New York, United States , Aug. 29, 2024 (GLOBE NEWSWIRE) -- The Global Electric Submersible Pumps Market Size is Expected to Grow from USD 13.1 Billion in 2023 to USD 29.9 Billion by 2033, at a CAGR of 8.60% during the forecast period 2023-2033.
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An electric submersible pump (ESP) is a type of artificial lift that utilizes an electric motor to move fluids from wellbores. When it comes to wells with moderate to high production rates, remote wells, and highly deviated wells, ESPs work well in both onshore and offshore sectors. Electric submersible pumps (ESPs) are essential for fluid extraction and transportation in deepwater and offshore settings, particularly in developed oil fields. They are driven by the growing demand for gas and oil, enhanced oil recovery methods, and the need for effective water management in various industries. The industry has grown due to rising global energy demand and a shift towards sustainable energy sources like geothermal power. However, the high upfront cost of ESPs can hinder adoption, particularly in developing nations and small-scale companies. Maintenance and repairs often involve specialized knowledge and tools, increasing total operating costs. Increased oversight and regulations due to concerns about environmental impact may hinder market expansion in some areas. Limited access to skilled personnel and uniform installation and maintenance procedures may also impede the extensive integration of ESPs. Price fluctuations in raw materials used in ESP manufacturing, such as electronics and steel, may also impact the market's competitiveness and overall cost structure.
Browse key industry insights spread across 217 pages with 110 Market data tables and figures & charts from the report on the "Global Electric Submersible Pumps Market Size, Share, and COVID-19 Impact Analysis, By End-User (Residential & Commercial, Water & Wastewater, Mining, Agriculture, Oil & Gas, Chemicals, Construction, and Others), By Type (Open Well, and Bore well), By Capacity (Low, Medium, and High), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The water & wastewater segment is predicted to hold the largest market share through the forecast period.
Based on the end users, the electric submersible pumps market is classified into residential & commercial, water & wastewater, mining, agriculture, oil & gas, chemicals, construction and others. Among these, the water & wastewater segment is predicted to hold the largest market share through the forecast period. The segment's domination has been greatly influenced by the rising need for clean water on a worldwide scale as well as the necessity of effective water management in municipal, industrial, and agricultural applications. Electric submersible pumps (ESPs) are essential parts of water infrastructure projects because of their critical role in the extraction, treatment, and distribution of water. In order to solve problems including pollution, aging infrastructure, and water scarcity, increasing investment in water and wastewater treatment facilities has been made, especially in developing nations. This has increased demand for electric submersible pumps (ESP) in this market. Furthermore, the adoption of cutting-edge water treatment technologies like desalination and wastewater reclamation, along with the growing focus on sustainable water management practices, have strengthened the position of the water and wastewater segment as a significant source of revenue for the entire electric submersible pump (ESP) market.
The bore well segment is anticipated to hold the highest market share during the projected timeframe.
Based on the type, the electric submersible pump market is divided into open wells and bore wells. Among these, the bore well segment is anticipated to hold the highest market share during the projected timeframe. An increased reliance on groundwater extraction has resulted from the growing global population and the growing demand for freshwater resources, especially in areas with limited surface water availability. In bore well applications, electric submersible pumps are frequently utilized to effectively collect groundwater from subterranean aquifers and convey it to the surface for a variety of uses, such as irrigation, industrial use, and residential consumption. The necessity for electric submersible pumps in the bore well market has been further fueled by the growth of agriculture and the requirement for a steady supply of water for crop cultivation. These pumps are now more affordable and energy-efficient due to the development of new technologies like solar-powered ESPs, which makes them a desirable option for bore well applications, particularly in isolated or off-grid locations. It is anticipated that both established and developing economies would continue to invest in infrastructure and place a greater emphasis on groundwater management.
The high segment dominates the market with the largest market share through the forecast period.
