Electric Submersible Pump (ESP) in Oil and Gas Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Application (Onshore, offshore), By Operation (Single Stage, Multistage), By Region, By Competition 2019-2029F

Customization Enquiry

Buy Now

Summary

Report Description

Forecast Period

2025-2029

Market Size (2023)

USD 6.08 Billion

Market Size (2029)

USD 9.31 Billion

CAGR (2024-2029)

7.19%

Fastest Growing Segment

Multistage

Largest Market

North America

 

Market Overview

Global Electric Submersible Pump (ESP) in Oil and Gas Market was valued at USD 6.08 billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 7.19% through 2029.

The Electric Submersible Pump (ESP) in the Oil and Gas market refers to a specialized pumping system designed for the extraction of hydrocarbons from oil wells. It consists of a centrifugal pump, a submersible electric motor, and associated control systems, all housed within a sealed unit that is submerged in the well fluids. This technology is particularly utilized in scenarios where traditional pumping methods prove insufficient. The ESP operates by converting electrical energy from the surface into mechanical energy, driving the pump to lift oil or gas from considerable depths to the wellhead.

Widely employed in both conventional and unconventional reservoirs, ESPs play a pivotal role in enhancing oil recovery rates. Their ability to handle challenging well conditions, such as high temperatures, high viscosity fluids, and deviated wellbores, makes them integral to the optimization of oil and gas production. As a key component in the oil and gas industry's pursuit of operational efficiency, ESPs contribute significantly to the overall extraction and production processes, thereby playing a crucial role in meeting the global energy demands.

Key Market Drivers

Increasing Global Demand for Oil and Gas

The foremost driver propelling the growth of the global Electric Submersible Pump (ESP) market in the oil and gas sector is the incessant and escalating demand for hydrocarbons worldwide. As the global population burgeons and industrialization persists, the need for oil and gas remains insatiable. Electric Submersible Pumps play a pivotal role in enhancing oil recovery rates, particularly in mature and unconventional reservoirs, where conventional pumping methods fall short.

The rise in energy consumption, especially in emerging economies, has led to an augmented exploration and production activities in both conventional and unconventional oil and gas reservoirs. This surge in exploration efforts necessitates the use of efficient and reliable pumping technologies, making ESPs a critical component in the oil and gas industry's pursuit of meeting the escalating energy demands of the world.

Technological Advancements in ESP Systems

The constant evolution of technology has been a key driver in the global Electric Submersible Pump market. Advances in materials, sensors, monitoring systems, and automation have significantly enhanced the efficiency, reliability, and longevity of ESP systems. Modern ESPs are equipped with smart features that allow real-time monitoring and control, enabling operators to optimize pump performance and respond swiftly to changes in well conditions.

Innovations in materials used in ESP manufacturing have improved resistance to corrosion and abrasion, prolonging the lifespan of these pumps in harsh operating environments. These technological advancements not only increase the overall efficiency of ESP systems but also contribute to a reduction in operational costs, making them more attractive for oil and gas operators.

Growing Focus on Unconventional Oil and Gas Resources

The depletion of easily accessible conventional oil and gas reserves has prompted the industry to shift its focus towards unconventional resources, such as shale oil and gas. ESPs are instrumental in the extraction of hydrocarbons from unconventional reservoirs, where the extraction process is often more challenging and complex. The ability of ESPs to handle high viscosity fluids and operate in horizontal and deviated wellbores makes them indispensable in the production from unconventional resources.

As the global energy landscape continues to evolve, with unconventional resources gaining prominence, the demand for ESPs is expected to surge, driving the growth of the global market. This shift towards unconventional resources aligns with the industry's commitment to meeting energy demands sustainably and efficiently.

Increasing Investments in Enhanced Oil Recovery (EOR) Techniques

With the maturation of many oilfields, there is a growing emphasis on Enhanced Oil Recovery (EOR) techniques to extract additional hydrocarbons from reservoirs. ESPs are widely employed in EOR methods, such as water flooding and polymer flooding, to increase the sweep efficiency and recoverability of oil. As the global oil and gas industry seeks to maximize production from existing fields, the adoption of EOR techniques is becoming more prevalent.

