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.
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.
| Attributes | Key Insights |
|---|---|
| Electric Submersible Pumps Market Size (2022A) | USD 8.1 billion |
| Electric Submersible Pumps Market Estimated Size (2023E) | USD 8.5 billion |
| Projected Electric Submersible Pumps Market Valuation (2033F) | USD 12.1 billion |
| Value-based CAGR (2023 to 2033) | 3.6% |
Exclusive Offer: 30% Off on Regional Reports
Get a free sample report and customize your regions for a 30% discount on your regional report!
The global electric submersible pumps market registered an astonishing CAGR of 5.3% in the historical period between 2018 and 2022. It is anticipated to rise at a decent CAGR of 3.6% in the assessment period.
| Historical Value (2022) | USD 8.1 billion |
|---|---|
| Historical CAGR (2018 to 2022) | 5.3% |
Over the years, electric submersible pumps technology has steadily grown with improvements in motor performance, materials, and digital monitoring systems. These advances have contributed to outstanding performance and reliability. The electric submersible pumps market is closely linked to the oil and gas industry. Historical trends have shown that oil price fluctuations suggestively impact demand for electric submersible pumps.
With the growth of technologies such as hydraulic fracturing (fracking), electric submersible pumps are needed in unconventional oil and gas tanks, such as shale reservoirs. Historically, there has been a constant push for energy-efficient electric submersible pumps systems. Both cost-effective and environmental concerns drive this trend.
Demand for electric submersible pumps in water management applications, such as wastewater treatment and urban water supply, continues to increase due to population growth and urbanization. As developing economies undergo rapid urbanization and industrialization, demand for electric submersible pumps has increased in regions such as Asia Pacific and Middle East.
The trend of integrating IoT technology and digital solutions for real-time monitoring, predictive maintenance, and optimizing electric submersible pumps performance has emerged in recent years. The electric submersible pumps market has historically seen mergers, acquisitions, and strategic alliances between key players. This is often aimed at expanding product portfolio and market reach.
Variations in environmental guidelines and industry standards have inclined the design and process of electric submersible pumps systems, concentrating on sustainability and abridged environmental impact. There has been a historical trend to using electric submersible pumps in offshore oil and gas production, especially in deepwater environments. This has led to advances in underwater electric submersible pumps technology.
Manufacturers are increasingly offering electric submersible pumps systems that can be tailored to specific good conditions and production necessities, reflecting industry demand for tailored solutions. The electric submersible pumps market has historically been associated with fossil fuels. However, there is growing interest in applying electric submersible pumps technology in renewable energy sectors such as geothermal and offshore wind.
| Attributes | Key Factors |
|---|---|
| Latest Trends |
|
| Growth Hindrances |
|
| Upcoming Opportunities |
|
The table below explains the electric submersible pumps market size and CAGRs of the top 5 countries for 2033. The United States is anticipated to remain at the forefront by reaching USD 2.2 billion. Japan is expected to surge to around USD 1.1 billion by 2033, less than China's USD 1.7 billion.
| Countries | Market Value (2033) |
|---|---|
| United States | USD 2.2 billion |
| United Kingdom | USD 455.2 million |
| China | USD 1.7 billion |
| Japan | USD 1.1 billion |
| South Korea | USD 690.8 million |
In the table below, the CAGRs of the top 5 countries are given for the review period 2023 to 2033. South Korea and Japan are expected to remain dominant by exhibiting a CAGR of 4.3% and 4.0%, respectively. The United States and the United Kingdom will likely follow with CAGRs of 3.7% and 3.5%, respectively.
| Countries | Value-based CAGR (2023 to 2033) |
|---|---|
| United States | 3.7% |
| United Kingdom | 3.5% |
| China | 2.9% |
| Japan | 4.0% |
| South Korea | 4.3% |
The United States electric submersible pumps market is projected to reach USD 2.2 billion in the forecast period. It expanded at a CAGR of 5.1% in the historical period. The United States has a strong presence in the electric submersible pump (ESP) market. The electric submersible pumps market in the United States is influenced by applications from the oil and gas industry, water management needs, and advancements in pump technology.
The United States is the world's leading consumer of electric submersible pumps, primarily due to its large oil and gas production. Electric submersible pumps are widely used for artificial lift systems to extract hydrocarbons from wells.
