Electric Submersible Pumps Market Forecasts to 2032 – Global Analysis By Well Type (Onshore Wells and Offshore Wells), Operation, Motor Type, Pump Stage, Application, End User and By Geography
Description
According to Stratistics MRC, the Global Electric Submersible Pumps Market is accounted for $12.2 billion in 2025 and is expected to reach $21.6 billion by 2032 growing at a CAGR of 8.5% during the forecast period. Electric Submersible Pumps (ESPs) are multistage, centrifugal pumps designed to operate while fully submerged in liquids, primarily used for lifting fluids from deep wells, reservoirs, or oilfields to the surface. Powered by an electric motor, these pumps efficiently convert electrical energy into mechanical energy to move large volumes of liquid under high pressure. They are widely employed in industries such as oil and gas, water and wastewater management, and mining due to their ability to handle varying flow rates and depths. ESPs offer advantages like high efficiency, reliability, and reduced surface footprint, making them vital in fluid extraction applications.
Market Dynamics:
Driver:
Rising oil & gas production and reservoir depletion
Mature fields and low-pressure wells require high-capacity pumping systems to maintain output. ESPs offer deep-well compatibility and efficient fluid handling under challenging conditions. Integration with real-time monitoring tools enhances operational control and predictive servicing. Investment in ESPs is helping operators extend well productivity and reduce downtime. These factors are strengthening the market’s role in enhanced oil recovery.
Restraint:
Complex installation & maintenance requirements
Harsh operating environments and well-specific configurations increase deployment challenges. Downtime caused by improper installation or delayed servicing can impact production continuity. Smaller operators may face cost and resource constraints in managing ESP operations. Long lead times for replacement parts and skilled labor further complicate maintenance cycles. These factors limit adoption in regions with limited technical capacity.
Opportunity:
Infrastructure growth in emerging economies
Urbanization and population growth are driving demand for reliable pumping solutions. ESPs offer high efficiency and scalability for large-volume applications. Governments and private sectors are investing in water management and energy infrastructure. Expansion of utility networks and industrial zones is creating new deployment opportunities. These conditions are supporting sustained market expansion across developing regions.
Threat:
Environmental regulations & dependency on raw material prices
Compliance with emission standards and energy efficiency mandates increases design and manufacturing complexity. Volatility in steel, copper, and rare earth material costs affects production budgets. Regulatory delays may impact project timelines and equipment approvals. Manufacturers must balance performance with sustainability to remain competitive. These pressures pose challenges to profitability and long-term planning.
Covid-19 Impact:
The Covid-19 pandemic significantly disrupted the Electric Submersible Pumps market by halting industrial activities, delaying oil and gas projects, and reducing demand across key end-use sectors. Supply chain interruptions and workforce shortages hindered manufacturing and installation processes. However, the market also witnessed a gradual recovery as operations resumed and industries adapted to new safety protocols. Growing focus on water management, energy efficiency, and infrastructure projects supported post-pandemic demand, stabilizing the market and paving the way for long-term growth opportunities.
The onshore wells segment is expected to be the largest during the forecast period
The onshore wells segment is expected to account for the largest market share during the forecast period due to widespread deployment of ESPs in land-based oilfields. These wells benefit from easier access, lower installation costs, and simplified maintenance logistics. ESPs are used extensively in mature onshore reservoirs to enhance production rates. Integration with digital oilfield technologies is improving monitoring and control. Operators prefer onshore installations for cost-effective artificial lift solutions. This segment will continue to dominate ESP applications globally.
The municipal utilities segment is expected to have the highest CAGR during the forecast period
Over the forecast period, the municipal utilities segment is predicted to witness the highest growth rate owing to rising demand for efficient water management systems. ESPs are being adopted in urban water supply, sewage treatment, and flood control infrastructure. Population growth and urban expansion are driving investment in municipal pumping solutions. Energy-efficient and high-capacity ESPs support continuous operation in critical public services. Government initiatives and smart city programs are accelerating deployment. This segment is poised for rapid expansion across developing and developed regions.
Region with largest share:
During the forecast period, the North America region is expected to hold the largest market share by the region’s mature oil and gas industry, emphasis on shale oil production, and advanced technological integration. Strong investments in unconventional energy resources and enhanced oil recovery techniques support widespread adoption. The market also benefits from the presence of key industry players and robust research and development activities. However, fluctuating crude oil prices and high maintenance requirements pose challenges. Environmental regulations and sustainability goals are encouraging innovations that enhance energy efficiency and operational reliability.
Region with highest CAGR:
Over the forecast period, the Asia Pacific region is anticipated to exhibit the highest CAGR is driven by expanding oil and gas exploration activities, increasing demand for energy, and rising industrialization. The region benefits from a growing focus on deepwater and offshore drilling projects, coupled with supportive government initiatives. Additionally, rapid urbanization and water management needs boost adoption across municipal and industrial sectors. The market faces challenges such as high operational costs and technical complexities, but continuous technological advancements and investments in energy infrastructure sustain its long-term growth potential.