Investments in research and development aimed at improving EOR methods, coupled with government incentives to enhance oil recovery from mature fields, are contributing to the increased deployment of ESPs. The ability of ESPs to handle the challenging conditions associated with EOR processes positions them as a vital component in the drive to boost oil recovery from existing reservoirs.


Government Policies are Likely to Propel the Market

Subsidies and Incentives for ESP Adoption in Unconventional Reservoirs

Governments worldwide are recognizing the importance of unconventional oil and gas resources in meeting energy demands. As a result, many have implemented policies aimed at incentivizing the adoption of Electric Submersible Pumps (ESPs) in the extraction of hydrocarbons from unconventional reservoirs. These subsidies and incentives are designed to encourage oil and gas operators to invest in ESP technology, which plays a crucial role in the efficient extraction of resources from challenging reservoirs.

Subsidies may take various forms, including financial incentives, tax breaks, or grants for companies that deploy ESPs in unconventional projects. By providing such support, governments aim to accelerate the development of unconventional resources, contribute to energy security, and stimulate economic growth within their jurisdictions. These policies not only drive the demand for ESPs but also align with broader energy and economic objectives.

Environmental Regulations Promoting ESP Efficiency and Sustainability

In response to increasing environmental concerns and the global push for sustainable energy practices, governments are implementing stringent regulations to govern the oil and gas industry's operations, including the use of Electric Submersible Pumps (ESPs). These regulations focus on minimizing the environmental impact of hydrocarbon extraction activities and promoting energy efficiency in pump systems.

Policies may mandate the adoption of environmentally friendly technologies, such as ESPs equipped with energy-efficient motors and monitoring systems to optimize pump performance. Governments are also setting emissions standards and guidelines for the disposal of produced water, encouraging the industry to adopt ESPs that contribute to reduced environmental footprint. Compliance with these regulations not only ensures environmental responsibility but also positions ESP technology as an integral component of sustainable oil and gas production.

Research and Development Funding for ESP Innovation

Governments recognize the pivotal role of innovation in advancing technology and driving economic growth. To foster innovation in the Electric Submersible Pump (ESP) sector, many countries implement policies that allocate funds for research and development (R&D) activities related to ESP technology. These initiatives aim to support the development of more efficient, reliable, and cost-effective ESP systems.

Funding may be directed towards projects focused on materials innovation, smart technologies, and automation in ESP manufacturing. By encouraging collaboration between industry players, research institutions, and technology providers, governments aim to accelerate the pace of ESP innovation. The resulting advancements not only benefit the oil and gas sector but also contribute to the overall technological progress within the country.

National Energy Security Initiatives Encouraging ESP Implementation

Governments recognize the critical role of the oil and gas sector in ensuring national energy security. To strengthen energy security and reduce dependency on external sources, many countries implement policies that promote the widespread adoption of technologies like Electric Submersible Pumps (ESPs) to enhance domestic production capabilities.

These initiatives may include the development of national strategies to boost oil and gas production, reduce reliance on imports, and increase overall energy self-sufficiency. By incentivizing the deployment of ESPs in both conventional and unconventional reservoirs, governments aim to secure a stable and reliable energy supply, mitigating the impact of geopolitical uncertainties on energy markets.



Download Free Sample Report

 

Key Market Challenges

Harsh Operating Environments and Equipment Reliability

One of the prominent challenges facing the global Electric Submersible Pump (ESP) market in the oil and gas industry is the demanding and often harsh operating environments in which these pumps are deployed. Oil and gas reservoirs are frequently characterized by high temperatures, high pressures, corrosive fluids, and abrasive substances, all of which can exert significant stress on ESP equipment. The reliability of ESP systems becomes crucial, as failures or downtime can result in substantial production losses and operational disruptions.

The corrosive nature of produced fluids, containing elements such as hydrogen sulfide and carbon dioxide, poses a threat to the longevity of ESP components. Additionally, the abrasive nature of certain reservoirs, especially in unconventional resource extraction, can lead to wear and tear on pump components, affecting performance and necessitating frequent maintenance.

To address this challenge, manufacturers must continuously innovate materials and designs to enhance the durability and corrosion resistance of ESPs. Moreover, operators need to implement proactive maintenance strategies, including real-time monitoring and predictive maintenance practices, to detect potential issues before they escalate. Overcoming the challenge of harsh operating environments requires a holistic approach that combines technological advancements, rigorous testing, and effective maintenance protocols.

