Electric Submersible Pump Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 - 2032
The Global Electric Submersible Pump Market, valued at USD 13.9 billion in 2023, is projected to expand at a CAGR of 7.8% from 2024 to 2032. The growing demand for energy and the need for advanced water management solutions are key factors driving this growth.
Increasing energy consumption worldwide is encouraging significant investments in oil and gas exploration. This trend is especially pronounced in offshore and deepwater projects, where ESPs are essential for efficient extraction. These pumps are engineered to handle high-volume operations under challenging conditions, such as extreme depths and pressures. Their reliability and performance make them indispensable in meeting the energy demands of remote and difficult-to-access locations.
The escalating challenge of water scarcity and the rising focus on wastewater management are also boosting the adoption of ESPs. Urbanization and population growth are intensifying the demand for sustainable water supply systems, particularly in regions experiencing water stress. ESPs play a vital role in groundwater extraction and water transportation for municipal, agricultural, and industrial purposes, supporting efforts to address global water scarcity effectively.
In terms of product type, the market is segmented into borewell and open-well pumps. Borewell ESPs accounted for approximately USD 8.9 billion in revenue in 2023 and are expected to grow at a CAGR of 7.9% through 2032. Their versatility, cost-effectiveness, and efficiency make them highly popular for extracting groundwater across various sectors. Advancements in technology, such as energy-efficient motors and durable materials, further enhance their reliability and appeal for both rural and urban applications.
The market is also categorized by operation type into automatic and semi-automatic ESPs. Automatic ESPs held a dominant market share of 59% in 2023 and are forecast to grow at a CAGR of 8% over the forecast period. These pumps are favored for their ease of use, advanced control systems, and ability to optimize energy consumption through real-time adjustments. Their remote monitoring capabilities and low-maintenance features make them ideal for industries requiring continuous, efficient operations.
In the Asia-Pacific region, China dominates the market, generating USD 1.69 billion in revenue in 2023, with expectations to reach USD 3.43 billion by 2032. The country’s focus on large-scale infrastructure development, including water management and energy projects, is driving demand for ESPs. Its emphasis on innovation and efficiency further solidifies its leadership in the regional market.
Increasing energy consumption worldwide is encouraging significant investments in oil and gas exploration. This trend is especially pronounced in offshore and deepwater projects, where ESPs are essential for efficient extraction. These pumps are engineered to handle high-volume operations under challenging conditions, such as extreme depths and pressures. Their reliability and performance make them indispensable in meeting the energy demands of remote and difficult-to-access locations.
The escalating challenge of water scarcity and the rising focus on wastewater management are also boosting the adoption of ESPs. Urbanization and population growth are intensifying the demand for sustainable water supply systems, particularly in regions experiencing water stress. ESPs play a vital role in groundwater extraction and water transportation for municipal, agricultural, and industrial purposes, supporting efforts to address global water scarcity effectively.
In terms of product type, the market is segmented into borewell and open-well pumps. Borewell ESPs accounted for approximately USD 8.9 billion in revenue in 2023 and are expected to grow at a CAGR of 7.9% through 2032. Their versatility, cost-effectiveness, and efficiency make them highly popular for extracting groundwater across various sectors. Advancements in technology, such as energy-efficient motors and durable materials, further enhance their reliability and appeal for both rural and urban applications.
The market is also categorized by operation type into automatic and semi-automatic ESPs. Automatic ESPs held a dominant market share of 59% in 2023 and are forecast to grow at a CAGR of 8% over the forecast period. These pumps are favored for their ease of use, advanced control systems, and ability to optimize energy consumption through real-time adjustments. Their remote monitoring capabilities and low-maintenance features make them ideal for industries requiring continuous, efficient operations.
In the Asia-Pacific region, China dominates the market, generating USD 1.69 billion in revenue in 2023, with expectations to reach USD 3.43 billion by 2032. The country’s focus on large-scale infrastructure development, including water management and energy projects, is driving demand for ESPs. Its emphasis on innovation and efficiency further solidifies its leadership in the regional market.
