Electric Submersible Pump Market

Global Electric Submersible Pump Market: Overview

The global electric submersible pump market is expected to expand as a result of increasing exploration activities in deep as well as ultra-deep water. The demand for submersible pumps is growing in anticipation of the expansion of the global electric submersible pump market due to increasing construction activities throughout the world and expanding sewage and wastewater treatment facilities.

The global market landscape is likely to be aided by continuous product usage in a number of application industries, including sewage & wastewater, building services, and agricultural. Additionally, rising development efforts to upgrade outdated wastewater treatment facilities to provide clean water for agricultural and residential uses is projected to present profitable growth prospects for the market participants.

Type, technology, phase, voltage, end use and region are key market parameters that have been taken into consideration whilst classifying the global electric submersible pump market.

Global Electric Submersible Pump Market: Notable Developments

Aramco made a financial commitment in March 2022 to the construction of a combined petrochemical and refinery complex in Panjin City, Liaoning Province, China.

Some of the major players in the global electric submersible pump market are as mentioned below

• Gorman-Rupp Pumps
• Tsurumi Manufacturing Co., Ltd.
• Grundfos Holding A/S
• Schlumberger Ltd
• Crompton Greaves Consumer Electricals Limited
• Atlas Copco AB

Global Electric Submersible Pump Market: Key Trends

Below-mentioned restraints, developments, drivers, and opportunities, are anticipated to shape contours of the global electric submersible pump market

Extensive Usage in Oil and Gas Industry is Estimated to Spell Growth for the Market

Single-stage submersible pumps are expected to observe a rise in usage due to growing energy requirements in commercial applications such as sewage water treatment, building services, and oil & gas. Such rise in its usage is due to its application possibilities in line with dependability, high efficiency, and cost-effectiveness. These pumps are employed in general industrial, slurry, as well as household pumping applications. The most popular single-stage pumping systems are also appropriate for usage in sewage and wastewater pumping applications as well as water pumping for high-rise structures. Such wide application is likely to boost growth of the global electric submersible pump market.

It is predicted that the use of products in oil and gas applications will be influenced by the extraction of shale deposits, growing capital investment, increasing oil production. The ESP segment is likely to benefit from government efforts to manage rising oil prices as well as from assistance from major oil and gas industry players through investments and higher production. The need for electric submersible pumps is likely to be driven by ongoing expenditures and replacement of outdated oil and gas systems.

Global Electric Submersible Pump Market: Geographical Analysis

According to estimates, the market for electric submersible pumps in Asia-Pacific will expand quickly soon. Electric submersible pumps will become more prevalent in construction services as a result of higher government investment in new building infrastructure and people moving from rural to urban locations. Additionally, the expanding population in nations like Indonesia, India, and China, is likely to speed up development of the construction sector. This is driving up demand for construction works for water supply, which, in turn, is anticipated to boost the market.

The oil and gas industry is actively being funded and expanded in the Asia Pacific region by a significant number of national oil companies. Product applications in the oil and gas industry are anticipated to rise as a result of private investments and government assistance to improve the oil and gas refining process.