Global Electrical Submersible Pump Market size was valued at USD 15.6 Billion in 2023 and is expected to reach USD 31.5 Billion by 2032, at a CAGR of 6.1% during the forecast period 2023 – 2032.

Electrical Submersible Pump Market – Overview

An Electrical Submersible Pump (ESP) is a specialized pumping system designed to be submerged in a fluid, typically water or oil wells, to lift and transport the fluid to the surface. It consists of a submersible electric motor that drives a pump located at the bottom of the well.

ESPs are widely used in oil and gas production, water wells, and various industrial applications where efficient and reliable fluid lifting is required from deep or submerged locations.

Recent trends in the electrical submersible pump (ESP) market include the increasing adoption of smart technologies for real-time monitoring and control, enhancing operational efficiency. The integration of advanced materials and design improvements is boosting pump reliability and longevity.

Growing emphasis on environment-friendly solutions and the development of ESPs for renewable energy applications, such as geothermal and solar power, reflects a broader shift toward sustainability. Additionally, innovations in downhole sensors and communication systems are enabling better reservoir management.

The market is also witnessing a rise in the use of ESPs in unconventional oil and gas reservoirs. These trends collectively underscore a dynamic industry landscape, driven by technological advancements and a focus on sustainability and efficiency in oil and water extraction processes.

By type, the borewell segment held the highest market share in 2022 and is expected to keep its dominance during the forecast period 2024-2032. In borewells, there is a growing trend towards deeper drilling and increased exploration of unconventional oil and gas reservoirs.

This necessitates the use of advanced electrical submersible pumps (ESPs) to efficiently lift fluids from greater depths. Additionally, the rise in water scarcity and the need for sustainable water extraction drive the demand for ESPs in borewells for agricultural, industrial, and municipal purposes.

The incorporation of smart technologies for real-time monitoring and control further enhances the efficiency of ESPs in different types of borewells, aligning with the broader industry shift towards innovative and environmentally conscious pumping solutions.

By capacity, the medium segment held the highest market share in 2022. A notable trend in the electrical submersible pump (ESP) market, concerning medium capacity applications, is the increased demand for modular and scalable ESP systems.

Industries are seeking versatile solutions that can adapt to varying production requirements, providing cost-effective and efficient pumping across different capacities. The development of ESPs with flexible configurations caters to medium-scale operations, optimizing energy consumption and production output.

This trend reflects a growing emphasis on customization and adaptability, allowing operators to tailor ESP installations to specific reservoir conditions and production needs within the medium capacity range.

By operation, the multistage segment held the highest market share in 2022. A key trend driving the electrical submersible pump (ESP) market in multistage operations is the increasing demand for high-efficiency pump systems. Operators are focusing on deploying multistage ESPs to enhance the lifting capacity in challenging environments, such as deepwater oil wells and high-pressure reservoirs.

The trend involves optimizing pump designs and employing advanced materials for improved performance in handling complex fluids. This facilitates greater energy efficiency and cost-effectiveness in oil and gas extraction processes, aligning with the industry’s push for enhanced productivity and reduced environmental impact. The adoption of multistage ESPs reflects a strategic approach to address the evolving needs of the energy sector.

By end-use industry, the water & wastewater segment dominated the electrical submersible pump market. In the water and wastewater industry, increasing urbanization and industrialization drive the demand for Electrical Submersible Pumps (ESPs).

The trends include a growing need for ESPs in municipal water supply systems for population-dense urban areas. Additionally, the expansion of industrial sectors, such as manufacturing and mining, demands efficient water management solutions, fueling the adoption of ESPs.

The push for water conservation and the integration of advanced technologies for wastewater treatment also contribute to the market’s growth. Overall, the rising demand for reliable and energy-efficient pumping solutions in various end-use industries within the water and wastewater sector is a key trend shaping the ESP market.