High Initial Capital Costs and Operational Expenses

Another significant challenge confronting the global Electric Submersible Pump (ESP) market in the oil and gas sector revolves around the high initial capital costs associated with acquiring and installing ESP systems, as well as the ongoing operational expenses incurred throughout the pump's lifecycle. The upfront investment required for the purchase and installation of ESP equipment, including the pump itself, power cables, surface equipment, and control systems, can pose a considerable barrier for some oil and gas operators, particularly in smaller or financially constrained enterprises.

Operational expenses related to the maintenance, monitoring, and energy consumption of ESPs contribute to the overall cost of ownership. Energy costs, in particular, represent a significant portion of the operational expenses, as ESPs often require substantial power to lift fluids from considerable depths in oil wells.

Mitigating this challenge involves a multi-faceted approach. Technological advancements that improve the efficiency of ESPs can contribute to reducing energy consumption and, consequently, operational costs. Governments and financial institutions may play a role in alleviating the financial burden by providing incentives, subsidies, or financing options to encourage the adoption of ESP technology. Additionally, operators can implement cost-effective maintenance strategies and explore leasing or rental options to manage upfront capital costs.

Addressing the challenge of high initial capital costs and operational expenses requires a collaborative effort between industry stakeholders, technology providers, and policymakers to create a conducive environment for the widespread adoption of ESPs. As advancements continue and supportive financial mechanisms are put in place, the industry can overcome this challenge and unlock the full potential of Electric Submersible Pumps in enhancing oil and gas production.

Key Market Trends

Technological Advancements Driving Efficiency and Reliability:

The Global Electric Submersible Pump (ESP) in Oil and Gas Market is witnessing a significant surge in technological advancements aimed at enhancing pump efficiency and reliability. As oil and gas exploration ventures delve deeper into unconventional reservoirs and offshore fields, the demand for more robust and reliable pumping solutions has intensified.

One notable trend is the integration of advanced materials and manufacturing techniques in ESP design. Manufacturers are increasingly utilizing high-performance materials such as corrosion-resistant alloys and advanced polymers to enhance pump longevity and performance in challenging operating environments. Additionally, innovations in pump design, including improved motor efficiency and hydraulic performance, are further contributing to enhanced reliability and operational efficiency.

Moreover, the adoption of smart pumping systems equipped with advanced sensors and monitoring capabilities is gaining traction in the market. These smart ESP systems leverage real-time data analytics and predictive maintenance algorithms to optimize pump performance, minimize downtime, and reduce operational costs. By proactively identifying potential issues and optimizing pump operation parameters, operators can maximize production output while minimizing maintenance-related disruptions.

Furthermore, the integration of digitalization and automation technologies is revolutionizing ESP operations, enabling remote monitoring and control of pumping systems. Cloud-based platforms and IoT-enabled devices allow operators to remotely monitor pump performance, analyze production data, and implement predictive maintenance strategies from anywhere in the world. This shift towards digitalization not only enhances operational efficiency but also enables data-driven decision-making, ultimately improving overall production performance and asset management.

Overall, the ongoing technological advancements in ESP design and operation are driving significant improvements in pump efficiency, reliability, and performance. As operators continue to seek cost-effective solutions to optimize production from both conventional and unconventional oil and gas reservoirs, the adoption of advanced ESP technologies is expected to further accelerate, shaping the future landscape of the global market.

Segmental Insights

Operation Insights

The Single Stage segment held the largest Market share in 2023. Single-stage ESPs are typically more suitable for shallow wells with lower lift requirements. In such cases, the simplicity and cost-effectiveness of a single-stage design can make it a preferred choice.

Single-stage ESPs are generally simpler in design, consisting of a single impeller. This simplicity can contribute to increased reliability and ease of maintenance. In wells where the operating conditions are less demanding, a single-stage pump may offer sufficient performance with fewer components, potentially reducing the risk of failures.

Single-stage ESPs may be more cost-effective than multistage alternatives, making them an attractive option, especially in projects where capital expenditure is a significant consideration. This cost advantage can be a driving factor in the decision-making process for operators.



Download Free Sample Report

Regional Insights

North America held the largest market share in the Global Electric Submersible Pump (ESP) in Oil and Gas Market in 2023.

