Future Market Insights, an ESOMAR-certified market research firm, unveils its latest findings in the Electric Submersible Pumps Market analysis for both onshore and offshore applications for 2023 to 2033.
NEWARK, Del., Sept. 26, 2023 /PRNewswire/ -- 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 US$ 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 US$ 8.5 billion in 2023.
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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.
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 electric submersible pumps industry is likely to total US$ 1.7 billion by 2033.
- Japan electric submersible pumps industry is estimated 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.
Electric Submersible Pumps Market: Country-wise Insights
Country | Estimated Market Value (2033) |
United States Electric Submersible Pumps Market | US$ 2.2 billion |
United Kingdom Electric Submersible Pumps Market | US$ 455.2 million |
China Electric Submersible Pumps Market | US$ 1.7 billion |
Japan Electric Submersible Pumps Market | US$ 1.1 billion |
South Korea Electric Submersible Pumps Market | US$ 690.8 million |
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"Factors such as industrialization, high electricity demand, and investments in renewable energy generation are expected to increase the demand for electric submersible pumps for power generation. Increased investment in production and exploration by oil and gas companies is expected to drive demand in the oil and gas industry; a trend likely to persist through 2033." – says a lead analyst at Future Market Insights (FMI).
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.
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 oil operator that decided to innovate and improve the pumping gear in Germany.
Get More Valuable Insights into the Electric Submersible Pumps Market Report
Future Market Insights (FMI), in its new offering, provides an unbiased analysis of the global electric submersible pumps market, presenting historical demand data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study incorporates compelling insights on the electric submersible pump industry based on end-use (on-shore and offshore) across several regions.
About the Industrial Automation Division at Future Market Insights (FMI)
Expert analysis, actionable insights, and strategic recommendations – the industrial automation team at Future Market Insights (FMI) helps clients from all over the globe with their unique business intelligence needs.
With a repertoire of over 1,000 reports and one million+ data points, the team has analyzed the industrial automation industry lucidly in 50+ countries for over a decade. The team provides end-to-end research and consulting services; reach out to explore how we can help.
About the Author:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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