Based on the capacity, the electric submersible pumps market is divided into low, medium, and high. Among these, the residential segment is anticipated to hold the highest market share during the projected timeframe High-power electric submersible pumps are in high demand across a variety of industries, including mining, oil and gas, and municipal water management. These pumps are often utilized in applications demanding high head pressures and high flow rates. Strong electric submersible pumps are necessary for managing huge amounts of wastewater, extracting and moving fluids from deep wells, and sustaining high-pressure operations in difficult settings. The oil and gas industry's increasing expenditure on exploration and production, especially for deepwater and offshore projects, has greatly aided in the domination of the high-power electric submersible pump market. The requirement for effective water management in the mining industry as well as the growing use of enhanced oil recovery techniques have increased demand for high-power ESPs. For many end users, the high-power electric submersible pump segment is the best option due to its exceptional performance, dependability, and capacity to handle high-pressure, high-flow applications. This has helped the segment maintain its market-leading position for the duration of the forecast period.
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Asia Pacific is estimated to hold the largest share of the electric submersible pumps market over the forecast period.
Asia Pacific is estimated to hold the largest share of the electric submersible pumps market over the forecast period. The region's dominance in the submersible pump (ESP) industry is mostly due to the fast industrialization and economic growth of nations like China, India, and Southeast Asia. The need for effective and dependable submersible pump (ESP) solutions has been fueled by the rising energy demand as well as the growth of the mining, infrastructure, and oil and gas industries in these nations. Beyond this, the Asia Pacific region's need for ESPs has been further reinforced by increasing urbanization, population growth, and the resulting increased demands for wastewater and water management. The use of ESPs has increased due to government attempts to update water infrastructure and increase access to clean water, especially in the water and wastewater treatment industry. Additionally, the presence of well-known submersible pump (ESP) manufacturers in the area and the availability of cost-effective manufacturing capabilities have increased the accessibility and competitiveness of these pumps, securing Asia Pacific's position as the largest market for electric submersible pumps over the forecast period.
Europe is expected to grow at the fastest CAGR growth of the electric submersible pumps market during the forecast period, The expansion of the ESP industry in the region has been significantly fueled by the growing attention that European nations are paying to renewable energy sources, especially geothermal power. ESPs are essential to the extraction and circulation of fluids in geothermal power plants, and the growing number of geothermal energy projects in Europe has created a substantial demand for these pumps. Furthermore, the adoption of cutting-edge water and wastewater treatment technologies has been prompted by the region's strict environmental restrictions and the drive towards sustainable water management practices. This has boosted the demand for effective and dependable ESPs. Additionally, the region's quick expansion in the ESP market has been facilitated by continuous infrastructure development, which includes the modernization of water distribution networks and the development of new oil and gas projects, particularly in the North Sea and other offshore locations. The availability of cutting-edge ESP solutions and the existence of major European market participants have both contributed to the region's explosive growth throughout the course of the projection period.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major key players in the electric submersible pumps market include General Electric Company, Sulzer, Borets Company LLC, Crompton Greaves Consumer Electricals Limited, Kirloskar Brothers Limited, oddesse Pumpen- Und Motorenfabrik GmbH, Quadt Kunststoffapparatebau GmbH, KSB Company, Multiquip Inc., GRUNDFOS, Homa Pumpenfabrik GmbH, Hitachi America, Xylem Inc., Caprari, Weatherford, TSURUMI PUMP, ZUWA-Zumpe GmbH, and Others.
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Recent Developments
- In July 2024, Due to growing demands in mining and construction for wear resistance and autonomous operation in dewatering pumps, Atlas Copco is growing its selection of Weda electric submersible pumps.
- In April 2024, two cutting-edge artificial lift systems were presented by SLB: the rodless Reda PowerEdge electric submersible progressing cavity pump (ESPCP) system and the Reda Agile compact wide-range electric submersible pump (ESP) system. Both systems offer real-time optimization and continuous live surveillance.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the electric submersible pumps market based on the below-mentioned segments:
Global Electric Submersible Pumps Market, By End-User
- Residential & Commercial
- Water & Wastewater
- Mining
- Agriculture
- Oil & Gas
- Chemicals
- Construction
- Others
Global Electric Submersible Pumps Market, By Type
- Open Well
- Bore well
Global Electric Submersible Pumps Market, By Capacity
- Low
- Medium
- High
Global Electric Submersible Pumps Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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