North America, particularly the United States and Canada, possesses vast reserves of oil and gas, including conventional and unconventional resources such as shale oil and gas. The region's abundant hydrocarbon reserves drive substantial drilling and production activities, creating a significant demand for Electric Submersible Pumps (ESPs) to enhance well productivity and optimize production rates.

North American companies are leaders in developing and deploying advanced ESP technologies tailored to the region's diverse reservoir conditions. These technologies include high-efficiency pump designs, corrosion-resistant materials, variable speed drives, and downhole monitoring systems. The continuous innovation in ESP technology enables North American companies to offer reliable, efficient, and cost-effective solutions for oil and gas production operations.

The shale revolution in North America has transformed the region's energy landscape, leading to a surge in unconventional oil and gas production. Shale formations such as the Permian Basin, Eagle Ford Shale, Bakken Formation, and Marcellus Shale have become major contributors to North America's oil and gas production. ESPs play a crucial role in maximizing production from shale wells, particularly in high-pressure and high-temperature reservoirs, further driving demand for ESPs in the region.

North America has a well-established regulatory framework governing oil and gas operations, including the use of ESPs. Regulatory agencies such as the U.S. Environmental Protection Agency (EPA) and the Canada Energy Regulator (CER) set standards and requirements to ensure the safety, environmental protection, and efficiency of ESP installations. Compliance with regulatory requirements drives demand for ESPs in North America.

North America has extensive infrastructure and a skilled workforce to support ESP installations, maintenance, and operations. This includes manufacturing facilities, service centers, distribution networks, and trained personnel with expertise in ESP technology and applications. The availability of such infrastructure and expertise enables efficient and reliable deployment of ESPs in the region.

The growing demand for energy, coupled with the development of unconventional resources, drives investment in oil and gas production technologies in North America. Companies operating in the region invest in ESPs to enhance well productivity, optimize production rates, and maximize hydrocarbon recovery. The strong market demand for ESPs contributes to North America's dominance in the global market.

Recent Developments

  • In April 2024, Schlumberger Limited introduced two innovative artificial lift solutions: the Reda Agile compact wide-range electric submersible pump (ESP) system and the rodless Reda PowerEdge electric submersible progressing cavity pump (ESPCP) system. These advanced systems feature continuous live surveillance and real-time optimization capabilities, setting new standards in operational efficiency and performance.  

Key Market Players

  • Schlumberger Limited
  • Baker Hughes Company
  • Halliburton Energy Services Inc.
  • Weatherford International plc
  • Levare International Limited 
  • Novomet
  • Grundfos Holding A/S
  • Atlas Copco AB
  • Sulzer Ltd.
  • Flowserve Corporation

By Operation

By Application

By Region
  • Single Stage
  • Multistage
  • Onshore
  • Offshore
  • North America
  • Europe
  • Asia Pacific
  • South America
  • Middle East & Africa

 

Report Scope:

In this report, the Global Electric Submersible Pump (ESP) in Oil and Gas Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Electric Submersible Pump (ESP) in Oil and Gas Market, By Operation:

o   Single Stage

o   Multistage  

  • Electric Submersible Pump (ESP) in Oil and Gas Market, By Application:

o   Onshore

o   Offshore

  • Electric Submersible Pump (ESP) in Oil and Gas Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Europe

§  France

§  United Kingdom

§  Italy

§  Germany

§  Spain

o   Asia-Pacific

§  China

§  India

§  Japan

§  Australia

§  South Korea

o   South America

§  Brazil

§  Argentina

§  Colombia

o   Middle East & Africa

§  South Africa

§  Saudi Arabia

§  UAE

§  Kuwait

§  Turkey

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Electric Submersible Pump (ESP) in Oil and Gas Market.

Available Customizations:

Global Electric Submersible Pump (ESP) in Oil and Gas Market report with the given Market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional Market players (up to five).

