecasts up to 2032, by component
  • Regional market revenue forecasts, by technology
  • Regional market revenue forecasts, by application
  • Regional market revenue forecasts, by type
  • Regional market revenue forecasts, by component

Prominent Player

  • Schlumberger Limited
  • Baker Hughes Company
  • Borets International Limited
  • General Electric Company
  • Halliburton Company
  • Weatherford International
  • Novomet
  • L&T Valves Limited
  • Grundfos Holding A/S
  • Canadian Advanced ESP Inc.
  • Sulzer Ltd.
  • Novomet-Perm LLC
  • Torqueflow Sydex Ltd.
  • Hitachi America
  • Tianjin Rongheng Group LLC
  • ZUWA-Zumpe
  • Novomet-Perm Ltd.
  • Star Hydraulics Limited
  • Atlas Copco AB
  • Crompton Greaves Limited
  • Others

FAQs

Restraints in the Electrical Submersible Pump (ESP) market include high installation and maintenance costs, technical challenges in handling abrasive fluids, and limitations in applications with high gas-to-liquid ratios. Additionally, environmental concerns and the fluctuating oil and gas industry can impact market growth and adoption.

The primary driver for the electrical submersible pump (ESP) market is the escalating global demand for oil and gas, particularly in challenging reservoirs. ESPs play a crucial role in efficient extraction, enhancing productivity in oil fields and meeting the rising energy requirements, thereby fuelling the market’s growth.

The “Open Well” category dominated the market in 2022.

The key players in the market are Schlumberger Limited, Baker Hughes Company, Borets International Limited, General Electric Company, Halliburton Company, Weatherford International, Novomet, L&T Valves Limited, Grundfos Holding A/S, Canadian Advanced ESP Inc., Sulzer Ltd., Novomet-Perm LLC, Torqueflow Sydex Ltd., Hitachi America, Tianjin Rongheng Group LLC, ZUWA-Zumpe, Novomet-Perm Ltd., Star Hydraulics Limited, Atlas Copco AB, Crompton Greaves Limited, Others.

“Asia-Pacific” had the largest share in the Electrical Submersible Pump Market.

The global market is projected to grow at a CAGR of 6.1% during the forecast period, 2023-2032.

The Electrical Submersible Pump Market size was valued at USD 15.6 Billion in 2023.

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