Key players in the market
Some of the key players in Electric Submersible Pumps Market include Baker Hughes, Schlumberger, Halliburton, Sulzer AG, Grundfos Holding A/S, Flowserve Corporation, Xylem Inc., Atlas Copco AB, Ebara Corporation, Franklin Electric Co., Inc., KSB SE & Co. KGaA, Wilo SE, Kirloskar Brothers Ltd., Shakti Pumps (India) Ltd. and Gorman-Rupp Company.
Key Developments:
In June 2024, Baker Hughes signed a cooperation agreement with SOCAR’s Azneft Production Union to establish an ESP assembly, repair, and maintenance center in Azerbaijan. The initiative supports localization and accelerates deployment of over 150 ESPs, enhancing uptime and production efficiency in regional oilfields.
In January 2025, SLB renewed its joint venture agreement with Edgo for the REDA Pump Company Free Zone in Egypt, marking 25 years of collaboration. The partnership supports ESP assembly, repair, and testing for regional markets, reinforcing SLB’s commitment to local manufacturing and advanced pump technologies.
Well Types Covered:
• Onshore Wells
• Offshore Wells
Operations Covered:
• Vertical ESP Systems
• Horizontal ESP Systems
Motor Types Covered:
• Induction Motor
• Permanent Magnet Motor
Pump Stages Covered:
• Single-Stage ESP
• Multi-Stage ESP
• High-Stage ESP
• Low-Stage ESP
• Variable-Speed ESP
Applications Covered:
• Oil & Gas Production
• Water & Wastewater Management
• Mining & Minerals
• Power Generation
• Other Applications
End Users Covered:
• Oilfield Operators
• Municipal Utilities
• Industrial Users
• Other End Users
Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2024, 2025, 2026, 2028, and 2032
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Market Dynamics:
Driver:
Rising oil & gas production and reservoir depletion
Mature fields and low-pressure wells require high-capacity pumping systems to maintain output. ESPs offer deep-well compatibility and efficient fluid handling under challenging conditions. Integration with real-time monitoring tools enhances operational control and predictive servicing. Investment in ESPs is helping operators extend well productivity and reduce downtime. These factors are strengthening the market’s role in enhanced oil recovery.
Restraint:
Complex installation & maintenance requirements
Harsh operating environments and well-specific configurations increase deployment challenges. Downtime caused by improper installation or delayed servicing can impact production continuity. Smaller operators may face cost and resource constraints in managing ESP operations. Long lead times for replacement parts and skilled labor further complicate maintenance cycles. These factors limit adoption in regions with limited technical capacity.
Opportunity:
Infrastructure growth in emerging economies
Urbanization and population growth are driving demand for reliable pumping solutions. ESPs offer high efficiency and scalability for large-volume applications. Governments and private sectors are investing in water management and energy infrastructure. Expansion of utility networks and industrial zones is creating new deployment opportunities. These conditions are supporting sustained market expansion across developing regions.
Threat:
Environmental regulations & dependency on raw material prices
Compliance with emission standards and energy efficiency mandates increases design and manufacturing complexity. Volatility in steel, copper, and rare earth material costs affects production budgets. Regulatory delays may impact project timelines and equipment approvals. Manufacturers must balance performance with sustainability to remain competitive. These pressures pose challenges to profitability and long-term planning.
Covid-19 Impact:
The Covid-19 pandemic significantly disrupted the Electric Submersible Pumps market by halting industrial activities, delaying oil and gas projects, and reducing demand across key end-use sectors. Supply chain interruptions and workforce shortages hindered manufacturing and installation processes. However, the market also witnessed a gradual recovery as operations resumed and industries adapted to new safety protocols. Growing focus on water management, energy efficiency, and infrastructure projects supported post-pandemic demand, stabilizing the market and paving the way for long-term growth opportunities.
The onshore wells segment is expected to be the largest during the forecast period
The onshore wells segment is expected to account for the largest market share during the forecast period due to widespread deployment of ESPs in land-based oilfields. These wells benefit from easier access, lower installation costs, and simplified maintenance logistics. ESPs are used extensively in mature onshore reservoirs to enhance production rates. Integration with digital oilfield technologies is improving monitoring and control. Operators prefer onshore installations for cost-effective artificial lift solutions. This segment will continue to dominate ESP applications globally.
The municipal utilities segment is expected to have the highest CAGR during the forecast period
Over the forecast period, the municipal utilities segment is predicted to witness the highest growth rate owing to rising demand for efficient water management systems. ESPs are being adopted in urban water supply, sewage treatment, and flood control infrastructure. Population growth and urban expansion are driving investment in municipal pumping solutions. Energy-efficient and high-capacity ESPs support continuous operation in critical public services. Government initiatives and smart city programs are accelerating deployment. This segment is poised for rapid expansion across developing and developed regions.