Global Electric Submersible Pump (ESP) in Oil and Gas Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]  

Table of content

1.    Product Overview

1.1.  Market Definition

1.2.  Scope of the Market

1.2.1.        Markets Covered

1.2.2.        Years Considered for Study

1.3.  Key Market Segmentations

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Formulation of the Scope

2.4.  Assumptions and Limitations

2.5.  Sources of Research

2.5.1.        Secondary Research

2.5.2.        Primary Research

2.6.  Approach for the Market Study

2.6.1.        The Bottom-Up Approach

2.6.2.        The Top-Down Approach

2.7.  Methodology Followed for Calculation of Market Size & Market Shares

2.8.  Forecasting Methodology

2.8.1.        Data Triangulation & Validation

3.    Executive Summary

4.    Voice of Customer

5.    Global Electric Submersible Pump (ESP) in Oil and Gas Market Outlook

5.1.  Market Size & Forecast

5.1.1.        By Value

5.2.  Market Share & Forecast

5.2.1.        By Operation (Single Stage, Multistage)

5.2.2.        By Application (Onshore, offshore)

5.2.3.        By Region

5.2.4.        By Company (2023)

5.3.  Market Map

6.    North America Electric Submersible Pump (ESP) in Oil and Gas Market Outlook

6.1.  Market Size & Forecast

6.1.1.        By Value

6.2.  Market Share & Forecast

6.2.1.        By Operation

6.2.2.        By Application

6.2.3.        By Country

6.3.  North America: Country Analysis

6.3.1.        United States Electric Submersible Pump (ESP) in Oil and Gas Market Outlook

6.3.1.1.    Market Size & Forecast

6.3.1.1.1.             By Value

6.3.1.2.    Market Share & Forecast

6.3.1.2.1.             By Operation

6.3.1.2.2.             By Application

6.3.2.        Canada Electric Submersible Pump (ESP) in Oil and Gas Market Outlook

6.3.2.1.    Market Size & Forecast

6.3.2.1.1.             By Value

6.3.2.2.    Market Share & Forecast

6.3.2.2.1.             By Operation

6.3.2.2.2.             By Application

6.3.3.        Mexico Electric Submersible Pump (ESP) in Oil and Gas Market Outlook

6.3.3.1.    Market Size & Forecast

6.3.3.1.1.             By Value

6.3.3.2.    Market Share & Forecast

6.3.3.2.1.             By Operation

6.3.3.2.2.             By Application

7.    Europe Electric Submersible Pump (ESP) in Oil and Gas Market Outlook

7.1.  Market Size & Forecast

7.1.1.        By Value

7.2.  Market Share & Forecast

7.2.1.        By Operation

7.2.2.        By Application

7.2.3.        By Country

7.3.  Europe: Country Analysis

7.3.1.        Germany Electric Submersible Pump (ESP) in Oil and Gas Market Outlook

7.3.1.1.    Market Size & Forecast

7.3.1.1.1.             By Value

7.3.1.2.    Market Share & Forecast

7.3.1.2.1.             By Operation

7.3.1.2.2.             By Application

7.3.2.        United Kingdom Electric Submersible Pump (ESP) in Oil and Gas Market Outlook

7.3.2.1.    Market Size & Forecast

7.3.2.1.1.             By Value

7.3.2.2.    Market Share & Forecast

7.3.2.2.1.             By Operation

7.3.2.2.2.             By Application

7.3.3.        Italy Electric Submersible Pump (ESP) in Oil and Gas Market Outlook

7.3.3.1.    Market Size & Forecast

7.3.3.1.1.             By Value

7.3.3.2.    Market Share & Forecast

7.3.3.2.1.             By Operation

7.3.3.2.2.             By Application

7.3.4.        France Electric Submersible Pump (ESP) in Oil and Gas Market Outlook

7.3.4.1.    Market Size & Forecast

7.3.4.1.1.             By Value

7.3.4.2.    Market Share & Forecast

7.3.4.2.1.             By Operation

7.3.4.2.2.             By Application

7.3.5.        Spain Electric Submersible Pump (ESP) in Oil and Gas Market Outlook

7.3.5.1.    Market Size & Forecast

7.3.5.1.1.             By Value

7.3.5.2.    Market Share & Forecast

7.3.5.2.1.             By Operation

7.3.5.2.2.             By Application

8.    Asia-Pacific Electric Submersible Pump (ESP) in Oil and Gas Market Outlook

