Electric Submersible Pump Market Size, Share, Growth Analysis, By Product Type (Bore well, open well), By Head Type (Below 50 m, 50 m- 100 m, Above 100 m), By Region - Industry Forecast 2024-2031


Report ID: SQMIG20D2145 | Region: Global | Published Date: February, 2024
Pages: 157 |Tables: 60 |Figures: 75

Electric Submersible Pump Market Insights

Global Electric Submersible Pump Market size was valued at USD 11.1 billion in 2022 and is poised to grow from USD 11.7 billion in 2023 to USD 17.9 billion by 2031, growing at a CAGR of 5.5% during the forecast period (2024-2031). 

The electric submersible pumps market is expected to witness significant growth due to the increasing demand for hydrocarbon fuel and the need for wastewater recycling and distillation.

The surge in construction activities, along with the growing water requirements of residential and commercial complexes, is further driving the demand for these pumps. Electric submersible pumps are preferred over other options as they can operate underwater without relying on external factors and can efficiently pump fluids to the surface without causing issues like pump cavitation.

This versatility makes them suitable for a wide range of applications, serving pumping needs in both shallow and deep wells.

The market's expansion is primarily driven by the rapid growth of the oil & gas and mining sectors, along with increasing water management demands to support various establishments.

In the forecast period, the Asia Pacific region is expected to dominate the market due to a rising urban population and a strong agricultural heritage in several countries.

The region is home to numerous players with significant manufacturing capabilities, capable of delivering complete units or various components incorporated in the pumps.

Moreover, the escalating oil & gas activities in countries like China, India, and other Southeast Asian nations will drive the adoption of electric submersible pumps to facilitate efficient oil extraction.

US Electric Submersible Pump Market is poised to grow at a sustainable CAGR for the next forecast year.

Market Snapshot - 2024-2031

Global Market Size

USD 11.1 billion

Largest Segment

bore well

Fastest Growth

bore well

Growth Rate

5.5% CAGR

Global Electric Submersible Pump Market ($ Bn)
Country Share for North America Region (%)

To get more reports on the above market click here to Buy The Report

Electric Submersible Pump Market Segmental Analysis

Global Electric Submersible Pump Market is segmented by Product Type, Head Type, Application and region. Based on Product Type, the market is segmented into Bore well, open well, non-clog. Based on Head Type, the market is segmented into Below 50 m, 50 m- 100 m, above 100 m. Based on application, the market is segmented into Agriculture, Industrial (Oil & Gas, Firefighting, Mining, Construction, Other Industrial), Municipal (Water Supply & Distribution, Wastewater Management). Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa. 

Electric Submersible Pump Market Analysis By Type

The bore well segment shines resplendently as the largest segment, commanding a substantial market share. Bore well electric submersible pumps are widely utilized in deep water wells for various applications, including agriculture, industrial processes, and oil & gas extraction. Their ability to efficiently pump fluids from significant depths makes them indispensable in meeting diverse pumping needs across industries.

Simultaneously, the fastest growing segment casts a radiant glow upon open well electric submersible pumps, soaring with a breathtaking growth rate. As urbanization escalates and agricultural activities expand, the demand for open well electric submersible pumps witnesses an exhilarating upsurge, making this segment a vibrant driver of market growth.

Electric Submersible Pump Market Analysis By Operation

The single stage segment stands resolute as the largest, commanding a significant share of the market. Single stage electric submersible pumps are preferred for their simplicity, versatility, and cost-effectiveness. They find widespread application in various industries, including agriculture, municipal water supply, and industrial processes, where the need for moderate pumping capacities is prevalent.

Meanwhile, the fastest growing segment casts a radiant glow upon multistage electric submersible pumps, soaring with a breathtaking growth rate. Multistage pumps are embraced for their ability to generate higher pressures and cater to more demanding applications, such as deep well pumping, oil & gas extraction, and water supply to high-rise buildings. As urbanization accelerates and industries seek enhanced efficiency, the demand for multistage electric submersible pumps experiences an exhilarating surge, propelling this segment into a realm of transformative growth and unrivaled potential.

Global Electric Submersible Pump Market By Type

To get detailed analysis on other segments, Request For Free Sample Report

Electric Submersible Pump Market Regional Insights

In the captivating landscape of the global electric submersible pump market, regional insights paint a vivid picture of dominance and dynamic growth. Among these radiant regions, North America emerges as the dominating force, casting a brilliant glow over the market with its captivating 35% share. The allure of North America lies in its mature and technologically advanced oil & gas industry, where electric submersible pumps play a pivotal role in efficient oil extraction. Additionally, the region's growing focus on water management and increasing agricultural activities further drives the demand for these pumps.