Region with largest share:
During the forecast period, the North America region is expected to hold the largest market share by the region’s mature oil and gas industry, emphasis on shale oil production, and advanced technological integration. Strong investments in unconventional energy resources and enhanced oil recovery techniques support widespread adoption. The market also benefits from the presence of key industry players and robust research and development activities. However, fluctuating crude oil prices and high maintenance requirements pose challenges. Environmental regulations and sustainability goals are encouraging innovations that enhance energy efficiency and operational reliability.
Region with highest CAGR:
Over the forecast period, the Asia Pacific region is anticipated to exhibit the highest CAGR is driven by expanding oil and gas exploration activities, increasing demand for energy, and rising industrialization. The region benefits from a growing focus on deepwater and offshore drilling projects, coupled with supportive government initiatives. Additionally, rapid urbanization and water management needs boost adoption across municipal and industrial sectors. The market faces challenges such as high operational costs and technical complexities, but continuous technological advancements and investments in energy infrastructure sustain its long-term growth potential.
Key players in the market
Some of the key players in Electric Submersible Pumps Market include Baker Hughes, Schlumberger, Halliburton, Sulzer AG, Grundfos Holding A/S, Flowserve Corporation, Xylem Inc., Atlas Copco AB, Ebara Corporation, Franklin Electric Co., Inc., KSB SE & Co. KGaA, Wilo SE, Kirloskar Brothers Ltd., Shakti Pumps (India) Ltd. and Gorman-Rupp Company.
Key Developments:
In June 2024, Baker Hughes signed a cooperation agreement with SOCAR’s Azneft Production Union to establish an ESP assembly, repair, and maintenance center in Azerbaijan. The initiative supports localization and accelerates deployment of over 150 ESPs, enhancing uptime and production efficiency in regional oilfields.
In January 2025, SLB renewed its joint venture agreement with Edgo for the REDA Pump Company Free Zone in Egypt, marking 25 years of collaboration. The partnership supports ESP assembly, repair, and testing for regional markets, reinforcing SLB’s commitment to local manufacturing and advanced pump technologies.
Well Types Covered:
• Onshore Wells
• Offshore Wells
Operations Covered:
• Vertical ESP Systems
• Horizontal ESP Systems
Motor Types Covered:
• Induction Motor
• Permanent Magnet Motor
Pump Stages Covered:
• Single-Stage ESP
• Multi-Stage ESP
• High-Stage ESP
• Low-Stage ESP
• Variable-Speed ESP
Applications Covered:
• Oil & Gas Production
• Water & Wastewater Management
• Mining & Minerals
• Power Generation
• Other Applications
End Users Covered:
• Oilfield Operators
• Municipal Utilities
• Industrial Users
• Other End Users
Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2024, 2025, 2026, 2028, and 2032
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Table of Contents
200 Pages
- 1 Executive Summary
- 2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
- 3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Application Analysis
- 3.7 End User Analysis
- 3.8 Emerging Markets
- 3.9 Impact of Covid-19
- 4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
- 5 Global Electric Submersible Pumps Market, By Well Type
- 5.1 Introduction
- 5.2 Onshore Wells
- 5.3 Offshore Wells
- 6 Global Electric Submersible Pumps Market, By Operation
- 6.1 Introduction
- 6.2 Vertical ESP Systems
- 6.3 Horizontal ESP Systems
- 7 Global Electric Submersible Pumps Market, By Motor Type
- 7.1 Introduction
- 7.2 Induction Motor
- 7.3 Permanent Magnet Motor
- 8 Global Electric Submersible Pumps Market, By Pump Stage
- 8.1 Introduction
- 8.2 Single-Stage ESP
- 8.3 Multi-Stage ESP
- 8.4 High-Stage ESP
- 8.5 Low-Stage ESP
- 8.6 Variable-Speed ESP
- 9 Global Electric Submersible Pumps Market, By Application
- 9.1 Introduction
- 9.2 Oil & Gas Production
- 9.3 Water & Wastewater Management
- 9.4 Mining & Minerals
- 9.5 Power Generation
- 9.6 Other Applications
- 10 Global Electric Submersible Pumps Market, By End User
- 10.1 Introduction
- 10.2 Oilfield Operators
- 10.3 Municipal Utilities
- 10.4 Industrial Users
- 10.5 Other End Users
- 11 Global Electric Submersible Pumps Market, By Geography
- 11.1 Introduction
- 11.2 North America
- 11.2.1 US
- 11.2.2 Canada
- 11.2.3 Mexico
- 11.3 Europe
- 11.3.1 Germany
- 11.3.2 UK
- 11.3.3 Italy
- 11.3.4 France
- 11.3.5 Spain
- 11.3.6 Rest of Europe
- 11.4 Asia Pacific
- 11.4.1 Japan
- 11.4.2 China
- 11.4.3 India
- 11.4.4 Australia
- 11.4.5 New Zealand
- 11.4.6 South Korea
- 11.4.7 Rest of Asia Pacific
- 11.5 South America
- 11.5.1 Argentina
- 11.5.2 Brazil
- 11.5.3 Chile
- 11.5.4 Rest of South America
- 11.6 Middle East & Africa
- 11.6.1 Saudi Arabia
- 11.6.2 UAE
- 11.6.3 Qatar
- 11.6.4 South Africa
- 11.6.5 Rest of Middle East & Africa
- 12 Key Developments
- 12.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 12.2 Acquisitions & Mergers
- 12.3 New Product Launch
- 12.4 Expansions
- 12.5 Other Key Strategies
- 13 Company Profiling
- 13.1 Baker Hughes
- 13.2 Schlumberger
- 13.3 Halliburton
- 13.4 Sulzer AG
- 13.5 Grundfos Holding A/S
- 13.6 Flowserve Corporation
- 13.7 Xylem Inc.
