Electric Submersible Pump Market Size To Reach $14.76 Billion By 2026; Advancements in Hydrocarbon Exploration to Aid Growth

The global electric submersible pumps market size is projected to reach USD 14.76 billion by the end of 2026. Driven by the increasing demand for hydrocarbons across the world, the market will rise at a considerable rate in the coming years. According to a report published by Fortune Business Insights, titled “Electric Submersible Pump Market Size, Share & Industry Analysis, By End-User (Residential & Commercial, Water & Wastewater, Mining, Agriculture, Oil & Gas, Chemicals, Construction, Others), By Operation (Single-Stage, Multi-Stage), By Capacity (Low, Medium, High), By Type (Open well, Bore Well), and Regional Forecast, 2019-2026,” the market was worth USD 9.43 billion in 2018 and will exhibit a CAGR of 5.8% during the forecast period, 2019-2026.

The demand for hydrocarbons has risen dramatically in recent years. The exponentially rising demand for oil and gas has drawn huge investment towards the ways to harness and store energy. Electric submersible pumps are used in underwater construction or energy harnessing activities. It acts as a centrifugal pump that is inclusive of an electric motor. “Variations in output capabilities of these devices have led to a wider product adoption across the world,” said a lead analyst at Fortune Business Insights. The increasing underwater construction activities have opened up a huge potential for the growth of the electric submersible pumps market for the coming years.

To Get the detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/electric-submersible-pumps-market-102232

Key Segments in the Electric Submersible Pumps Market:

• By End User: The market is segmented on the basis of end user into residential & commercial, water & wastewater, mining, agriculture, oil & gas, chemicals, construction, and others. Among these, the water and wastewater segment is projected to account for a major electric submersible pump market share in the coming years. The increasing need to solve sewage problems will aid the growth of this segment. The increasing demand for water for several purposes and the availability of limited resources will encourage the use of these pumps. The increasing adoption of these products in water and waste water treatment will have a positive impact on the growth of the market in the coming years. As of 2018, water and wastewater segment accounted for around 27.5% of the electric submersible pump market share.


• By Type: On the basis of type, the market is segmented into open well and bore well.  The bore well pumps are projected to witness high demand, accounting to properties such as easy installation and low cost. The bore well segment accounted for a higher market share in recent years. The growing use of bore well pumps across residential as well as domestic sectors has contributed to the growth of this segment.


• By Capacity: On the basis of capacity, the market is segmented into below low, medium, and high. Among these, the high-rated pumps are projected to witness substantial growth in the coming years, owing to its abilities to handle higher loads. Moreover, the ability of these pumps to operate in harsh environments such as oil and gas and mining applications will aid the growth of this segment. Furthermore, the ability of high-rated pumps to handle contaminated water and deliver efficient sewage and drainage outputs will fuel the demand for the product across the world.


• By Operation:  Based on operation, the market is segmented into single-stage and multi-stage pumps. Among these, the multi-stage operated products are projected to hold a dominant market share accounting to the high reliability and efficiency of the product. The single stage product will also witness considerable growth, owing to its cost-effective design.


• By Region: The report analyses the ongoing electric submersible pumps market trends across five major regions including North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, the market in Asia Pacific is projected to emerge dominant in the coming years due to the growing hydrocarbon extraction and mining activities. The constantly rising population and the increasing need for fresh water for domestic purposes will contribute to the growth of the market in this region. As of 2018, the market in Asia Pacific was worth USD 3.13 billion and this value is likely to increase further in the coming years.

Market is Highly Fragmented; Companies are Focused on Delivering Newer Solutions

The electric submersible pumps market is highly fragmented with several major companies operating in major regions across the world. A few of the prominent companies that are currently operating in the market include:

• Sulzer


• Kirloskar Brothers Limited


• oddesse Pumpen- Und Motorenfabrik GmbH


• KSB Company


• Multiquip Inc.


• GRUNDFOS


• Hitachi America


• Xylem Inc.


• Caprari


• Crompton Greaves Consumer Electricals Limited


• Weatherford


• TSURUMI PUMP


• ZUWA-Zumpe GmbH


• Homa Pumpenfabrik GmbH


• Quadt Kunststoffapparatebau GmbH

Key Industry Developments:

• May 2018: Weatherford announced a collaboration with Valiant Artificial Lift Solutions to service, market, and commercialize electrical submersible pumps (ESPs).


• October 2019: Tsurumi announced the launch of a new titanium-based submersible pump marketed under the TM series.

The global electric submersible pumps market is segmented based on: