Stratview Research has recently published a report on the Electric Submersible Pump Market. This strategically evaluated report provides a detailed overview that presents today's market scenario and future possibilities, as well as market intelligence and information, for a 5-year period from 2023 to 2028.
The market is segmented By Well (Borewell, Open well), By Operation (Single Stage, Multistage), By Industry (Oil Gas, Sewage Wastewater, Agriculture, Building Services, Others), and By Region.
Electric Submersible Pump Market Analysis:
Stratview Research’s report discusses the segment-wise current market condition. Also, it offers an estimation of future growth opportunities. As per the estimation, the Electric Submersible Pump Market is estimated to grow from USD 12.2 billion in 2022 to USD 17.55 billion by 2028 at a healthy CAGR of 6.0% during the forecast period.
Some of the companies drive the market growth:
- Baker Hughes Company (The U.S),
- Schlumberger Limited (The U.S),
- Halliburton Company (The U.S),
- Borets International Limited (Russia),
- ALKHORAYEF PETROLEUM (Saudi Arabia),
- DOS Canada Inc. (Canada),
- Weatherford International,
- ESP Ltd (The U.S),
- Extract Production Services LLC (The U.S), and
- NOVOMET (The U.S).
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Segments Analysis
Operation Trends
The market is classified into single-stage and multistage.
- The single-stage segment held a significant share in 2022 and is projected to grow at the highest CAGR during the assessment period.
- This is mainly attributed to rising single-stage ESPs demand from domestic applications coupled with growing deployment across commercial and industrial, which further bolsters the segment growth.
Regional Analysis
The Asia Pacific market accounted for the largest share in 2022 and is expected to grow at a substantial CAGR of nearly 8.8% in the following years.
- This is mainly ascribed to the growing population and ongoing development of building infrastructure especially in the countries such as India and China.
- Moreover, the rising requirement for reliable sewage management plants along with substantial government funding to enhance the public infrastructure, which further proliferates the regional market growth.
Research Methodology
This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.
We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both qualitative and quantitative insights.
About Stratview Research
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