The global electric submersible pumps market registered an astonishing CAGR of 5.3% in the historical period between 2018 and 2022. The global electric submersible pumps market will likely total USD 12.1 billion by 2033. It is estimated to record a steady CAGR of 3.6% in the review period 2023 to 2033. It is expected to reach USD 8.5 billion in 2023.
The electric submersible pump (ESP) market is a wider global pump industry segment. ESPs are dedicated pumps designed to be immersed in a fluid to lift or move it. These pumps have several applications in diverse industries, with particular prominence in the oil and gas sector.
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ESP is used to pump or lift fluids, primarily in cases where the fluid is located in deep wells or reservoirs. They work on altering electrical energy into mechanical energy, which is then used to move fluids. The oil and gas industry is the key industry driving demand for ESP. They are essential for artificial lift systems, which aid in extracting hydrocarbons from wells where natural pressure has decreased. In addition to oil and gas, ESP is used in several applications, including water management, mining, agriculture, and others.
An ESP system usually includes three key components: motors, pumps, and electrical cables. Hermetic motors convert electrical energy into mechanical energy. The impeller then harnesses this mechanical energy to transport the fluid. The power cable links the system to an external power source.
ESP is designed to handle a variety of fluids, such as crude oil, brine, water, and other fluids. They are designated based on their capability to handle specific fluid things such as viscosity, temperature, and chemical composition. Continuous research and development in engine technology, materials, and digitalization are driving innovations in ESP systems. These advances aim to improve pump performance, increase reliability, and reduce operating costs.
Key Takeaways from the Electric Submersible Pumps Market Report:
- The United States electric submersible pumps industry is projected to reach US$ 2.2 billion in the forecast period.
- The United Kingdom electric submersible pumps industry is set to be valued at US$ 455.2 million by 2033.
- China’s electric submersible pumps industry is likely to total US$ 1.7 billion by 2033.
- Japan’s electric submersible pumps industry is estimated to register US$ 1.1 billion by 2033.
- Based on end-users, the on-shore segment is set to witness a CAGR of 3.4% from 2023 to 2033.
Competitive Landscape:
Leading manufacturers and companies want to expand their product and service portfolios by introducing and launching new products. They will also use several growth approaches, such as acquisitions, partnerships, transactions, and mergers to maintain a prominent position in the market.
Leading Key Players:
- Borets Company LLC,
- Falcon Pumps Pvt.Ltd,
- General Electric Company,
- Grundfos Pumps Corporation,
- Halliburton
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For instance,
- In February 2022, Calentix Technologies introduced the Upwing “MDS” magnetic drive system, which isolates all susceptible electrical components from aggressive production fluids by assigning them in the well circle as an indispensable part.
- In June 2021, Oil Dynamics GmbH upgraded the first 2 of 10 production wells for an oil operator that decided to innovate and improve the pumping gear in Germany.
Electric Submersible Pumps Market Segmentation:
By End-use:
- Onshore
- Offshore