8.1.  Market Size & Forecast

8.1.1.        By Value

8.2.  Market Share & Forecast

8.2.1.        By Operation

8.2.2.        By Application

8.2.3.        By Country

8.3.  Asia-Pacific: Country Analysis

8.3.1.        China Electric Submersible Pump (ESP) in Oil and Gas Market Outlook

8.3.1.1.    Market Size & Forecast

8.3.1.1.1.             By Value

8.3.1.2.    Market Share & Forecast

8.3.1.2.1.             By Operation

8.3.1.2.2.             By Application

8.3.2.        India Electric Submersible Pump (ESP) in Oil and Gas Market Outlook

8.3.2.1.    Market Size & Forecast

8.3.2.1.1.             By Value

8.3.2.2.    Market Share & Forecast

8.3.2.2.1.             By Operation

8.3.2.2.2.             By Application

8.3.3.        Japan Electric Submersible Pump (ESP) in Oil and Gas Market Outlook

8.3.3.1.    Market Size & Forecast

8.3.3.1.1.             By Value

8.3.3.2.    Market Share & Forecast

8.3.3.2.1.             By Operation

8.3.3.2.2.             By Application

8.3.4.        South Korea Electric Submersible Pump (ESP) in Oil and Gas Market Outlook

8.3.4.1.    Market Size & Forecast

8.3.4.1.1.             By Value

8.3.4.2.    Market Share & Forecast

8.3.4.2.1.             By Operation

8.3.4.2.2.             By Application

8.3.5.        Australia Electric Submersible Pump (ESP) in Oil and Gas Market Outlook

8.3.5.1.    Market Size & Forecast

8.3.5.1.1.             By Value

8.3.5.2.    Market Share & Forecast

8.3.5.2.1.             By Operation

8.3.5.2.2.             By Application

9.    South America Electric Submersible Pump (ESP) in Oil and Gas Market Outlook

9.1.  Market Size & Forecast

9.1.1.        By Value

9.2.  Market Share & Forecast

9.2.1.        By Operation

9.2.2.        By Application

9.2.3.        By Country

9.3.  South America: Country Analysis

9.3.1.        Brazil Electric Submersible Pump (ESP) in Oil and Gas Market Outlook

9.3.1.1.    Market Size & Forecast

9.3.1.1.1.             By Value

9.3.1.2.    Market Share & Forecast

9.3.1.2.1.             By Operation

9.3.1.2.2.             By Application

9.3.2.        Argentina Electric Submersible Pump (ESP) in Oil and Gas Market Outlook

9.3.2.1.    Market Size & Forecast

9.3.2.1.1.             By Value

9.3.2.2.    Market Share & Forecast

9.3.2.2.1.             By Operation

9.3.2.2.2.             By Application

9.3.3.        Colombia Electric Submersible Pump (ESP) in Oil and Gas Market Outlook

9.3.3.1.    Market Size & Forecast

9.3.3.1.1.             By Value

9.3.3.2.    Market Share & Forecast

9.3.3.2.1.             By Operation

9.3.3.2.2.             By Application

10.  Middle East and Africa Electric Submersible Pump (ESP) in Oil and Gas Market Outlook

10.1.   Market Size & Forecast         

10.1.1.     By Value

10.2.   Market Share & Forecast

10.2.1.     By Operation

10.2.2.     By Application

10.2.3.     By Country

10.3.   Middle East and Africa: Country Analysis

10.3.1.     South Africa Electric Submersible Pump (ESP) in Oil and Gas Market Outlook

10.3.1.1. Market Size & Forecast

10.3.1.1.1.          By Value

10.3.1.2. Market Share & Forecast

10.3.1.2.1.          By Operation

10.3.1.2.2.          By Application

10.3.2.     Saudi Arabia Electric Submersible Pump (ESP) in Oil and Gas Market Outlook

10.3.2.1. Market Size & Forecast

10.3.2.1.1.          By Value

10.3.2.2. Market Share & Forecast

10.3.2.2.1.          By Operation

10.3.2.2.2.          By Application

10.3.3.     UAE Electric Submersible Pump (ESP) in Oil and Gas Market Outlook

10.3.3.1. Market Size & Forecast

10.3.3.1.1.          By Value

10.3.3.2. Market Share & Forecast

10.3.3.2.1.          By Operation

10.3.3.2.2.          By Application

10.3.4.     Kuwait Electric Submersible Pump (ESP) in Oil and Gas Market Outlook

10.3.4.1. Market Size & Forecast

10.3.4.1.1.          By Value

10.3.4.2. Market Share & Forecast

10.3.4.2.1.          By Operation

