Market Size of Oil and Gas Electric Submersible Pumps Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 6.20 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Oil & Gas Electric Submersible Pump Market Analysis
The market for oil and gas electric submersible pumps (ESP) is expected to register a CAGR of more than 6.2 % during the forecast period, 2022-2027. The COVID-19 pandemic adversely affected the market due to the low crude oil price, thus creating an unfavorable situation in 2020. Projects such as the Indonesia Merakes gas field and upstream projects in Senegal were delayed on account of the COVID-19 pandemic. Major factors driving the market include the increasing number of mature fields and the adoption of ESPs by oil and gas operators due to the operational advantages of ESP over other forms of artificial lift. However, ESP run times can be severely compromised in high sand and solid content environments. The performance also degrades while pumping viscous fluids or high gas-to-liquid ratio mixtures. Therefore, the associated failure and downtime risk with ESP is expected to hinder the market growth.
- The onshore sector accounts for the largest share in the electric submersible pumps market, owing to the increasing number of mature fields in the sector.
- Developments of potential shale reserves around the world are expected to create significant opportunities for ESPs in the future.
- North America dominated the market across the world, with the majority of the demand coming from the United States.
