Market Size of North America 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 | > 7.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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North America Oil and Gas Electric Submersible Pump Market Analysis
The oil and gas electric submersible pump market in North America is expected to grow at CAGR of more than 7% in the forecast period of 2020-2025. Increasing upstream activities in the Permian basin in the United States is one of the major driving factors for the ESP market. Additionally, about 70% of the world's daily oil and gas production comes from the mature fields, which are in a state of declining production. To enhance production from these mature fields, the demand for ESP is increasing. On the other hand, the decline in crude oil prices due to the weaker demand from the end-users has led to a decrease in the drilling activities, and thus, the demand for the ESP is also likely to be hindered. Also, a declining number of offshore wells in the United States is expected to restrain the market growth.
- With 990 active onshore rigs in the United States and increasing production from the Permian basin, the onshore sector is expected to dominate the oil and gas ESP market.
- The United States has one of the largest technically recoverable shale gas reserves and the second-largest tight oil reserves in the world. The availability of ample reserves is expected to create significant opportunities for ESP manufacturers and suppliers in the near future.
- With oil production of 17 million barrels per day in 2019, the United States is leading the market of ESP. It is expected to continue its dominance in the forecast period.
