Electric Submersible Pump Market to Reach $19.7 Billion Globally, by 2033 at 6.5% CAGR: Allied Market Research

An electric submersible pump (ESP) is a type of pump that is designed to be completely submerged in the fluid it is pumping. It consists of a multi-stage centrifugal pump coupled with an electric motor, which is typically sealed in a single unit to operate underwater or in fluid-filled environments.

WILMINGTON, Del., March 11, 2025 /PRNewswire/ -- Allied Market Research published a report, titled, "Electric Submersible Pump Market by Type (Borewell Submersible Pumps, Openwell Submersible Pumps, and Non-Clog Submersible Pumps), Application (Onshore and Offshore), and End User (Oil and Gas, Water and Wastewater, Mining, and Others): Global Opportunity Analysis and Industry Forecast, 2024-2033". According to the report, the electric submersible pump market was valued at $10.4 billion in 2023 and is estimated to reach $19.7 billion by 2033, growing at a CAGR of 6.5% from 2024 to 2033.

The pump is powered by electricity and is commonly used in a variety of applications, such as pumping water, oil, or other fluids from deep underground or from reservoirs, especially in industries like oil and gas, agriculture, and water supply.

Download PDF Sample Copy@ https://www.alliedmarketresearch.com/request-sample/A10792 

Prime determinants of growth

The prime determinants of growth are critical factors that shape the development and expansion of an economy, business, or even individual success. Among the most important of these is capital investment, which plays a central role in driving growth. Investments in both physical capital—such as machinery, infrastructure, and technology—and human capital, which refers to the education and skill development of the workforce, are essential. A well-trained and efficient workforce is key to increasing productivity and enabling long-term growth.

Another major determinant is technological advancements. The rapid pace of technological innovation leads to improved production processes, higher efficiency, and the development of new industries. Technology can also reduce costs and open new markets, enhancing global competitiveness. As businesses or economies adopt new technologies, they create opportunities for expansion and higher growth potential.
 

Report coverage & details:

The borewell submersible pumps segment dominated the market in 2023, and the non-clog submersible pumps segment is expected to grow at a significant CAGR during the forecast period.

By type, the market is categorized into borewell submersible pumps, open well submersible pumps, and non-clog submersible pumps. Borewell submersible pumps held a dominant position in the electric submersible pump market in 2023. Borewell submersible pumps are essential for deep-well water pumping, agricultural irrigation, and other water supply applications, particularly in regions where groundwater is a primary source of water. The segment's growth is driven by increasing demand for water in both rural and urban areas, as well as advancements in pump technology to improve efficiency and performance.

Buy This Research Report 185Pages PDF with Insights, Charts, Tables, Figures) @   https://www.alliedmarketresearch.com/checkout-final/bf863431d66e13de266540ddc2d5801b

The offshore segment dominated the market in 2023, and the onshore segment is expected to grow at a significant CAGR during the forecast period.

Depending on application, the electric submersible pump market is categorized into offshore and onshore. The offshore segment dominated the market in 2023. Offshore applications, particularly in deep-sea drilling and oil extraction, require high-performance submersible pumps, making this segment crucial to the global market's growth, particularly as oil exploration moves to more challenging environments.

The oil and gas segment dominated the market in 2023. The others segment is expected to grow at a significant CAGR during the forecast period.

Based on end user, the electric submersible pump market is divided into oil and gas, water and wastewater, mining, and others. The oil and gas segment accounted for more than half market share in terms of revenue in 2023. This growth is fueled by the continuous demand for oil and gas extraction and transportation, with the use of specialized submersible pumps in offshore drilling, exploration, and production activities.

The Asia-Pacific dominated the market share in terms of revenue in 2023.

Region wise, the electric submersible pump market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In 2023, Asia-Pacific accounted for the largest market share, and it is expected to grow at a significant CAGR throughout the forecast period. This growth can be attributed to rapid industrialization, increase in demand for water and energy, and rise in investments in infrastructure development in the region. Key countries like India and China are driving the demand for borewell submersible pumps, offshore solutions, and oil and gas applications. As a result, the Asia-Pacific region is expected to maintain its dominance and continue to be a key player in the global market. The region's expansion reflects a broader trend of increasing urbanization and industrial needs, ensuring sustained growth across various segments.

Enquire Before Buying@ https://www.alliedmarketresearch.com/purchase-enquiry/A10792 

Leading Market Players: -

• Atlas Copco AB
• Baker Hughes Company
• Borets International Limited
• Crompton Greaves
• Consumer Electrical Ltd.
• General Electric Company
• Halliburton
• Novomet
• Schlumberger Limited
• Sulzer Ltd.
• Zenit Italia - S.R.L.

The report provides a detailed analysis of these key players in the electric submersible pump market. These players have adopted different strategies such as new product launches, expansion, and acquisitions to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Update On Demand@ https://www.alliedmarketresearch.com/request-for-customization/A10792 

Trending Reports in Construction & Machinery Industry

Industrial Pumps Market : Global Opportunity Analysis and Industry Forecast, 2021-2030

Axial Piston Hydraulic Motors and Pumps Market : Global Opportunity Analysis and Industry Forecast, 2021-2033

Desalination Pumps Market : Global Opportunity Analysis and Industry Forecast, 2024-2032

Sump Pumps Market : Global Opportunity Analysis and Industry Forecast, 2024-2032

Circulator Pumps Market : Global Opportunity Analysis and Industry Forecast, 2023-2032

Booster Pump Market : Global Opportunity Analysis and Industry Forecast, 2021-2031

Sea Water Pumps Market: Global Opportunity Analysis and Industry Forecast, 2023-2032

Mono Block Pumps Market: Global Opportunity Analysis and Industry Forecast, 2023-2032

Mud Pumps Market: Global Opportunity Analysis and Industry Forecast, 2023-2032

Dredge Pump Market: Global Opportunity Analysis and Industry Forecast, 2023-2032

Ultra High Pressure Water Pump Market: Global Opportunity Analysis and Industry Forecast, 2023-2032

Industrial Pumping Machinery Market: Global Opportunity Analysis and Industry Forecast, 2023-2032

Chemical Pump Market: Global Opportunity Analysis and Industry Forecast, 2023-2032

Mechanical Pump Market: Global Opportunity Analysis and Industry Forecast, 2023-2032

About Us:

Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

Contact:

David Correa
1209 Orange Street, 
Corporation Trust Center, 
Wilmington, 
New Castle, 
Delaware 19801 USA.
Int'l: +1-503-894-6022 
Toll Free: +1-800-792-5285
UK: +44-845-528-1300
India (Pune): +91-20-66346060 
Fax: +1-800-792-5285
help@alliedmarketresearch.com

Logo: https://mma.prnewswire.com/media/636519/Allied_Market_Research_Logo.jpg