USD 11.49 billion
Report ID:
SQMIG20D2145 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
60
|Figures:
75
Electric Submersible Pump Market size was valued at USD 11.49 billion in 2021 and is poised to grow from USD 12.5 billion in 2022 to USD 24.54 billion by 2030, at a CAGR of 8.8% during the forecast period (2023-2030).
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.
Global Market Size
USD 11.49 billion
Largest Segment
bore well
Fastest Growth
bore well
Growth Rate
8.8% CAGR
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The global electric submersible pump market is segmented on the basis of type, operation, and region. On the basis of type the market is segmented as bore well, open well. On the basis operation the market is segmented as single stage, multistage. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
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.
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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.
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Electric Submersible Pump Market Drivers
Rising Oil & Gas Production
Electric Submersible Pump Market Restraints
Competition from Non-Electric Pumps
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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
Electric Submersible Pump Market Recent Developments
Increasing Focus on Energy Efficiency
Expanding Applications in Water Management
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 2021 | USD 11.49 billion |
Market size value in 2030 | USD 24.54 billion |
Growth Rate | 8.8% |
Base year | 2023 |
Forecast period | 2023-2030 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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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 |
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
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.
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.
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Report ID: SQMIG20D2145