Asia-Pacific held the highest market share in the Electrical Submersible Pump market in 2022 and is expected to keep its dominance during the forecast period 2024-2032.

In the Asia-Pacific region, key trends driving the electrical submersible pump (ESP) market include the surge in oil and gas exploration activities, particularly in emerging economies. The region’s increasing water management needs for agriculture and municipal supply are also fueling ESP demand.

Rapid industrialization and urbanization contribute to the reliance on efficient pumping solutions. Furthermore, a shift towards smart technologies and digital solutions for ESP monitoring aligns with the region’s technological advancements.

These trends highlight the pivotal role of ESPs in supporting energy and water infrastructure development in Asia-Pacific, fostering market growth in diverse applications.

Weatherford International plc announced its Production Optimization Software Platform increased production by nearly 6,000 barrels per day, boosting revenue by $156 million over three years for a Middle East operator.

The Weatherford production optimization software platform enabled the customer to automate production monitoring, analysis, and optimization asset-wide for 1,700 Electric Submersible Pump (ESP) wells.

Once the Weatherford team mapped and identified the data requirements needed to build and sustain an automated ESP well model, they instituted automated data gathering, model tuning, and data quality validation. These steps enabled the customer to proactively manage failures and opportunities in real-time across all wells from a single, integrated platform.

Report Scope

Feature of the ReportDetails
Market Size in 2023USD 15.6 Billion
Projected Market Size in 2032USD 31.5 Billion
Market Size in 2022USD 14 Billion
CAGR Growth Rate6.1% CAGR
Base Year2023
Forecast Period2024-2033
Key SegmentBy Type, Capacity, Operation, End-Use Industry and Region
Report CoverageRevenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional ScopeNorth America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying OptionsRequest tailored purchasing options to fulfil your requirements for research.

CMI has comprehensively analyzed Electrical Submersible Pump market. The driving forces, restraints, challenges, opportunities, and key trends have been explained in depth to depict the in-depth scenario of the market. Segment wise market size and market share during the forecast period are duly addressed to portray the probable picture of this Electrical Submersible Pump industry.

The competitive landscape includes key innovators, after market service providers, market giants as well as niche players are studied and analyzed extensively concerning their strengths, weaknesses as well as value addition prospects. In addition, this report covers key players profiling, market shares, mergers and acquisitions, consequent market fragmentation, new trends and dynamics in partnerships.

Global Electrical Submersible Pump Market 2023–2032 (By Billion)

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List of the prominent players in the Electrical Submersible Pump Market:

  • Schlumberger Limited
  • Baker Hughes Company
  • Borets International Limited
  • General Electric Company
  • Halliburton Company
  • Weatherford International
  • Novomet
  • L&T Valves Limited
  • Grundfos Holding A/S
  • Canadian Advanced ESP Inc.
  • Sulzer Ltd.
  • Novomet-Perm LLC
  • Torqueflow Sydex Ltd.
  • Hitachi America
  • Tianjin Rongheng Group LLC
  • ZUWA-Zumpe
  • Novomet-Perm Ltd.
  • Star Hydraulics Limited
  • Atlas Copco AB
  • Crompton Greaves Limited
  • Others

The Electrical Submersible Pump Market is segmented as follows:

By Type

  • Open Well
  • Borewell

By Capacity

  • Low
  • Medium
  • High

By Operation

  • Single Stage
  • Multi Stage

By End-Use Industry

  • Residential & Commercial
  • Water & Wastewater
  • Mining
  • Agriculture
  • Oil & Gas
  • Others

Regional Coverage:

North America

  • U.S.
  • Canada
  • Mexico
  • Rest of North America

Europe

  • Germany
  • France
  • U.K.
  • Russia
  • Italy
  • Spain
  • Netherlands
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • New Zealand
  • Australia
  • South Korea
  • Taiwan
  • Rest of Asia Pacific

The Middle East & Africa

  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa

Latin America

  • Brazil
  • Argentina
  • Rest of Latin America