Simultaneously, in this vibrant panorama, the fastest growing region casts a luminous radiance upon the Asia-Pacific, sparkling with a breathtaking year-on-year growth rate of 40%. The rise of Asia-Pacific is propelled by the region's rapid urbanization, burgeoning industrialization, and soaring demand for energy and water solutions. As countries like China, India, and Southeast Asian nations embark on extensive infrastructural development, the need for electric submersible pumps surges, elevating the region's position as the fastest-growing market.

Global Electric Submersible Pump Market By Geography
  • Largest
  • Fastest

To know more about the market opportunities by region and country, click here to
Buy The Complete Report

Electric Submersible Pump Market Dynamics

Electric Submersible Pump Market Drivers

Rising Oil & Gas Production

  • The increasing demand for hydrocarbons has led to a surge in oil and gas exploration and production activities. Electric submersible pumps are widely used in the oil & gas industry for efficient oil extraction, driving the demand for these pumps.

Electric Submersible Pump Market Restraints

Competition from Non-Electric Pumps

  • Non-electric pumps, such as diesel or gasoline-powered pumps, can offer alternative pumping solutions in certain applications, posing competition to electric submersible pumps.

Request Free Customization of this report to help us to meet your business objectives.

Electric Submersible Pump Market Competitive Landscape

The global electric submersible pump market boasts a highly competitive landscape, with several key players vying for prominence and market share. These industry giants offer a comprehensive portfolio of electric submersible pump solutions, catering to diverse applications in the oil & gas, water management, mining, and industrial sectors. Alongside these major players, the market also thrives with the presence of specialized manufacturers and regional players, contributing to its vibrant diversity. These companies offer niche products, tailor-made solutions, and localized services, catering to specific market segments and regional needs. The competitive landscape is characterized by constant innovation, with companies investing significantly in research and development to introduce advanced technologies, improve pump efficiency, and enhance reliability. Moreover, strategic partnerships, mergers, and acquisitions play a pivotal role in shaping the market's dynamics, enabling companies to expand their geographical presence, access new markets, and strengthen their product offerings.

Electric Submersible Pump Market Top Player’s Company Profiles

  • Kubota Corporation 
  • Wacker Neuson Group 
  • Atlas Copco AB 
  • KSB SE & Co. KGaA 
  • Xylem Inc. 
  • Ebara Corporation 
  • Grundfos 
  • Sulzer AG 
  • The Weir Group PLC 
  • Tsurumi Manufacturing Co., Ltd. 
  • Kriloskar Brothers Ltd. 
  • Flowserve Corporation 
  • WILO SE 
  • PSG (Dover Corporation) 
  • Gorman-Rupp Company 
  • Ruhrpumpen Group 
  • Shimge Pump Industry Group Co., Ltd. 
  • Zhejiang DOYIN Technology Co. Ltd 
  • Shakti Pumps (India) Ltd. 
  • Speak Pumpen Walter Speck GmbH & Co. KG 

Electric Submersible Pump Market Recent Developments

  • In July 2021, Saudi Technologies Company Aramco made a significant announcement, partnering with AccessESP for a global commercialization agreement for their well cleanup service and JumpStart flowback.
  • In June 2021, Recon Technology, Ltd., through its subsidiary Beijing BHD Petroleum Technology Limited, secured two contracts in China.

Electric Submersible Pump Key Market Trends

Increasing Focus on Energy Efficiency

  • With growing concerns over energy consumption and environmental impact, there is a rising emphasis on developing energy-efficient electric submersible pumps. Manufacturers are investing in advanced technologies and materials to improve pump efficiency and reduce power consumption.

Expanding Applications in Water Management

  • The growing need for efficient water management solutions is driving the adoption of electric submersible pumps in various applications, including water supply, wastewater management, irrigation, and dewatering.

Electric Submersible Pump Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

According to our analysis, The global electric submersible pump market has been witnessing remarkable growth and transformation in recent years. Key factors driving this market's expansion include the rising demand for hydrocarbon fuel, escalating water management needs, and the rapid growth of industrial and infrastructural activities worldwide. Electric submersible pumps are increasingly preferred due to their efficiency, versatility, and ability to handle various flow rates and pressures. They find extensive application in the oil & gas industry for efficient oil extraction, as well as in water supply, wastewater management, agriculture, and construction sectors. The market is further fueled by the advantages of these pumps over traditional alternatives, such as easy installation and lower susceptibility to issues like pump cavitation. Moreover, the emergence of smart technologies and digitalization has led to the integration of sensors and remote monitoring capabilities in electric submersible pumps, enhancing their performance and predictive maintenance capabilities.

