North America Oil & Gas Electric Submersible Pump Market is Expected to grow at a robust CAGR of 6.86% through 2030F
The
North America Oil & Gas Electric Submersible Pump market will be led by the
United States, driven by its extensive offshore and unconventional oil
production, during the forecast period 2026-2030F.
According
to TechSci Research report, “North
America Oil & Gas Electric Submersible Pump Market – By Country,
Competition, Forecast & Opportunities, 2020-2030F, The North America
Oil & Gas Electric Submersible Pump Market was valued at USD 2.33 Billion
in 2024 and is expected to reach USD 3.47 Billion by 2030 with a CAGR of 6.86%
during the forecast period.
Rising
investment in offshore and deepwater drilling projects is another key driver of
the Oil & Gas Electric Submersible Pump market in North America. As onshore
oil reserves become more difficult to extract from, offshore drilling is
emerging as a critical avenue for future production growth. The North American
oil industry, particularly in the United States and Mexico, has seen increased
investments in offshore fields, particularly in the Gulf of Mexico, where some
of the most promising deepwater reserves are located. These offshore and
deepwater operations, however, pose significant challenges due to the
high-pressure and high-temperature conditions at extreme depths. To address
these challenges, operators rely on electric submersible pumps, which are designed
to operate effectively under such extreme conditions.
Electric
submersible pumps are ideal for these offshore and deepwater applications due
to their ability to operate efficiently, reduce downtime, and handle complex
and harsh operational environments. The need to extract oil from these offshore
fields efficiently, coupled with growing investments from oil & gas
companies in deepwater exploration, will continue to drive the market for
electric submersible pumps in the region. As North American oil producers push
to maximize output from these untapped offshore fields, the demand for
reliable, high-performance electric submersible pumps will remain strong.
Offshore drilling investments in North America have increased by 10% annually
since 2020, with projections indicating sustained growth due to rising oil prices
and technological advancements in deepwater drilling.
The
development of unconventional oil & gas reservoirs, including shale oil, is
significantly influencing the Oil & Gas Electric Submersible Pump Market in
North America. The United States, in particular, has seen a major surge in the
extraction of shale oil and gas in regions such as the Permian Basin and Bakken
Formation. These unconventional oil fields often require specialized
technologies, including electric submersible pumps, to manage the artificial
lift requirements necessary for extraction. As shale reservoirs are typically
characterized by lower natural pressures, electric submersible pumps are
essential for providing the continuous lift needed to bring oil to the surface
efficiently.
In
addition to providing reliable and cost-effective production solutions,
electric submersible pumps enable operators to manage production rates in these
highly productive but challenging fields. The trend toward the development of
unconventional resources has led to a steady rise in demand for pumping
solutions that can handle the complexities of shale oil extraction,
particularly in terms of maintaining flow rates and maximizing recovery from
existing wells. As the exploration and production of unconventional oil &
gas resources continue to grow, driven by advancements in hydraulic fracturing
and horizontal drilling techniques, the need for electric submersible pumps
will continue to expand. The rapid growth of shale oil production, alongside
increasing oil prices, further drives investments in these technologies, making
electric submersible pumps a critical component in the sustainable development
of unconventional oil & gas reservoirs in North America.
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Based
on Well Depth, Ultra-Deep Wells segment is anticipated to be the
fastest-growing segment in the North America Oil & Gas Electric Submersible
Pump Market during the forecast period. This growth is primarily driven by the
increasing focus on offshore drilling and the expansion of deepwater oil and
gas reserves, particularly in regions like the Gulf of Mexico. Ultra-deep
wells, which typically exceed depths of 15,000 feet, require specialized and
high-performance artificial lift solutions, such as electric submersible pumps,
to efficiently lift oil and gas to the surface under high-pressure,
high-temperature conditions. As conventional onshore fields continue to mature,
oil & gas operators are increasingly turning to ultra-deepwater reserves to
meet growing energy demands.
Advancements
in drilling and production technologies have made it more feasible to extract
oil from ultra-deep wells. These developments have led to higher investments in
offshore exploration, further driving the demand for advanced pumping systems.
Electric submersible pumps are particularly suited for ultra-deep wells due to
their reliability, scalability, and efficiency in harsh conditions. With the
continued rise in deepwater drilling activities and the growing emphasis on
maximizing production from previously untapped reserves, the ultra-deep wells
segment is set to experience the fastest growth in the North America Oil &
Gas Electric Submersible Pump Market during the forecast period.
Based
on country, Mexico is rapidly emerging as the fastest-growing region in the
North America Oil & Gas Electric Submersible Pump market due to its
increasing focus on oil & gas exploration and production. The country’s
energy reforms have attracted significant foreign investments, especially in
offshore and deepwater drilling projects, particularly in the Gulf of Mexico.
These projects demand advanced artificial lift solutions, such as electric
submersible pumps, to optimize production and enhance recovery from mature and
deepwater fields. Mexico's growing efforts to boost oil output, coupled with
the need to modernize infrastructure and enhance extraction technologies, is
fueling the demand for electric submersible pumps. As the country expands its
oil & gas industry, it is expected to continue driving market growth in the
region.
Key
market players in the North America Oil & Gas Electric Submersible Pump market
are: -
- Schlumberger
Limited
- Halliburton
Company
- Levare
International
- Weatherford
International plc
- Novomet
- NOV
Inc.
- Honeywell
International Inc.
- Sundyne,
LLC
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“The
North America Oil & Gas Electric Submersible Pump market is expected to
experience robust growth in the future, driven by increasing investments in
offshore and unconventional oil fields, particularly in the United States and
Mexico. Technological advancements, including enhanced efficiency, durability,
and automation in electric submersible pumps, will further boost adoption. The
growing demand for energy-efficient and environmentally sustainable lifting
solutions will play a key role, as operators seek to optimize production from
mature and deepwater fields. Rising oil prices and the push for enhanced oil
recovery techniques will continue to fuel market expansion.Top of Form” said Mr. Karan Chechi,
Research Director of TechSci Research, a research-based Global management
consulting firm.
“North America Oil & Gas Electric Submersible
Pump Market By Pump Type (Centrifugal Pumps, Axial Flow Pumps, Positive
Displacement Pumps), By Power Rating (Up to 500 HP, 500-1000 HP, 1000-2000 HP,
Above 2000 HP), By Well Depth (Shallow Wells, Intermediate Wells, Deep Wells,
Ultra-Deep Wells), By Country, Competition, Forecast and Opportunities,
2020-2030F,” has
evaluated the future growth potential of North America Oil & Gas Electric
Submersible Pump Market and provides statistics & information on
market size, structure, and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in North America Oil
& Gas Electric Submersible Pump Market.
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