Global Electrical Submersible Pumps Market is expected to reach US$ 20.02 Billion by 2025 | Sheer Analytics and Insights
Global Electrical Submersible Pumps market in terms of revenue is expected to reach US$ 20.02 Billion by 2025 at a CAGR of 5.40% from 2018 to 2025 as per new market research report titled Global Electrical Submersible Pumps Market (by types- high-temperature pumps, and low-temperature pumps. By-product- open well submersible pumps, bore well submersible pumps, and non-clog submersible pumps. By application- oil & gas, agriculture, firefighting, construction, mining, and others. By components- power cables, three-phase induction motors, multi-staged centrifugal pump, seal chamber section, and surface controls) – global industry analysis, size, share, growth, trends, and forecast, 2017 – 2025, by Sheer Analytics & Insights Pvt. Ltd.
Rigging of low carbonate reservoirs, sand oil fields, and highly deviated wells have a certain common factor – the use of an electrical submersible pump (ESP). ESP raises fluids up to the surface using centrifugal force in a reliable and efficient way. The beneficial advantages of an ESP for various end-user industries, coupled with technological advancements ensure the market demand is high. Moreover, the rise in demand for rig-less implementation of an electrical submersible pump will make market have a significant growth over the forecasted period.
In the recent market research reports that were published by Sheer Analytics & Insights, the global Electrical Submersible Pumps market has been segmented based on types, product, application, and components. Based on the types, the market is segmented into high-temperature pumps and low-temperature pumps. Based on the product, the market is analyzed as open well submersible pumps, bore well submersible pumps, and-clog submersible pumps. Based on components, the market has been segmented into power cables, three-phase induction motors, multi-staged centrifugal pump, seal chamber section, and surface controls. Based on application, the global electrical submersible pump market has been bifurcated in oil & gas, agriculture, firefighting, construction, mining, and others.
The market is further segmented into geographical region North America, Middle East & Africa, Asia-Pacific, and Latin America. North America holds the largest share in the electrical submersible pumps market followed by Middle East & Africa in the second rank, and Asia-Pacific being in the third rank holder. The electrical submersible pumps market is said to make a significant effect on the North American region. The reason may be attributed to the huge demand from oil & gas industries, and the surge in exploration activities in offshore areas. The various rise in investments from governments in sectors such as chemical, mining, oil & gas is ensuring the growth of the electrical submersible market in the Middle East & Africa region. Exploration of deepwater activities, the growing pace of industrialization along with urbanization is some of the major factors estimated to augment the market growth for the Asia-Pacific region over the forecasted period.
Kirloskar Brothers Limited launched an open well submersible pump for domestic and agriculture users- “KOSi” pumps. The KOSi pumps are compact and lightweight in design, it significantly reduces energy consumption to a great level, and efficiently addresses the specific requirements of the consumers. Owing to KOSi’s cathodic electro deposition coating, and high corrosion resistance, it has managed to become extremely valuable for residential consumers.
Mr. Ashish Tripathi – AVP, Retail Business Head, Kirloskar Brothers Limited said “KBL has an experience of more than 50 years in manufacturing high-quality pumps for Indian consumers. With the introduction of the KOSi Pumps, the Indian agriculture and domestic segments will have a better product to meet water needs.”
The major companies in the global electrical submersible pumps market include General Electric, Grundfos Pumps Corporation, Borets Company, Halliburton Company, Baker Hughes Inc., among others.
Global Electrical Submersible Pumps Market: By Types
- High-Temperature Pumps
- Low-Temperature Pumps
Global Electrical Submersible Pumps Market: By Product
- Open Well Submersible Pumps
- Bore Well Submersible Pumps
- Non-Clog Submersible Pumps
Global Electrical Submersible Pumps Market: By Application
- Oil & Gas
Global Electrical Submersible Pumps Market: By Components
- Power Cables
- Three-Phase Induction Motors
- Multi-Staged Centrifugal Pump
- Seal Chamber Section
- Surface Controls
Global Electrical Submersible PumpsMarket: By Geography
- Rest of Europe
- Rest of Asia Pacific
Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- Rest of Latin America
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