Market Size of Europe Oil and Gas Electric Submersible Pump Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 8.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Europe Oil And Gas Electric Submersible Pump Market Analysis
The European oil and gas electric submersible pump market in Europe is expected to register a CAGR of more than 8% during the forecast period.
The market was negatively impacted by the outbreak of COVID-19 due to the crude oil price crash and regional lockdowns, leading to delays in ongoing and upcoming projects. Currently, the market has reached pre-pandemic levels.
- A recent surge in upstream activities in Russia and Norway is likely to drive the market. Additionally, the start of the Johan Sverdrup is expected to drive demand for ESP in Norway.
- On the other hand, declining production in Norway, Denmark, and Italy is expected to restrain the growth of the market studied in the forecast period.
- With declining onshore reserves and the development of offshore deepwater and horizontal wells, the offshore market is expected to witness significant growth in the forecast period.
- Russia is leading the market for the oil and gas electric submersible pump. It is expected to continue its dominance in the forecast period as well.
