Electric Submersible Pumps Market Size, Share & Trends Analysis Report By Product (Borewell, Openwell, Non-clog), By End-use (Agriculture, Construction & Building Services), By Region, And Segment Forecasts, 2024 - 2030

Electric Submersible Pumps Market Trends

The global electric submersible pumps market size was estimated at USD 8.9 billion in 2023 and is anticipated to grow at a CAGR of 5.6% from 2024 to 2030. The market is witnessing robust growth, primarily fueled by the surging demand for efficient and reliable pumping solutions in various industries, including oil and gas, water and wastewater management, and agriculture. This increase in demand can be attributed to the growing global energy needs, rising water management concerns, and the ongoing efforts towards improving agricultural yields. As industries worldwide strive for operational efficiency and sustainability.

Electric submersible pumps, known for their high efficiency, low maintenance, and ability to operate in challenging environments, are becoming increasingly popular. Consequently, advancements in technology and innovations aimed at enhancing the performance and extending the lifespan of these pumps are further propelling the market's growth.

Furthermore, the shift towards renewable energy sources has prompted the oil and gas industry to implement more energy-efficient and environmentally friendly solutions. Electric submersible pumps, especially those powered by renewable energy sources, align with this trend, offering a more sustainable option for oil and water extraction. This alignment with global sustainability goals is accelerating the adoption of electric submersible pumps, contributing to the market's expansion.

The design of an ESP makes it highly suitable for pumping fluids at great depths, with significant advantages in production rates and operational life. It works by drawing fluid into its intake, pressurizing it through stages in the pump section, and then pushing it to the surface through the tubing. ESP are widely used in the oil and gas industry due to their adaptability to varying flow rates and depths, making them an essential tool in enhancing hydrocarbon recovery from underground reserves.

Drivers, Opportunities & Restraints

The demand for electric submersible pump (ESP) is driven by the increasing exploration and production activities in the oil and gas industry. Electric submersible pump offer a viable solution due to their ability to lift large volumes of fluids from great depths efficiently. Moreover, the growing need for water and wastewater management in agricultural and industrial sectors also contributes to the rising demand for electric submersible pumps, showcasing their versatility across various applications.

The shift towards renewable energy sources has prompted the oil and gas industry to implement more energy-efficient and environmentally friendly solutions. Electric submersible pump, especially those powered by renewable energy sources, align with this trend, offering a more sustainable option for oil and water extraction

The development of smart ESP equipped with sensors and IoT capabilities offers the potential for real-time monitoring and optimization of pump performance, leading to reduced operational costs and enhanced productivity. Expanding urbanization and industrialization in emerging economies represent another significant area of growth, as the need for efficient water supply and disposal solutions becomes increasingly critical. This is likely to positively influence the demand for the market.

High initial installation and maintenance costs can deter potential users, especially in regions with limited financial resources. The complexity of electric submersible pump systems and the requirement for specialized personnel for installation and repair can also pose challenges.

Product Insights

“The demand for openwell segment is expected to grow at a CAGR of 6.2% from 2024 to 2030 in terms of revenue”

The borewell segment led the market and accounted for 46.5% of the global revenue share in 2023. The borewell equipment segment within the market is experiencing significant growth, driven by increasing demands for water extraction from deep wells in both rural and urban settings. This growth is fueled by a variety of factors including agricultural expansion, rising water scarcity, and the need for efficient and reliable water-sourcing solutions in industrial and residential sectors. Electric submersible pumps are particularly valued for their efficiency, deep water extraction capabilities, and long service life, making them ideal for borewell applications.

Openwell equipment segment is witnessing a noticeable uptick in demand due to the product’s unique ability to offer versatile pumping solutions for surface-level water bodies such as open wells, where fluctuating water levels are common. Unlike borewell pumps, openwell submersible pump are designed to operate efficiently even when not fully submerged, making them highly suitable for irrigation, water supply, and drainage applications across agricultural, commercial, and residential areas. Which will further drive the demand for the openwell market.

End-use Insights

“The demand form water & wastewater end use segment is expected to grow at a significant CAGR of 6.5 % from 2024 to 2030 in terms of revenue”

Agriculture end use segment accounted for 25.7% of the global market revenue share in 2023. These pumps are designed to provide a reliable and efficient means of water extraction from underground sources, which is crucial for irrigation and crop cultivation in various agricultural practices. As water scarcity concerns rise globally, the demand for advanced, energy-efficient submersible pumps that can operate effectively in different agricultural settings is surging. This trend is further driving the demand for electric submersible pump in agriculture industry.

The market for water and wastewater applications is witnessing robust growth, fueled by the critical need for efficient water management and treatment processes across the globe. These pumps are integral to managing clean water supply systems as well as treating and recycling wastewater, in both municipal and industrial sectors. As urbanization accelerates and environmental regulations become stricter, the demand for reliable, energy-efficient submersible pumps that can handle varying volumes of water and types of waste is surging.

