Electric Submersible Pump Market Demand, Top Trend & Regional Analysis 2023-2030

20-03-2023

By Ronak Bora

Increasing deployment of electric submersible pumps in agriculture and building services has resulted in significant electric submersible pump market growth. Surging urbanization and escalating demand for water supply have further generated huge revenue prospects for the industry. Additionally, intensifying concerns regarding scarcity of drinking water due to fast depleting water resources will offer impetus to electric submersible pump industry growth. Concrete steps undertaken by government authorities to curb water scarcity and subsequent drilling of numerous wells & borewells will further fuel electric submersible pump industry growth.

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Demand for efficient irrigation facilities has attracted massive investments from governments. Electric submersible pumps are extensively deployed in large-scale agriculture projects and sprinkler & drip irrigation systems to effectively utilize and uniformly disseminate water. Many people lease or rent electric submersible pumps and select irrigation systems depending upon their farm requirements. Effective water dissemination and less reliance on rainfall facilitated by product deployment have increased crop production and influenced electric submersible pump industry trends.

The problem of water scarcity has reached almost epidemic levels, with very little availability of water for drinking and sanitation. Against such a backdrop, wells and borewells are being widely drilled to access groundwater and lessen water scarcity, which is estimated to induce electric submersible pump industry demand.

Borewells are available in diverse variants, which are deployed as per specific requirements. Borewells of diameters of 4.5-12 inches are dug to extract groundwater, while wells with a diameter of around 4-5-inch are used for domestic applications. Likewise, wells with diameter of over 6-inch are utilized for large application purposes. Borewell electric submersible pumps are witnessing high installation across industrial & commercial water management facilities. Also, need for municipal drainage & sewage systems has intensified, which, in turn, has translated into spiraling growth of borewell electric submersible pump market.

Electric submersible pump business is slated to accrue considerable proceeds from oil & gas industry. Oil prices are recovering substantially, resulting in heavy investments toward production and exploration activities. According to the data released by the International Energy Agency, the global upstream expenditure soared to $472 billion in 2018 from $450 billion in 2017. Operating and capital expenses are falling and emphasis on operational management is intensifying, which will positively impact electric submersible pump market outlook. Moreover, amplifying focus on reducing technology costs, rising product innovation, and decreasing manufacturing costs will stimulate electric submersible pump industry growth from oil & gas business.

Speaking of the regional landscape, Europe submersible pump industry is likely to emerge as a key revenue pocket and register a CAGR of above 5% over the forecast period. Rise in number of mature wells and ongoing product innovation are the key factors supporting industry growth in the continent. Romania and Russia are witnessing significant growth in the number of mature oilfields and are likely to emerge as key country-specific markets.

Many hydrocarbon recovery methods, such as artificial lift and EOR are extensively being adopted owing to the heavy investments directed towards the upstream sector. Furthermore, high demand for energy and economic recovery solutions has escalated electric submersible pump industry demand.

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Given the high demand for electric submersible pumps in agriculture, building services, and oil & gas industries, several companies in the business have heightened investments in R&D activities. The aforesaid is poised to bring forth a number of innovative products to the forefront of electric submersible industry. Some of the major electric submersible pump market participants are Weatherford, Borets International, Schlumberger, Halliburton, General Electric, Ebara, Flowserve Corporation, and Atlas Copco among others.

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About Author

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport....