Oil & Gas Electric Submersible Pump Market - By Application (Onshore, offshore), By Operation (Single Stage, Multistage) & Forecast, 2023 - 2032

Oil & Gas Electric Submersible Pump Market - By Application (Onshore, offshore), By Operation (Single Stage, Multistage) & Forecast, 2023 - 2032

Global oil & gas electric submersible pump market size will expand at over 8% CAGR from 2023-2032.

The rising efforts led by operators in the oil & gas space on improving operational efficiency and limiting energy consumption will drive the industry growth. Of late, electric submersible pump (ESP) manufacturers are continuously coming up with more energy-efficient pumps and motor systems for cost savings and mitigated environmental impact, adding to the product adoption. To cite an instance, in March 2023, Atlas Copco Power partnered with Flow to launch Weda D95, its gen-next electric submersible dewatering pump for heavily abrasive environments, including mining, tunnelling and construction.

The overall oil & gas electric submersible pump industry is bifurcated based on application, operation and region.

With respect to operation, the market share from the multi-stage segment is poised to depict over 7% growth rate from 2032-2032. Multi-stage oil & gas ESPs have emerged as critical components in artificial lift systems for maximizing oil and gas production from wells. On account of their efficiency, adaptability, and reliability, they are utilized in deep and challenging reservoirs. Rising integration with variable speed drives (VSDs) for precise control of pump speed as well as performance will also add to the market growth.

Oil & gas electric submersible pump market from the offshore application segment will register more than 7% CAGR from 2023-2032 driven by rising utilization for subsea boosting. Increasing importance in enhancing oil & gas production in underwater environments as well as boosting offshore drilling and production operations will prove favorable for the segment growth.

Regionally, Europe oil & gas electric submersible pump industry size is expected to witness over 5% CAGR through 2032 on account of the rising integration of digital technologies, such as IoT. The influx of severe environmental regulations has pushed the oil & gas sector to adopt cleaner and environmentally friendly technologies. For instance, in March 2023, the U.K. government announced its plans to launch the revamped net zero strategy from the country’s oil and gas capital, Aberdeen, to boost the fossil fuel sector while cutting key green measures.