LONDON--(BUSINESS WIRE)--The global electric submersible pump market size is poised to grow by USD 1.36 billion during 2020-2024, progressing at a CAGR of close to 4% during the forecast period. Request Free Sample Pages
Read the 146-page research report with TOC on "Electric Submersible Pump Market Analysis Report by Application (Offshore and Online), by Geography (APAC, North America, Europe, MEA, and South America), and Segment Forecasts, 2020-2024".
The market is driven by the surging demand in the agriculture industry. In addition, the increasing use of rig-less electric submersible pumps (ESPs) is anticipated to further boost the growth of the electric submersible pump market.
The global agriculture industry has been growing exponentially with the expanding population, increasing urban and rural incomes, and the introduction of government-supported schemes. In addition, the demand for efficient water management facilities is also growing in the industry, which is driving the ESP market. ESPs are increasingly being used for gardening, farm irrigation, sprinkles, and large-scale agriculture projects to provide even distribution and efficient water utilization. Thus, the growing demand for efficient use of water for irrigation purposes is anticipated to drive the global ESP market during the forecast period.
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Major Five Electric Submersible Pump Market Companies:
Baker Hughes, a GE Co. LLC
Baker Hughes, a GE Co. LLC is a US-based company operating in key business segments including oilfield services, oilfield equipment, turbomachinery & process solutions, and digital solutions. The company offers a wide range of electric submersible pump (ESP) systems, including the TransCoil rigless-deployed ESP, CENtrilift PASS slimline, and BHGE CENtigrade elevated temperature production systems.
Flowserve Corp. is headquartered in the US and operates in key business segments such as the Engineered Product Division (EPD), Industrial Product Division (IPD), and Flow Control Division (FCD). The company offers Pleuger SubM and Byron Jackson deep well ESPs.
Halliburton Co. is a US-based firm operating in the key business segments including completion and production and drilling and evaluation. The company offers integrated ESPs to enhance daily well production and total reservoir discovery through one of its services named Summit ESP.
Schlumberger Ltd. is headquartered in the US and offers products through the business segments, Reservoir Characterization, Drilling, Production, and Cameron. The company offers ESP to optimize well performance, maximize production and reduce operating costs.
Sulzer Ltd. is headquartered in Switzerland and offers a wide range of products through its business segments including Pumps Equipment, Rotating Equipment Services, Chemtech, and Applicator Systems. The company offers a comprehensive range of ESPs, such as submersible heavy-duty pumps, submersible light, and medium-duty pumps, submersible drainage center-line pumps (JC and XJC), submersible drainage pumps (J and XJ), and submersible sludge pumps (JS and XJS).
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Electric Submersible Pump Application Outlook (Revenue, USD Million, 2020 - 2024)
Electric Submersible Pump Regional Outlook (Revenue, USD Million, 2020 - 2024)
- North America
- South America
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