10.3.4.2.2.          By Application

10.3.5.     Turkey Electric Submersible Pump (ESP) in Oil and Gas Market Outlook

10.3.5.1. Market Size & Forecast

10.3.5.1.1.          By Value

10.3.5.2. Market Share & Forecast

10.3.5.2.1.          By Operation

10.3.5.2.2.          By Application

11.  Market Dynamics

11.1.   Drivers

11.2.   Challenges

12.  Market Trends & Developments

13.  Company Profiles

13.1.   Schlumberger Limited

13.1.1.     Business Overview

13.1.2.     Key Revenue and Financials 

13.1.3.     Recent Developments

13.1.4.     Key Personnel/Key Contact Person

13.1.5.     Key Product/Services Offered

13.2.   Baker Hughes Company

13.2.1.     Business Overview

13.2.2.     Key Revenue and Financials 

13.2.3.     Recent Developments

13.2.4.     Key Personnel/Key Contact Person

13.2.5.     Key Product/Services Offered

13.3.   Halliburton Energy Services Inc. 

13.3.1.     Business Overview

13.3.2.     Key Revenue and Financials 

13.3.3.     Recent Developments

13.3.4.     Key Personnel/Key Contact Person

13.3.5.     Key Product/Services Offered

13.4.   Weatherford International plc

13.4.1.     Business Overview

13.4.2.     Key Revenue and Financials 

13.4.3.     Recent Developments

13.4.4.     Key Personnel/Key Contact Person

13.4.5.     Key Product/Services Offered

13.5.   Levare International Limited

13.5.1.     Business Overview

13.5.2.     Key Revenue and Financials 

13.5.3.     Recent Developments

13.5.4.     Key Personnel/Key Contact Person

13.5.5.     Key Product/Services Offered

13.6.   Novomet  

13.6.1.     Business Overview

13.6.2.     Key Revenue and Financials 

13.6.3.     Recent Developments

13.6.4.     Key Personnel/Key Contact Person

13.6.5.     Key Product/Services Offered

13.7.   Grundfos Holding A/S

13.7.1.     Business Overview

13.7.2.     Key Revenue and Financials 

13.7.3.     Recent Developments

13.7.4.     Key Personnel/Key Contact Person

13.7.5.     Key Product/Services Offered

13.8.   Atlas Copco AB

13.8.1.     Business Overview

13.8.2.     Key Revenue and Financials 

13.8.3.     Recent Developments

13.8.4.     Key Personnel/Key Contact Person

13.8.5.     Key Product/Services Offered

13.9.   Sulzer Ltd.

13.9.1.     Business Overview

13.9.2.     Key Revenue and Financials 

13.9.3.     Recent Developments

13.9.4.     Key Personnel/Key Contact Person

13.9.5.     Key Product/Services Offered

13.10. Flowserve Corporation

13.10.1.  Business Overview

13.10.2.  Key Revenue and Financials 

13.10.3.  Recent Developments

13.10.4.  Key Personnel/Key Contact Person

13.10.5.  Key Product/Services Offered

14.  Strategic Recommendations

15.  About Us & Disclaimer

Figures and Tables

Frequently asked questions

down-arrow

The Market size of the Global Electric Submersible Pump (ESP) in Oil and Gas Market was USD 6.08 billion in 2023.

down-arrow

In 2023, the Single Stage segment dominated the market. Single-stage ESPs are often favored for shallow wells with minimal lifting needs due to their simplicity and cost-effectiveness.

down-arrow

In 2023, the Onshore segment dominated the market share. Onshore wells typically boast greater accessibility when compared to offshore counterparts, resulting in reduced expenses for drilling and maintenance.

down-arrow

The primary catalysts propelling the Global Electric Submersible Pump (ESP) in Oil and Gas Market are the escalating worldwide appetite for oil and gas, alongside a heightened emphasis on tapping into unconventional oil and gas reservoirs.

Related Reports

profile

Parvati Sharma

Account Manager BD
Press Release

Electric Submersible Pump (ESP) in Oil and Gas Market to Grow with a CAGR of 7.19% through 2029

May, 2024

Increasing demand for Oil & Gas, Technological Advancements in Electric Submersible Pump Systems, and Increasing Investments in Enhanced Oil Recovery (EOR) Techniques are likely to drive the market i

Why Choose Us