Fueled by technologies such as hydraulic fracturing (fracking), the shale revolution has increased unconventional oil and gas production in the United States. This increase in production has boosted demand for electric submersible pumps.
The United States is a hub of technological innovation, extending to the electric submersible pumps market. The United States-based companies often lead development in advanced electric submersible pump systems, comprising improved engine performance and digitalization.
Environmental regulations and safety and compliance standards set by agencies such as the Environmental Protection Agency (EPA) and the Occupational Safety and Health Administration (OSHA) affect the design and operation of the electric submersible pump systems.
The United Kingdom electric submersible pumps market is anticipated to register USD 455.2 million by 2033. It expanded at a CAGR of 6.1% in the historical period. The United Kingdom is increasingly interested in renewable energy sources, including geothermal and offshore wind. Electric submersible pumps play an important role in these areas, providing opportunities for market expansion.
The United Kingdom electric submersible pumps market is very competitive, with domestic and international companies competing for market share. Extensive infrastructure in the United Kingdom supports installing and upholding electric submersible pumps onshore and offshore. Accessibility to well locations is an important consideration when implementing electric submersible pumps.
The United Kingdom has a strong research and development ecosystem concentrated on pump technology. This includes advances in materials, engine performance, and digital solutions for electric submersible pumps. In the United Kingdom, there is an increasing emphasis on sustainable and environmentally friendly solutions. This trend influences the growth and adoption of electric submersible pumps systems with lower ecological impact.
China electric submersible pumps market is projected to total USD 1.7 billion by 2033. It expanded at a CAGR of 6.0% in the historical period. It is the leading and prominently growing electric submersible pumps market globally. China's rapid industrialization and urbanization have created significant demand for electric submersible pumps in various sectors, including water supply, oil and gas, wastewater treatment, and mining.
The Chinese market is recognized for innovation and advancement in pump technology. Small companies and manufacturers are often at the front of emerging advanced electric submersible pumps systems comprising digital solutions and energy-efficient designs.
Chinese government policies and edges play a key role in the growth of the electric submersible pumps market. Strategies related to energy efficacy, environmental protection, and water resources management impact the adoption of electric submersible pumps technology.
Japan electric submersible pumps market is projected hit USD 1.1 billion by 2033. It expanded at a CAGR of 6.2% in the historical period. Japan is a country that plays an important role in the global electric submersible pump (ESP) market. Advanced technological capabilities, stringent ecological regulations, and diverse industry applications influence the Japanese electric submersible pumps market.
Japan is known for its engineering expertise and advanced technology. This extends to the electric submersible pumps market, where Japan-based companies often grow advanced pump technologies comprising motor performance and materials improvements.
Although Japan has an oil and gas industry, it is not a key producer. Thus, this sector's demand for electric submersible pumps may not be as great as in countries with large reserves.
Japan attaches great importance to ecological protection and sustainable water management. This drives demand for electric submersible pumps in urban water supply, wastewater treatment, and desalination projects. Japan is famous for its energy-saving technology. The need for electric submersible pumps to operate with high energy efficacy aligns with the country's goal of reducing energy consumption and ecological impact.
Japan has a robust manufacturing industry; this expertise spreads to producing pumps and related equipment. This supports local production and innovation of electric submersible pumps systems. Japan is famous for having strict safety values and regulations. This applies to industries using electric submersible pumps, safeguarding that these systems meet high safety and quality standards.
South Korea electric submersible pumps market is estimated to total USD 690.8 million by 2033. It expanded at a CAGR of 6.4% in the historical period. South Korea is known for its advanced technological abilities and innovation. This extends to the electric submersible pumps market, where Korean companies can develop high-quality, technologically advanced pump systems.
South Korea has a strong and diverse industry, including chemicals, electronics, manufacturing, and shipbuilding sectors. Electric submersible pumps find applications in various industries in this field. South Korea has established strict environmental guidelines, driving demand for environmentally friendly pumping solutions such as electric submersible pumps. This is especially relevant in wastewater treatment and water resources management.
Korea pays special attention to energy efficiency. Electric submersible pumps operate with high energy efficacy and are in high demand, in line with the nation's focus on sustainable and effective technology.
Electric submersible pumps are used in water management applications, including wastewater treatment, urban water supply, and desalination projects. The demand for these systems is fuelled by the need to manage water resources effectively.
