The global electric submersible pump (ESP) market size has the potential to grow by USD 1.36 billion during 2020-2024. The market’s growth momentum will accelerate throughout the forecast period because of the steady increase in year-over-year growth.

This report provides a detailed analysis of the market by application (offshore and onshore) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Baker Hughes, a GE Co. LLC, DOS CANADA INC., EBARA Corp., Flowserve Corp., Grundfos Holding AS, Halliburton Co., KSB SE & Co. KGaA, Schlumberger Ltd., SPX FLOW Inc., and Sulzer Ltd.

Market Overview

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Market Competitive Analysis

The electric submersible pump market is concentrated and the degree of concentration will remain the same over the forecast period. Vendors are focusing on inorganic growth strategies such as mergers and acquisitions and partnerships to improve their market foothold across geographies. KSB SE & Co. KGaA, Schlumberger Ltd., SPX FLOW Inc., and Sulzer Ltd. are a few of the significant market participants. Although the surging demand in the agriculture industry will offer immense business opportunities to the vendors, the low operational life of ESPs will challenge their growth. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market positions, this electric submersible pump market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of the companies. The report also covers details on the market’s competitive landscape and offers information on the products offered by various companies. This electric submersible pump market analysis report also provides information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading electric submersible pump companies, including:

• Baker Hughes, a GE Co. LLC
• DOS CANADA INC.
• EBARA Corp.
• Flowserve Corp.
• Grundfos Holding AS
• Halliburton Co.
• KSB SE & Co. KGaA
• Schlumberger Ltd.
• SPX FLOW Inc.
• Sulzer Ltd.  

Electric Submersible Pump Market: Segmentation by Region

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APAC was the largest market by region in the global electric submersible pump market in 2019 and the region will offer several growth opportunities to market vendors during the forecast period. Major oil industry players in the region are investing significantly in technological developments to boost the production of mature oil fields. As a result, the demand for artificial lift technologies, including ESPs, is increasing. This factor is contributing to the global electric submersible pump market size growth.

Almost 39% of the overall market’s growth will originate from APAC during the forecast period. The growing number of mature fields and the presence of major oil producers in the region are contributing to the global electric submersible pump market growth. China, Thailand, Indonesia, and Malaysia are the key markets for the electric submersible pump market in the region. The market growth in this region will be faster than that of other geographies over the forecast period.

Electric Submersible Pump Market: Segmentation by Application

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Variable-speed ESPs are widely used in offshore applications, especially in wells that have moderate to high production rates. In offshore applications, ESP systems provide benefits such as improved well performance, reduced capital costs, and increased energy efficiency.

The growth rate of the offshore market segments is expected to be slower compared with the onshore segment over the forecast period. This report provides an accurate prediction of the contribution of all the segments to the growth of the electric submersible pump market size.

Electric Submersible Pump Market: Key Drivers and Trends

The global agricultural industry has been recording exponential growth owing to increasing rural incomes and rising government-supported schemes, among others. Since uninterrupted water supply is essential in the industry, ESPs are playing a crucial role in irrigation purposes. ESPs for agricultural purposes are specially designed for underwater applications and are equipped with three-phase electrical power. Moreover, they can withstand voltage fluctuations and have high suction lift capacity. Therefore, the growing agricultural industry will increase the sales of ESP systems in the coming years, contributing to the electric submersible pump market growth. Another significant factor that will support the sales of ESPs is the growing number of mature oil and gas fields. ESPs are significantly being used as artificial lift techniques to pump oil and gas to the surface.

• The increasing use of rig-less ESPs is one of the significant electric submersible pump market trends.
• Vendors are incorporating new technologies into artificial lift methods.
• Owing to the above factor, rig-less ESP is an emerging technology in the market.
• The conveyance of rig-less ESP is simpler compared with the conventional model.
• Moreover, rig-less ESPs help operators in reducing the intervention cost and minimizing the lost production.
• Furthermore, these devices can be used in challenging environments such as deepwater subsea fields, unconventional oil plays, heavy oil deposits, and others
• As a result, the sales of ESPs are increasing, and the electric submersible pump market size will grow at a CAGR of almost 4% during 2020-2024.

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Electric Submersible Pump Market: Key Highlights of the Report for the Forecast Period 2020-2024

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will accelerate the growth of the electric submersible pump market during the next five years
• Precise estimation of the global electric submersible pump market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the electric submersible pump industry APAC, Europe, MEA, North America, and South America
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of electric submersible pump vendors

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