Report Metric Details
Market size value in 2022 USD 11.1 billion
Market size value in 2031 USD 17.9 billion
Growth Rate 5.5%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Product Type
    • Bore Well, Open Well, Non-clog
  • Head Type
    • Below 50 m, 50 m- 100 m, Above 100 m
  • Application
    • Agriculture, Industrial (Oil & Gas, Firefighting, Mining, Construction, Other Industrial), Municipal (Water Supply & Distribution, Wastewater Management)
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • Kubota Corporation 
  • Wacker Neuson Group 
  • Atlas Copco AB 
  • KSB SE & Co. KGaA 
  • Xylem Inc. 
  • Ebara Corporation 
  • Grundfos 
  • Sulzer AG 
  • The Weir Group PLC 
  • Tsurumi Manufacturing Co., Ltd. 
  • Kriloskar Brothers Ltd. 
  • Flowserve Corporation 
  • WILO SE 
  • PSG (Dover Corporation) 
  • Gorman-Rupp Company 
  • Ruhrpumpen Group 
  • Shimge Pump Industry Group Co., Ltd. 
  • Zhejiang DOYIN Technology Co. Ltd 
  • Shakti Pumps (India) Ltd. 
  • Speak Pumpen Walter Speck GmbH & Co. KG 
Customization scope

Free report customization with purchase. Customization includes:-

  • Segments by type, application, etc
  • Company profile
  • Market dynamics & outlook
  • Region

 

To get a free trial access to our platform which is a one stop solution for all your data requirements for quicker decision making. This platform allows you to compare markets, competitors who are prominent in the market, and mega trends that are influencing the dynamics in the market. Also, get access to detailed SkyQuest exclusive matrix.

Buy The Complete Report to read the analyzed strategies adopted by the top vendors either to retain or gain market share

Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Electric Submersible Pump Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Electric Submersible Pump Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Electric Submersible Pump Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Electric Submersible Pump Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Electric Submersible Pump Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Electric Submersible Pump Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

$5,300
BUY NOW

REQUEST FOR SAMPLE

Want to customize this report?
REQUEST FREE CUSTOMIZATION

FAQs

Global Electric Submersible Pump Market size was valued at USD 11.1 billion in 2022 and is poised to grow from USD 11.7 billion in 2023 to USD 17.9 billion by 2031, growing at a CAGR of 5.5% during the forecast period (2024-2031). 

The global electric submersible pump market boasts a highly competitive landscape, with several key players vying for prominence and market share. These industry giants offer a comprehensive portfolio of electric submersible pump solutions, catering to diverse applications in the oil & gas, water management, mining, and industrial sectors. Alongside these major players, the market also thrives with the presence of specialized manufacturers and regional players, contributing to its vibrant diversity. These companies offer niche products, tailor-made solutions, and localized services, catering to specific market segments and regional needs. The competitive landscape is characterized by constant innovation, with companies investing significantly in research and development to introduce advanced technologies, improve pump efficiency, and enhance reliability. Moreover, strategic partnerships, mergers, and acquisitions play a pivotal role in shaping the market's dynamics, enabling companies to expand their geographical presence, access new markets, and strengthen their product offerings. 'Kubota Corporation ', 'Wacker Neuson Group ', 'Atlas Copco AB ', 'KSB SE & Co. KGaA ', 'Xylem Inc. ', 'Ebara Corporation ', 'Grundfos ', 'Sulzer AG ', 'The Weir Group PLC ', 'Tsurumi Manufacturing Co., Ltd. ', 'Kriloskar Brothers Ltd. ', 'Flowserve Corporation ', 'WILO SE ', 'PSG (Dover Corporation) ', 'Gorman-Rupp Company ', 'Ruhrpumpen Group ', 'Shimge Pump Industry Group Co., Ltd. ', 'Zhejiang DOYIN Technology Co. Ltd ', 'Shakti Pumps (India) Ltd. ', 'Speak Pumpen Walter Speck GmbH & Co. KG '

The increasing demand for hydrocarbons has led to a surge in oil and gas exploration and production activities. Electric submersible pumps are widely used in the oil & gas industry for efficient oil extraction, driving the demand for these pumps.

With growing concerns over energy consumption and environmental impact, there is a rising emphasis on developing energy-efficient electric submersible pumps. Manufacturers are investing in advanced technologies and materials to improve pump efficiency and reduce power consumption.

In the captivating landscape of the global electric submersible pump market, regional insights paint a vivid picture of dominance and dynamic growth. Among these radiant regions, North America emerges as the dominating force, casting a brilliant glow over the market with its captivating 35% share. The allure of North America lies in its mature and technologically advanced oil & gas industry, where electric submersible pumps play a pivotal role in efficient oil extraction. Additionally, the region's growing focus on water management and increasing agricultural activities further drives the demand for these pumps.

Request Free Customization

Want to customize this report? This report can be personalized according to your needs. Our analysts and industry experts will work directly with you to understand your requirements and provide you with customized data in a short amount of time. We offer $1000 worth of FREE customization at the time of purchase.

logo-images

Feedback From Our Clients

Electric Submersible Pump Market

Report ID: SQMIG20D2145

sales@skyquestt.com
USA +1 351-333-4748

BUY NOW GET FREE SAMPLE