Electric Submersible Pump for Oil & Gas Market Size, Share, Trends, & Industry Analysis Report By Type, By Application, and By Region – Market Forecast, 2026-2034

The electric submersible pump for oil & gas market size was valued at USD 6.55 billion in 2025 and is expected to reach USD 12.42 billion by 2034, growing at a CAGR of 7.4%. Oil and gas electric submersible pumps continue to be one of the most efficient AI techniques. The benefits of ESPs are based on high-volume lifting rates and improved efficiency, particularly in harsh conditions. The technological solution is quite popular and is being explored by various companies.

What’s Included in Electric Submersible Pump for Oil & Gas Report?

In our latest market study on ESP, there is a detailed analysis of system technologies, component architecture, environments for implementation, and digital development. In the competitive study, there is a complete market analysis that includes detailed analysis of the key ESP producers and service companies, including the various services and initiatives taken by the companies. The analysis of the regions includes the key regions for the production and consumption of ESP and is supported by the SWOT and PESTEL analysis tools.

What are Driving Factors and Emerging Trends of Electric Submersible Pump for Oil & Gas Market?

As per our research, the electric submersible pump for oil and gas industry is growing very rapidly. Below are the key driving factors identified for this market:

Increasing ESP Installation in Mature Fields: Rise in Water Cut and Reservoir Pressured Decline Drive ESP Installation Rates.

Increasing Use of ESP in Deepwater Operations: High horse-power ESP systems are finding favor in wells where gas lift is not practical.

Digital ESP Innovation: Remote monitoring and diagnostic solutions and predictive maintenance tools powered by the Internet of Things change the paradigm of operational efficiency and runtime optimization.

High-Capacity Lift Demand: High-capacity lift operations, driven by increasing shale production and geometric well complexity, demand sophisticated staging of high-capacity multistage pumps with superior gas handling and abrasion resistance

These factors were reviewed against technology advances and regional upstream trends by analysts, in order to deliver the most accurate market forecast and actionable insight.

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Which Key Segments are Driving Electric Submersible Pump for Oil & Gas Market?

By Type Analysis

The vertical ESP segment accounted for the largest share of the market in 2025, driven by its broad application in high-volume conventional reservoirs experiencing rising water cut and declining pressure.

By Application Analysis

Onshore segment accounted for the largest share of the ESP system market in 2025 as aging fields in the Middle East, North America, and Asia Pacific resort to ESP systems to sustain their output and minimize operational down times.

Which is Dominating Region in Electric Submersible Pump for Oil & Gas Market?

North America: North America was leading in the market in the year 2025, due to massive ESP installations in the shale basins and digital lift optimization tool adoption.

Asia Pacific: The region is expected to record the highest growth, driven by increasing levels of redeveloping work in China and Southeast Asia and the increasing use of high-horsepower ESP systems for deeper onshore wells.

Where is Electric Submersible Pump for Oil & Gas Market Headed?

As per our analysts, there is a growing trend of steady expansion in the ESP market as operators focus on stable production in mature fields, shale, and offshore. Digitally enabled systems, based on diagnoses and high temperature resistance, are seeing an accelerating trend.

A smarter approach to strategic investments in subsea ESPs, advanced motors, and automation has changed the face of artificial lift, making it more technology-driven.

What Electric Submersible Pump for Oil & Gas Market Report Reveals?

What is the global market size, growth trend, and CAGR for electric submersible pump for oil & gas through 2034?

What are the factors driving the market growth?

Who are the top companies, and what is their relative position in terms of competitive positioning?

How do different ESP types, including horizontal, vertical, and multistage systems, shape the market landscape?

How does the market differ in application and geography, and which are the leading sectors?

What are the trends in the regions of North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa?

Where do new opportunities arise in the electric submersible pump for oil & gas market?

Who are Major Electric Submersible Pump for Oil & Gas Market Contributors?

According to our study, a few firms are leading in the global market. The following are some of the major market contributors:

Schlumberger (SLB)

Baker Hughes

Halliburton

Novomet

Weatherford

GE Vernova

ChampionX

Valiant Artificial Lift Solutions

Oil Dynamics GmbH

Triol Corporation

Levare International

DEPAMU (Hangzhou) Pumps Technology Co., Ltd.

Market Segments Covered

By Type Outlook (Revenue, USD Billion, 2021-2034)

Horizontal ESP

Vertical ESP

Multistage ESP configurations

By Application Outlook (Revenue, USD Billion, 2021-2034)

Onshore

Offshore

By Regional Outlook (Revenue, USD Billion, 2021-2034)

North America

U.S.

Canada

Europe

Germany

France

UK

Italy

Spain

Netherland

Russia

Rest of Europe

Asia Pacific

China

India

Japan

Malaysia

South Korea

Indonesia

Australia

Rest of Asia Pacific

Latin America

Mexico

Brazil

Argentina

Rest of Latin America

Middle East & Africa

Saudi Arabia

UAE

South Africa

Israel

Rest of Middle East & Africa Show more