CHAPTER 1 METHODOLOGY & SCOPE
1.1 Market scope & definitions
1.2 Base estimates & calculations
1.3 Forecast calculations
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
CHAPTER 2 EXECUTIVE SUMMARY
2.1 Industry synopsis, 2021-2032
CHAPTER 3 INDUSTRY INSIGHTS
3.1 Industry ecosystem analysis
3.1.1 Factor affecting the value chain
3.1.2 Profit margin analysis
3.1.3 Disruptions
3.1.4 Future outlook
3.1.5 Manufacturers
3.1.6 Distributors
3.2 Supplier landscape
3.3 Profit margin analysis
3.4 Key news & initiatives
3.5 Regulatory landscape
3.6 Impact forces
3.6.1 Growth drivers
3.6.1.1 Increase in oil & gas exploration
3.6.1.2 Urbanization and infrastructure growth
3.6.1.3 Focus on renewable and alternative energy
3.6.1.4 Rising water scarcity and wastewater management needs
3.6.2 Industry pitfalls & challenges
3.6.2.1 High installation and maintenance costs
3.6.2.2 Fluctuating oil prices
3.7 Technological overview
3.8 Growth potential analysis
3.9 Porter’s analysis
3.10 PESTEL analysis
CHAPTER 4 COMPETITIVE LANDSCAPE, 2023
4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix
CHAPTER 5 MARKET ESTIMATES & FORECAST, BY PRODUCT TYPE, 2021-2032 (USD BILLION) (THOUSAND UNITS)
5.1 Key trends
5.2 Borewell
5.3 Open well
CHAPTER 6 MARKET ESTIMATES & FORECAST, BY STAGE, 2021-2032 (USD BILLION) (THOUSAND UNITS)
6.1 Key trends
6.2 Single stage
6.3 Multistage
CHAPTER 7 MARKET ESTIMATES & FORECAST, BY TYPE, 2021-2032 (USD BILLION) (THOUSAND UNITS)
7.1 Key trends
7.2 Automatic
7.3 Semi-automatic
CHAPTER 8 MARKET ESTIMATES & FORECAST, BY INSTALLATION, 2021-2032 (USD BILLION) (THOUSAND UNITS)
8.1 Key trends
8.2 Vertical pump
8.3 Horizontal pump
CHAPTER 9 MARKET ESTIMATES & FORECAST, BY END USE, 2021-2032 (USD BILLION) (THOUSAND UNITS)
9.1 Key trends
9.2 Residential
9.3 Commercial
9.4 Industrial
9.4.1 Oil & Gas
9.4.2 Water & wastewater
9.4.3 Agricultural & irrigation
9.4.4 Construction
9.4.5 Mining
9.4.6 Others
CHAPTER 10 MARKET ESTIMATES & FORECAST, BY DISTRIBUTION CHANNEL, 2021-2032 (USD BILLION) (THOUSAND UNITS)
10.1 Key trends
10.2 Direct sales
10.3 Indirect sales
CHAPTER 11 MARKET ESTIMATES & FORECAST, BY REGION, 2021-2032 (USD BILLION) (THOUSAND UNITS)
