Electric Submersible Pumps Market Size, Share, Trends, Growth and Forecast 2034

Electric Submersible Pumps Industry Prospective:

The global electric submersible pumps market size was worth around USD 8.42 billion in 2024 and is predicted to grow to around USD 12.11 billion by 2034, with a compound annual growth rate (CAGR) of roughly 3.70% between 2025 and 2034.

Request Free Sample

Electric Submersible Pumps Market: Overview

An electric submersible pump (ESP) is a type of artificial lift used for lifting resources or fluids submerged in the ground. ESP is designed to deliver optimal performance when submerged in liquid. They are powered by an electric motor that drives multistage centrifugal pumps to lift water, oil, slurry, chemicals, gas & liquid mixtures, and other materials.

The major components of an electric submersible pump system include sensors, electric motors, seal chambers, power cables, a pump, and a controller, among other elements. The demand for electric submersible pumps has increased over the years, driven by increased end-user applications.

For instance, the oil & gas industry is one of the largest users of electric submersible pumps since ESPs are highly versatile when used in horizontal or highly deviated wells. During the projection period, the introduction of new and advanced ESPs will open new avenues for further growth.

In addition to this, increasing applications in the wastewater treatment and agriculture sectors will propel market expansion value. The initial high cost of investment associated with the technology and limited access to repair & maintenance facilities will affect the overall revenue generated by the market players.

Key Insights:

• As per the analysis shared by our research analyst, the global electric submersible pumps market is estimated to grow annually at a CAGR of around 3.70% over the forecast period (2025-2034)
• In terms of revenue, the global electric submersible pumps market size was valued at around USD 8.42 billion in 2024 and is projected to reach USD 12.11 billion by 2034.
• The electric submersible pumps market is projected to grow at a significant rate due to the rising applications in the water & wastewater management industry.
• Based on the operation, the multi-stage segment is growing at a high rate and will continue to dominate the global market as per industry projections.
• Based on the end-user, the waste & wastewater segment is anticipated to command the largest market share.
• Based on region, Asia-Pacific is projected to dominate the global market during the forecast period.

Electric Submersible Pumps Market: Growth Drivers

Rising applications in the water & wastewater management industry will drive the market demand rate

The global electric submersible pumps market is expected to be driven by the growing applications of the machine in the water & wastewater management industry. One of the major applications of electric submersible pumps is pumping water from underground reservoirs or deep wells.

ESPs are designed to operate at increased depths without affecting overall performance compared to traditionally used pumps. The growing demand for municipal water for drinking and other residential and commercial purposes will promote the use of ESPs in the coming years.

Furthermore, electric submersible pumps are more useful in treating and reusing wastewater. The main usage of ESPs in wastewater management lies in pumping raw sewage to higher areas, sludge transfer, and final transport of treated water for further reuse. The growing number of wastewater treatment facilities and increasing funding for enhancing wastewater treatment rates will create higher market revenue in the projection period.

In April 2024, Thermax, a leading engineering company, announced the launch of a new facility in the Pune region for treating wastewater. The unit will be spread over two acres.

Rising oil production worldwide to generate revenue for industry players in the projection period

The end applications of electric submersible pumps are heavily dependent on the oil & gas industry. According to industry research, the oil-producing sector is one of the largest users of advanced ESPs, especially when dealing with crude oil stored in extremely deep wells. Electric submersible pumps are used across offshore and onshore oil drilling projects.

The rising end-user demand for oil and other petroleum-based products has created more revenue for ESP providers. In July 2024, British Petroleum (BP), one of the world’s largest oil producers, announced its commitment to construct its 6th operated hub in the US Gulf of Mexico.

According to official reports, the platform will have a nameplate production capacity of 80,000 barrels daily. Factors such as globalization, industrialization, commercialization, and increased residential applications of oil are fueling demand in the global electric submersible pumps market.

Electric Submersible Pumps Market: Restraints

High cost of ESP installation and timely maintenance will limit the industry’s expansion rate

The global electric submersible pumps industry is expected to be restricted by the high cost of initial ESP installation. The average price of installing a simple ESP can be between USD 100,000 and USD 300,000. The cost may further increase in terms of high-end maintenance.

Timely maintenance of ESPs can also be expensive, depending on the overall performance expectations of the structure. The high costs can limit the entry of new players in the market and pose complications for existing companies, especially during conditions of economic volatility.

