Electric Submersible Pump Market Size By Industry (Oil & Gas {Onshore, Offshore}, Sewage & Wastewater, Agriculture, Building Services, Geothermal), By Well (Borewell {Sewage & Wastewater, Agriculture, Building Services}), Open Well {Sewage & Wastewater, Agriculture, Building Services}), By Operation (Single Stage, Multi Stage), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 - 2030
The electric submersible pump market is projected to grow significantly by 2030 owing to growing investment toward exploration and production activities. In addition, surging focus on the development of efficient waste wood and sewage management facilities is set to further supplement industry expansion through the forecast timeline.
Operations in the electric submersible pump industry witnessed a major setback during the COVID-19 outbreak. The rise in prevalence of the work-from-home trend delayed the pump production capacity. However, relaxations in lockdown allowed manufacturing sites to resume operations. Several government initiatives to accelerate the shift towards efficient pumping systems and the resulting surge in investments have boosted market growth.
Major market players in the industry have been focusing on low-cost manufacturing and product innovation as well as various growth strategies like collaborations, partnerships, and acquisitions to improve their standing in the electric submersible pump market. For instance, in April 2021, Atlas Copco, a multinational industrial company, announced the expansion of its WEDA range of submersible dewatering pumps with the addition of a new series called WEDA L. The novel pumps are designed with large apertures that can efficiently handle semi-liquid slurry mixtures
Recently, in February 2022, Atlas Copco inked a deal to takeover Pumpenfabrik Wangen GmbH, a German progressive cavity pump manufacturer. The acquisition was purposed to be completed by the end of June 2022 and allow Atlas Copco to expand its business in the industrial pumps space. The firm also entered into an agreement with Proveedora de Bombas, a Mexican supplier of pumps, to be an exclusive partner in Mexico.
The electric submersible pump market has been bifurcated in terms of operations, industry, well, and region. Based on well, the electric submersible pump industry has been split into open well and borewell. The open well sub-segment is expected to witness a growth rate of over 8% through 2030.
With regards to operations, the electric submersible pump market has been divided into multi stage and single stage. The multi stage sub-segment is slated to observe a positive outlook through the forecast period as a result of increasing product adoption in high rise buildings, boiler feed water, power generation, and oil & gas production, among other sectors.
In terms of regions covered, the Middle East & Africa electric submersible pump market is poised to progress at a rate of more than 9% over the review timeline. Meanwhile, the Latin America electric submersible pump industry is anticipated to exhibit notable growth at a rate of around 8% through the analysis period.
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