11.1 Key trends
11.2 North America
11.2.1 U.S.
11.2.2 Canada
11.3 Europe
11.3.1 UK
11.3.2 Germany
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.4 Asia Pacific
11.4.1 China
11.4.2 India
11.4.3 Japan
11.4.4 Australia
11.5 Latin America
11.5.1 Brazil
11.5.2 Mexico
11.6 MEA
11.6.1 South Africa
11.6.2 Saudi Arabia
11.6.3 UAE
CHAPTER 12 COMPANY PROFILES
12.1 Aqua Group
12.2 Atlas Copco
12.3 Baker Hughes
12.4 Dab Pumps
12.5 EBARA
12.6 Flexachem
12.7 Pedrollo
12.8 Pleuger
12.9 Proril Pumps
12.10 SLB
12.11 SPP Pumps
12.12 Sumak Pump
12.13 Weir Group
12.14 Whisper Pumps
12.15 Xylem
1.1 Market scope & definitions
1.2 Base estimates & calculations
1.3 Forecast calculations
1.4 Data sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid sources
1.4.2.2 Public sources
CHAPTER 2 EXECUTIVE SUMMARY
2.1 Industry synopsis, 2021-2032
CHAPTER 3 INDUSTRY INSIGHTS
3.1 Industry ecosystem analysis
3.1.1 Factor affecting the value chain
3.1.2 Profit margin analysis
3.1.3 Disruptions
3.1.4 Future outlook
3.1.5 Manufacturers
3.1.6 Distributors
3.2 Supplier landscape
3.3 Profit margin analysis
3.4 Key news & initiatives
3.5 Regulatory landscape
3.6 Impact forces
3.6.1 Growth drivers
3.6.1.1 Increase in oil & gas exploration
3.6.1.2 Urbanization and infrastructure growth
3.6.1.3 Focus on renewable and alternative energy
3.6.1.4 Rising water scarcity and wastewater management needs
3.6.2 Industry pitfalls & challenges
3.6.2.1 High installation and maintenance costs
3.6.2.2 Fluctuating oil prices
3.7 Technological overview
3.8 Growth potential analysis
3.9 Porter’s analysis
3.10 PESTEL analysis
CHAPTER 4 COMPETITIVE LANDSCAPE, 2023
4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix
CHAPTER 5 MARKET ESTIMATES & FORECAST, BY PRODUCT TYPE, 2021-2032 (USD BILLION) (THOUSAND UNITS)
5.1 Key trends
5.2 Borewell
5.3 Open well
CHAPTER 6 MARKET ESTIMATES & FORECAST, BY STAGE, 2021-2032 (USD BILLION) (THOUSAND UNITS)
6.1 Key trends
6.2 Single stage
6.3 Multistage
CHAPTER 7 MARKET ESTIMATES & FORECAST, BY TYPE, 2021-2032 (USD BILLION) (THOUSAND UNITS)
7.1 Key trends
7.2 Automatic
7.3 Semi-automatic
CHAPTER 8 MARKET ESTIMATES & FORECAST, BY INSTALLATION, 2021-2032 (USD BILLION) (THOUSAND UNITS)
8.1 Key trends
8.2 Vertical pump
8.3 Horizontal pump
CHAPTER 9 MARKET ESTIMATES & FORECAST, BY END USE, 2021-2032 (USD BILLION) (THOUSAND UNITS)
9.1 Key trends
9.2 Residential
9.3 Commercial
9.4 Industrial
9.4.1 Oil & Gas
9.4.2 Water & wastewater
9.4.3 Agricultural & irrigation
9.4.4 Construction
9.4.5 Mining
9.4.6 Others
CHAPTER 10 MARKET ESTIMATES & FORECAST, BY DISTRIBUTION CHANNEL, 2021-2032 (USD BILLION) (THOUSAND UNITS)
10.1 Key trends
10.2 Direct sales
10.3 Indirect sales
CHAPTER 11 MARKET ESTIMATES & FORECAST, BY REGION, 2021-2032 (USD BILLION) (THOUSAND UNITS)
11.1 Key trends
11.2 North America
11.2.1 U.S.
11.2.2 Canada
11.3 Europe
11.3.1 UK
11.3.2 Germany
11.3.3 France
11.3.4 Italy
11.3.5 Spain
11.4 Asia Pacific
11.4.1 China
11.4.2 India
11.4.3 Japan
11.4.4 Australia
11.5 Latin America
11.5.1 Brazil
11.5.2 Mexico
11.6 MEA
11.6.1 South Africa
11.6.2 Saudi Arabia
11.6.3 UAE
CHAPTER 12 COMPANY PROFILES
12.1 Aqua Group
12.2 Atlas Copco
12.3 Baker Hughes
12.4 Dab Pumps
12.5 EBARA
12.6 Flexachem
12.7 Pedrollo
12.8 Pleuger
12.9 Proril Pumps
12.10 SLB
12.11 SPP Pumps
12.12 Sumak Pump
12.13 Weir Group
12.14 Whisper Pumps
12.15 Xylem