- 13.8 Atlas Copco AB
- 13.9 Ebara Corporation
- 13.10 Franklin Electric Co., Inc.
- 13.11 KSB SE & Co. KGaA
- 13.12 Wilo SE
- 13.13 Kirloskar Brothers Ltd.
- 13.14 Shakti Pumps (India) Ltd.
- 13.15 Gorman-Rupp Company
- List of Tables
- Table 1 Global Electric Submersible Pumps Market Outlook, By Region (2024-2032) ($MN)
- Table 2 Global Electric Submersible Pumps Market Outlook, By Well Type (2024-2032) ($MN)
- Table 3 Global Electric Submersible Pumps Market Outlook, By Onshore Wells (2024-2032) ($MN)
- Table 4 Global Electric Submersible Pumps Market Outlook, By Offshore Wells (2024-2032) ($MN)
- Table 5 Global Electric Submersible Pumps Market Outlook, By Operation (2024-2032) ($MN)
- Table 6 Global Electric Submersible Pumps Market Outlook, By Vertical ESP Systems (2024-2032) ($MN)
- Table 7 Global Electric Submersible Pumps Market Outlook, By Horizontal ESP Systems (2024-2032) ($MN)
- Table 8 Global Electric Submersible Pumps Market Outlook, By Motor Type (2024-2032) ($MN)
- Table 9 Global Electric Submersible Pumps Market Outlook, By Induction Motor (2024-2032) ($MN)
- Table 10 Global Electric Submersible Pumps Market Outlook, By Permanent Magnet Motor (2024-2032) ($MN)
- Table 11 Global Electric Submersible Pumps Market Outlook, By Pump Stage (2024-2032) ($MN)
- Table 12 Global Electric Submersible Pumps Market Outlook, By Single-Stage ESP (2024-2032) ($MN)
- Table 13 Global Electric Submersible Pumps Market Outlook, By Multi-Stage ESP (2024-2032) ($MN)
- Table 14 Global Electric Submersible Pumps Market Outlook, By High-Stage ESP (2024-2032) ($MN)
- Table 15 Global Electric Submersible Pumps Market Outlook, By Low-Stage ESP (2024-2032) ($MN)
- Table 16 Global Electric Submersible Pumps Market Outlook, By Variable-Speed ESP (2024-2032) ($MN)
- Table 17 Global Electric Submersible Pumps Market Outlook, By Application (2024-2032) ($MN)
- Table 18 Global Electric Submersible Pumps Market Outlook, By Oil & Gas Production (2024-2032) ($MN)
- Table 19 Global Electric Submersible Pumps Market Outlook, By Water & Wastewater Management (2024-2032) ($MN)
- Table 20 Global Electric Submersible Pumps Market Outlook, By Mining & Minerals (2024-2032) ($MN)
- Table 21 Global Electric Submersible Pumps Market Outlook, By Power Generation (2024-2032) ($MN)
- Table 22 Global Electric Submersible Pumps Market Outlook, By Other Applications (2024-2032) ($MN)
- Table 23 Global Electric Submersible Pumps Market Outlook, By End User (2024-2032) ($MN)
- Table 24 Global Electric Submersible Pumps Market Outlook, By Oilfield Operators (2024-2032) ($MN)
- Table 25 Global Electric Submersible Pumps Market Outlook, By Municipal Utilities (2024-2032) ($MN)
- Table 26 Global Electric Submersible Pumps Market Outlook, By Industrial Users (2024-2032) ($MN)
- Table 27 Global Electric Submersible Pumps Market Outlook, By Other End Users (2024-2032) ($MN)
- Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
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