Korea is a key shipbuilding country in the world. Electric submersible pumps are used in shipbuilding for bilge pumping and ballast water management tasks. South Korea is a foremost producer of semiconductors, an industry that uses much water. Electric submersible pumps play an important role in water management in semiconductor manufacturing.
The table below signifies leading sub-categories under the type category in the electric submersible pumps market. Onshore is expected to dominate the market for electric submersible pumps by exhibiting a 3.4% CAGR in the evaluation period.
| Category | Forecast CAGR (2023 to 2033) |
|---|---|
| Onshore (End-use) | 3.4% |
In terms of end-users, the onshore segment is expected to generate a noteworthy share in the electric submersible pumps market by 2033. It expanded at 5.1% CAGR in the historical period from 2018 to 2022.
In the electric submersible pump (ESP) market, onshore refers to industries or applications in which electric submersible pumps systems are deployed on land instead of offshore or subsea applications. On-shore end users represent several industries and rely on electric submersible pumps for a multitude of purposes.
Onshore oil and gas fields are electric submersible pumps's key and important end users. These pumps are used for artificial lift systems to mine hydrocarbons from land wells. Electric submersible pumps are used in urban water supply systems to pump water from reservoirs or wells to meet the needs of communities, towns, and villages.
Electric submersible pumps are used in wastewater treatment plants for sludge pumping, aeration, and conveying wastewater in treatment facilities.
ESP is used in mining processes for dewatering purposes. They aid in managing groundwater levels to enable safe and effective mining operations. Electric submersible pumps can be used on construction projects for tasks such as managing water tables, dewatering on construction sites, and providing water for concrete mixing. Several industries use EPS in their processes, including food and beverage, chemicals, pulp and paper, etc.
EPS can treat and pump groundwater or other contaminated liquids in ecological remediation projects. In aquaculture operations, electric submersible pumps uphold water circulation and aeration in fish ponds or tanks.
They are also used in power plants for condensate separation, cooling water circulation, and boiler-feed water pumping. Electric submersible pumps can be used in the petrochemical and refining industries for pumping and transporting several fluids within the facility.
Check Free Sample Report & Save 40%!
Select your niche segments and personalize your insights for smart savings. Cut costs now!
The market is categorized by the presence of global and regional manufacturers due to the constantly evolving demand for water treatment. Key companies market their goods through various channels, including e-commerce sites, websites, sellers, distributors, and end users.
Manufacturers compete on many aspects, including product price, design, performance, technology, reputation, and availability. Key players focus on various approaches to expand their market share and reach, including expanding distribution networks, new product launches, mergers and acquisitions, and research and development spending.
For instance
| Attribute | Details |
|---|---|
| Estimated Electric Submersible Pumps Market Size (2023) | USD 8.5 billion |
| Projected Electric Submersible Pumps Market Valuation (2033) | USD 12.1 billion |
| Value-based CAGR (2023 to 2033) | 3.6% |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Value (USD billion) |
| Segments Covered | End Use |
| Regions Covered | North America; Latin America; East Asia; South Asia Pacific; Western Europe; Eastern Europe; Middle East & Africa |
| Key Companies Profiled | Borets Company LLC; Falcon Pumps Pvt.Ltd; General Electric Company; Grundfos Pumps Corporation; Halliburton |
The electric submersible pumps market is likely to register USD 12.1 billion in 2033.
The electric submersible pumps market is set to expand at 3.6% CAGR from 2023 to 2033.
The onshore segment might witness a 3.4% CAGR from 2023 to 2033.
Borets Company LLC, Falcon Pumps Pvt. Etc. are key players in the market.
The market was valued at USD 8.1 billion in 2022.
| Estimated Market Size (2024E) | USD 51.6 billion |
|---|---|
| Projected Market Value (2034F) | USD 136.2 billion |
| Value-based CAGR (2024 to 2034) | 10.2% |
| Estimated Market Size (2023) | USD 33 billion |
|---|---|
| Projected Market Size (2033) | USD 60 billion |
| CAGR (2023 to 2033) | 6.2% |
| Market Value (2023) | USD 11.68 billion |
|---|---|
| Market Expected Value (2033) | USD 19.39 billion |
| Market Projected CAGR (2023 to 2033) | 5.2% |
Explore Automation Auxiliary Insights
View Reports
Electric Submersible Pumps Market
Thank you!
You will receive an email from our Business Development Manager. Please be sure to check your SPAM/JUNK folder too.
