Electric Submersible Pumps Market Size, Share & Trends Analysis Report By Product (Borewell, Openwell, Non-clog), By End-use (Agriculture, Construction & Building Services), By Region, And Segment Forecasts, 2024 - 2030

Electric Submersible Pumps Market Size, Share & Trends Analysis Report By Product (Borewell, Openwell, Non-clog), By End-use (Agriculture, Construction & Building Services), By Region, And Segment Forecasts, 2024 - 2030

Electric Submersible Pumps Market Trends

The global electric submersible pumps market size was estimated at USD 8.9 billion in 2023 and is anticipated to grow at a CAGR of 5.6% from 2024 to 2030. The market is witnessing robust growth, primarily fueled by the surging demand for efficient and reliable pumping solutions in various industries, including oil and gas, water and wastewater management, and agriculture. This increase in demand can be attributed to the growing global energy needs, rising water management concerns, and the ongoing efforts towards improving agricultural yields. As industries worldwide strive for operational efficiency and sustainability.

Electric submersible pumps, known for their high efficiency, low maintenance, and ability to operate in challenging environments, are becoming increasingly popular. Consequently, advancements in technology and innovations aimed at enhancing the performance and extending the lifespan of these pumps are further propelling the market's growth.

Furthermore, the shift towards renewable energy sources has prompted the oil and gas industry to implement more energy-efficient and environmentally friendly solutions. Electric submersible pumps, especially those powered by renewable energy sources, align with this trend, offering a more sustainable option for oil and water extraction. This alignment with global sustainability goals is accelerating the adoption of electric submersible pumps, contributing to the market's expansion.

The design of an ESP makes it highly suitable for pumping fluids at great depths, with significant advantages in production rates and operational life. It works by drawing fluid into its intake, pressurizing it through stages in the pump section, and then pushing it to the surface through the tubing. ESP are widely used in the oil and gas industry due to their adaptability to varying flow rates and depths, making them an essential tool in enhancing hydrocarbon recovery from underground reserves.

Global Electric Submersible Pumps Market Report Segmentation

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global electric submersible pump market report based on product, end-use, and region:

• Product Outlook (Revenue, USD Million, 2018 - 2030)
• Borewell
• Openwell
• Non-Clog
• End-use Outlook (Revenue, USD Million, 2018 - 2030)
• Agriculture
• Construction & Building Services
• Water & Wastewater
• Power Generation
• Oil & Gas
• Chemical
• Others
• Regional Outlook (Revenue, USD Million, 2018 - 2030)
• North America
• U.S.
• Canada
• Mexico
• Europe
• UK
• Germany
• France
• Italy
• Spain
• Asia Pacific
• Japan
• China
• India
• Australia
• South Korea
• Latin America
• Brazil
• Argentina
• Middle East & Africa
• South Africa
• Saudi Arabia
• UAE

Please note The report will be delivered in 4-8 business days upon order notification.