Electric Submersible Pumps in Oil and Gas Global Market Insights 2025, Analysis and Forecast to 2030, by Manufacturers, Regions, Technology, Application

Electric Submersible Pumps in Oil and Gas Market Overview

The Electric Submersible Pumps (ESP) market in the oil and gas industry is projected to witness significant growth from 2025 to 2030. ESPs are critical for enhancing oil recovery, especially in mature fields and heavy oil applications. The market is driven by increasing global energy demand, advancements in ESP technology, and the need for efficient artificial lift systems. The global ESP market is expected to grow at a compound annual growth rate (CAGR) of 5.2% during the forecast period, reaching a market size of $12.8 billion by 2030.

Market Size and Share Analysis

In 2025, the global ESP market is estimated to be valued at $9.7 billion. By product type, the market is segmented into standard ESPs, high-temperature ESPs, and others. Standard ESPs dominate the market with a share of 65%-70%, owing to their widespread use in conventional oil wells. High-temperature ESPs are expected to grow at a faster rate, with a CAGR of 6.5%-7%, due to increasing exploration activities in high-temperature reservoirs.

By application, the market is divided into well completion, heavy oil, and others. Well completion holds the largest market share at 50%-55%, driven by the need for efficient wellbore cleaning and fluid lifting. The heavy oil segment is anticipated to grow at a CAGR of 6%-6.8%, supported by rising heavy oil production in regions like Canada and Venezuela.

Key Players and Competitive Landscape

The ESP market is highly competitive, with key players such as Schlumberger, Baker Hughes, Apergy Artificial Lift, Borets, Novomet, Alkhorayef, Sinopec, and CNPC dominating the industry. Schlumberger leads the market with a share of 20%-22%, followed by Baker Hughes at 15%-18%. These companies are focusing on technological innovations, strategic partnerships, and mergers to strengthen their market position.

For instance, in 2025, Schlumberger introduced a new ESP system with enhanced durability and efficiency, targeting high-temperature and high-pressure wells. Similarly, Baker Hughes launched a digital ESP monitoring platform in 2025, enabling real-time data analysis and predictive maintenance.

Market Trends by Process and End-Use

By process, the market is segmented into onshore and offshore applications. Onshore ESPs account for 75%-80% of the market, driven by cost-effectiveness and ease of installation. Offshore ESPs are expected to grow at a CAGR of 5.5%-6%, fueled by increasing deepwater exploration activities.

By end-use, the oil industry holds the largest share at 85%-90%, while the gas industry is projected to grow at a CAGR of 4.5%-5%. The growing demand for natural gas, particularly in Asia-Pacific and North America, is driving the adoption of ESPs in gas wells.

Regional Analysis

North America is the largest market for ESPs, accounting for 35%-40% of the global market share. The region's dominance is attributed to the shale boom and increasing heavy oil production in Canada. The U.S. alone contributes 25%-30% of the global ESP demand.

Asia-Pacific is expected to witness the highest growth rate, with a CAGR of 6.5%-7.5%, driven by rising energy demand in China and India. The Middle East and Africa are also significant markets, with a combined share of 20%-25%, supported by extensive oil exploration activities in Saudi Arabia and Nigeria.

Market News on Policy and Companies

In 2025, the U.S. government introduced tax incentives for companies adopting energy-efficient technologies, including ESPs, to reduce carbon emissions. This policy is expected to boost ESP adoption in the region by 10%-15% over the next five years.

In 2025, Sinopec announced a $500 million investment in ESP technology to enhance oil recovery in its mature fields. Similarly, CNPC partnered with Novomet to develop advanced ESP systems for high-temperature wells in China.

Segment Forecasts (2025 - 2030)

• Product Type: High-temperature ESPs will grow at a CAGR of 6.5%-7%, driven by increasing exploration in challenging environments.
• Application: The heavy oil segment will expand at a CAGR of 6%-6.8%, supported by rising production in Canada and Venezuela.
• Process: Offshore ESPs will grow at a CAGR of 5.5%-6%, fueled by deepwater exploration activities.
• End-Use: The gas industry will grow at a CAGR of 4.5%-5%, driven by increasing natural gas demand.
• Region: Asia-Pacific will witness the highest growth rate, with a CAGR of 6.5%-7.5%, due to rising energy demand in China and India.

Conclusion

The Electric Submersible Pumps market in the oil and gas industry is poised for robust growth from 2025 to 2030, driven by technological advancements, increasing energy demand, and supportive government policies. Key players like Schlumberger and Baker Hughes are leading the market with innovative solutions, while regions like North America and Asia-Pacific are expected to dominate in terms of market share and growth. With a projected CAGR of 5.2%, the ESP market is set to reach $12.8 billion by 2030, offering significant opportunities for stakeholders across the value chain.