Regional Insights

“China to witness fastest market growth at 6.7% CAGR”

North America electric submersible pumps market is significantly driven by the region's robust oil and gas sector, stringent water management regulations, and a growing emphasis on sustainable agricultural practices. In the oil and gas industry, an electric submersible pump is crucial for extracting resources from challenging and deep reservoirs. Additionally, the region's focus on environmental conservation has spurred the adoption of advanced water and wastewater management technologies, where submersible pumps play a vital role in ensuring efficient operation, driving the expansion of the market.

Asia Pacific Electric Submersible Pumps Market Trends

The electric submersible pump market in Asia Pacific region holds a significant share globally, primarily due to its vast agricultural sector, rapid industrialization, and increasing infrastructural development initiatives. The region's extensive agricultural activities necessitate efficient irrigation systems, wherein electric submersible pumps play a critical role in water extraction from wells to ensure sustainable crop production. Furthermore, the fast-paced urbanization and industrial growth across Asia Pacific countries have spurred the demand for these pumps in water and wastewater management, mining, and construction projects. Which will drive the demand for electric submersible pumps over the forecast period.

China electric submersible pump market is estimated to grow at a significant CAGR of 6.7’% over the forecast period. China's market is experiencing substantial growth, driven by the country's continuous emphasis on infrastructural development, agricultural modernization, and environmental sustainability initiatives. The government's push for water conservation and pollution control measures has also led to heightened investments in water treatment and recycling facilities, further propelling the demand for electric submersible pump.

Europe Electric Submersible Pumps Market Trends

The electric submersible pump market in Europe is experiencing steady growth, underpinned by the region's stringent environmental regulations, focus on water conservation, and need for efficient water management systems across its industrial, municipal, and agricultural sectors. Moreover, the renovation and upgrading of aging water infrastructure in several European countries further drives the demand for electric submersible pumps.

Key Electric Submersible Pumps Company Insights

Some of the key players operating in the market include Xylem Inc., Sulzer Ltd., KSB SE & Co. KGaA among others.

• Xylem Inc. committed to solving critical water and infrastructure challenges through innovation. The company offers a wide range of products and services, including water pumps, treatment systems, and analytics solutions. The company plays a pivotal role in addressing the full cycle of water from collection, distribution, and usage, to the return of water back into the environment, focusing on the areas of water productivity, quality, and resilience.

• Sulzer Ltd. is in the business of pumping systems, precision engineering, and upkeep services for rotating machinery. Sulzer caters to customers in areas including water and wastewater management, the oil and gas industry, power production, and chemical manufacturing, with an emphasis on offering effective and eco-friendly technologies.

Grundfos Holding A/S, LEO GROUP PUMP(ZHEJIANG)CO., LTD., and VANSAN Water Technologies, are some of the emerging market participants in the market.

• LEO GROUP PUMP(ZHEJIANG)CO., LTD is engaged in the development, manufacture, and sale of various pumps, garden equipment, and water treatment appliances. Company electric submersible pumps are tailored for a vast range of applications, including draining floods, agricultural irrigation, mining operations, and municipal water treatment.

• VANSAN Water Technologies is engaged in the development, production, and distribution of a wide range of water pumps and related equipment, catering to various sectors, including agricultural, industrial, municipal, and residential applications. Among the diverse offerings from VANSAN Water Technologies, their electric submersible pumps represent a pinnacle of engineering excellence designed for efficient water extraction from wells, boreholes, reservoirs, and rivers.

Recent Developments

• In March 2023, Atlas Copco unveiled its latest innovation in dewatering solutions: the WEDA D95, a state-of-the-art electric submersible dewatering pump designed for a wide range of pumping applications across various industries.

• In April 2024, SLB (formerly Schlumberger) introduced a groundbreaking innovation in artificial lift technology with the launch of the rodless Reda PowerEdge pump. The rodless Reda PowerEdge pump is engineered to deliver superior performance in a variety of reservoir environments.

Electric Submersible Pumps Market Report Scope

Global Electric Submersible Pumps Market Report Segmentation

This report forecasts revenue growth at global, regional & country levels and provides an analysis on the industry trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global electric submersible pump market report based on product, end-use, and region:

• Product Outlook (Revenue, USD Million, 2018 - 2030)

  • Borewell

  • Openwell

  • Non-Clog

• End-use Outlook (Revenue, USD Million, 2018 - 2030)

  • Agriculture

  • Construction & Building Services

  • Water & Wastewater

  • Power Generation

  • Oil & Gas

  • Chemical

  • Others

• Regional Outlook (Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • UK

    • Germany

    • France

    • Italy

    • Spain

  • Asia Pacific

    • Japan

    • China

    • India

    • Australia

    • South Korea

  • Latin America

    • Brazil

    • Argentina

  • Middle East & Africa

    • South Africa

    • Saudi Arabia

    • UAE