Electric Submersible Pump Market Size, Share, Trends, Dynamics, Forecast, & Growth Analysis
The electric submersible pump market was estimated at USD 12.2 billion in 2022 and is likely to grow at a CAGR of 6.0% during 2023-2028 to reach USD 17.55 billion in 2028.
Market Drivers:
The escalating demand for efficient water management systems is anticipated to significantly contribute to the increasing adoption of electric submersible pumps.
The rising number of mature fields and the adoption of electric submersible pumps by oil & gas companies, due to its operational advantages over other forms of artificial lift augments the industry growth during the review period.