Electric Submersible Pump Market to Hit $17 Billion by 2025: Global Market Insights, Inc.
SELBYVILLE, Del., Aug. 5, 2019 /PRNewswire/ -- The Europe electric submersible pump market will grow over 5% up to 2025. Ongoing product development coupled with a growing number of mature fields primarily will foster industry growth. A large number of fields across Romania and Russia have reached their maturity and the declining production rate across existing wells have instigated product demand. A growing need for economic recovery of resources along with increasing energy consumption will augment the industry landscape. Furthermore, the demand for ESP systems has grown, owing to increased spending in the upstream sector, leading to the adoption of various hydrocarbon recovery measures, including artificial lift and EOR.
The U.S. electric submersible pump market will witness robust growth owing to the rising number of hydrocarbon development projects along with discoveries of new oilfields. An increased rig count along with recovering oil prices will provide massive growth prospects for industry players. For instance, the U.S. rig count increased from 900 in 2017 to 945 in 2018. Substantial demand from the agriculture sector along with surging irrigation investments after prolonged drought conditions will further enhance business outlook.
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The Global Electric Submersible Pump Market is set to surpass USD 17 billion by 2025, as reported in the latest study by Global Market Insights, Inc. Rapidly increasing population along with extensive development of building infrastructure primarily across emerging nations will drive the electric submersible pump market growth. Growing requirements for uninterrupted water supply, aging infrastructure and depleting water resources are the prime factors facilitating product adoption. These units are widely deployed across high rise buildings and municipal facilities to ensure efficient supply and distribution.
Increasing spending by respective government authorities toward providing effective irrigation facilities along with surging agricultural demand will accelerate business growth. The units are used across sprinkler, drip irrigation and large-scale agriculture projects, providing even distribution and efficient water utilization. These systems can be selected based on different farm requirements along with ease of availability on rent and lease will stimulate product penetration. In addition, a significant upscale in farm output owing to reduced dependency on monsoon rains and effective water distribution has led to growing adoption by local farmers.
Browse key industry insights spread across 350 pages with 790 market data tables & 24 figures & charts from the report, "Electric Submersible Pump Market By Industry (Oil & Gas {Onshore, Offshore}, Sewage & Wastewater, Agriculture, Building Services), By Well (Borewell {Sewage & Wastewater, Agriculture, Building Services}, Open well {Sewage & Wastewater, Agriculture, Building Services}), By Operation (Single Stage, Multistage), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Russia, Norway, UK, Denmark, Italy, Germany, Netherlands, Spain, Sweden, France, China, India, Indonesia, Malaysia, Thailand, Australia, South Korea, Singapore, New Zealand, Philippines, Saudi Arabia, Iraq, Turkey, Kuwait, UAE, Angola, Nigeria, South Africa, Brazil, Argentina, Chile), Application Potential, Competitive Market Share & Forecast, 2019 - 2025" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/electric-submersible-pump-market
Rising exploration and production activities on account of recovering oil & gas prices will foster the electric submersible pump market growth. As per International Energy Agency (IEA), the global upstream investments increased to USD 472 billion in 2018 from USD 450 billion in 2017. A growing focus toward operational management coupled with reducing capital and operating expenses will enhance the outlook for the industry. Furthermore, declining technology cost coupled with an increasing focus toward low-cost manufacturing and technology innovation will boost product demand.
Prevailing issues concerning the water crisis along with an extreme shortage of drinking and sanitary water will propel the borewell ESP market growth. The borewells are primarily dug for extraction of groundwater with a diameter of 4.5 to 12 inches, where 4-5 inch diameter wells are used for domestic purposes whereas more than 6-inch diameter wells are used for large applications. Growing deployment across industrial and commercial water management facilities along with surging demand for municipal sewage and drainage systems will augment the business landscape.
Key participants functioning across the electric submersible pump market include Borets International, Schlumberger, Weatherford, Halliburton, General Electric, Ebara, Flowserve Corporation, Atlas Copco, Grundfos Holding, Wilo SE, Sulzer, Novomet-Perm, Crompton Greaves and Tsurumi Manufacturing.
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Electric Submersible Pump Market Forecasts 2019-2025
The worldwide electric submersible pump market is anticipated to register 6%+ CAGR between 2019-2025, driven by rising exploration and production activities and growing demand for efficient irrigation systems.
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Electric Submersible Pump Market
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SOURCE Global Market Insights, Inc.