Electric Submersible Pumps Market: Opportunities

Introduction of new ESPs in the market to generate growth opportunities for industry leaders

The global electric submersible pumps market is projected to generate growth opportunities due to the rising introduction of new and improved equipment. For instance, in January 2025, Franklin Electric, a leading producer of electric submersible pumps, announced the launch of the Minetuff range of pumps.

The new series is produced using highly durable materials and flexible hydraulics. The overall structure allows the equipment to handle abrasive materials such as small stones, sand, and clay.

In October 2023, KSB Group launched a highly advanced submersible pump in a discharge tube with an open multi-vane impeller. The series is called AmaCan D. One of the main applications of the new launch includes the transportation of extremely large volumes of industrial and municipal water. Additionally, the range can be used to manage wastewater generated from drainage, stormwater, and irrigation pumping stations.

In July 2024, Atlas Copco announced the expansion of the existing range of Weda electric submersible pumps. The company, through this move, has responded to the growing requirements for autonomous operation and dewatering pump wear resistance in the construction & mining industries.

Market players leverage the availability of advanced motor technologies, smart monitoring & predictive analysis, and energy efficiency management tools to deliver next-generation equipment.

Electric Submersible Pumps Market: Challenges

Complexities associated with equipment installation and a lack of access to electricity will challenge market expansion

The global industry for electric submersible pumps is projected to be challenged by the complexities associated with equipment installation in extreme environments. For instance, offshore conditions are difficult to navigate when installing ESPs.

In addition, the lack of sufficient electricity in certain parts of the world can impact the overall performance delivered by electric submersible pumps, raising questions over the cost-efficiency of the tool.

Electric Submersible Pumps Market: Report Scope

Electric Submersible Pumps Market: Segmentation

The global electric submersible pumps market is segmented based on operation, capacity, end-user, and region.

Based on the operation, the global market segments are multi-stage and single-stage. In 2024, the highest revenue was generated by the multi-stage segment. Higher reliability and application of multi-stage ESPs are propelling the segmental revenue. The number of stages in a multi-stage setting may range between 50 and over 1400, depending on the volume and depth of fluid to be transported. Single-stage pumps are expected to generate considerable revenue during the forecast period.

Based on capacity, the global electric submersible pumps industry is divided into high, low, and medium.

Based on the end-user, the global market segments are agriculture, mining, water & wastewater, residential & commercial, construction, oil & gas, and others. In 2024, the highest revenue was listed in the waste & wastewater segment, dominating nearly 28% of the global revenue. Increasing demand for effective wastewater management systems in the backdrop of the growing water crisis will promote exceptional revenue in the industry. The oil & gas sector will continue to hold dominance over significant market share in the coming years.

Electric Submersible Pumps Market: Regional Analysis

Asia-Pacific to register a considerable growth rate during the forecast period

The global electric submersible pumps market will be led by Asia-Pacific during the forecast period. Rapid industrialization and urbanization have led to increased water demand and consumption in the region. The use of electric submersible pumps in wastewater and water plants allows municipal corporations to meet the water needs of the general population and industrial facilities.

Furthermore, the rapid expansion of the regional mining sector, especially in China and Indonesia, along with other Asian countries, is expected to promote the use of ESPs in the coming years. The agriculture sector of China and India will play a crucial role in driving forward the use of electric submersible pumps in the coming years.

North America is projected to garner high returns on investment in the electric submersible pumps industry. The regional oil & gas sector is one of the leading contributors to the region’s final revenue. The US and Canada regions have large oil reserves and extraction capacities.

The Gulf of Mexico has become a primary spot for the construction of offshore oil & gas platforms, including structures such as BigFoot, Anchor, and Argos platforms.

Electric Submersible Pumps Market: Competitive Analysis

The global electric submersible pumps market is led by players like:

• Kirloskar Brothers Limited
• Grundfos
• Shakti Pumps (India) Limited
• Gorman-Rupp Company
• Wilo SE
• Pentair (Hydromatic Pumps)
• Tsurumi Manufacturing Co. Ltd.
• SPP Pumps
• KSB SE & Co. KGaA
• Sulzer Ltd.
• Pleuger Industries
• Homa Pumpenfabrik GmbH
• Franklin Electric
• Xylem Inc.
• Ebara Corporation.

The global electric submersible pumps market is segmented as follows:

By Operation

• Multi-Stage
• Single Stage

By Capacity

• High
• Low
• Medium

By End-User

• Agriculture
• Mining
• Water & Wastewater
• Residential & Commercial
• Construction
• Oil & Gas
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa