Electric submersible pump market is slated to amass substantial proceeds over the projected timeframe, primarily driven by rapid urbanization, growing demand for water supply and diminishing availability of water resources to meet them. Developing nations are witnessing accelerated infrastructural development in recent years, propelling water consumption globally. Higher number of water borewell projects in emerging economies will immensely bolster the demand for submersible pumps.
The growing industrial and agriculture sectors have created enormous need for water supply in order to facilitate continuous flow of operations. As per reports by UNESCO, agricultural sector solely accounts for over 70% of total water withdrawn globally. Undoubtedly, the exceeding demand for water coupled with growing economy worldwide has provided increased impetus to electric submersible pump industry size.
Numerous application segments across wastewater, agriculture and oil & gas sectors, among others, can be expected to drive the deployment of submersible pumps over the years to come. Below listed are some of the key regional trends substantially outlining electric submersible pump market forecast
Browse key industry insights spread across 350 pages with 790 market data tables & 24 figures & charts from the report, “Electric Submersible Pump Market By Industry (Oil & Gas {Onshore, Offshore}, Sewage & Wastewater, Agriculture, Building Services), By Well (Borewell {Sewage & Wastewater, Agriculture, Building Services}, Open well {Sewage & Wastewater, Agriculture, Building Services}), By Operation (Single Stage, Multistage), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Russia, Norway, UK, Denmark, Italy, Germany, Netherlands, Spain, Sweden, France, China, India, Indonesia, Malaysia, Thailand, Australia, South Korea, Singapore, New Zealand, Philippines, Saudi Arabia, Iraq, Turkey, Kuwait, UAE, Angola, Nigeria, South Africa, Brazil, Argentina, Chile), Application Potential, Competitive Market Share & Forecast, 2019 - 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/electric-submersible-pump-market
https://www.gminsights.com/industry-analysis/electric-submersible-pump-market
Oil and gas exploration in the U.S.
Reportedly, in 2018 the U.S. hydrocarbon gas liquids (HGL) production was estimated at 5 million barrels per day. The increase in hydrocarbon gas liquid was as a result of rising domestic natural gas production. HGLs that are developed at natural gas processing plants are called natural gas plant liquids that include ethane, isobutane, propane and natural gasoline, the demand for which has been rising in the nation.
Apparently, propane and ethane account for two third of the total HGL production. The expanding hydrocarbon production can invariably steer U.S. electric submersible pump market share, as the need to explore natural gas resources rises.
Over 46 billion barrels of oil, 20 billion barrels of natural gas liquids and 280 trillion cubic feet of gas is apparently trapped in U.S.’s low- permeability shale formations. The nation is witnessing rising discoveries of new oilfields. For instance, in the year 2017, the total reserves of crude oil were estimated at 40 billion barrels.
North America electric submersible pump industry is anticipated to witness remarkable growth prospects owing expanding oil well drilling activities across the region.
Agriculture and urbanization in India
India is regarded as having one of the largest irrigation sectors globally. An estimated USD 271 billion in gross value was added by agricultural produce, fishing and forestry over fiscal year 2018 in the country. Ministry of Agriculture and Famers Welfare under the Government of India has levied several irrigation schemes to promote agriculture in the country. One such scheme aims at facilitating complete solutions in irrigation supply chain, including distribution network, water sources and farm applications.
Rising commercialization and urbanization demands an effective pumping system, while construction activities particularly in the developing nations is witnessing a steady rise. In the Budget for 2019-2020, the Government of India has given a massive push to the construction sector by allocating USD 63.2 billion for further development. The rising infrastructural development creates the need for an established water storage, drainage and water pressure boosting systems.
Wastewater treatment has gained more significance in the recent times owing to the depleting water resources worldwide. Rising awareness towards treating the water due to rising health concerns among citizens, preservation of wildlife habitats and enhancing the quality of life are vital factors boosting wastewater treatment. Electric submersible pump market size is poised to witness robust expansion as need for sewage and wastewater treatment rise along with rapid urbanization in India.
Tackling water shortage in Africa
Reports suggest that over 844 million people worldwide face water scarcity. According to World Economic Forum, water crisis is ranked fourth in terms of global risk to the society. The depleting availability of water resources coupled with facing issues of water contamination, there arises a need for groundwater harvesting.
To curb water crises in Africa, especially areas affected with severe drought, several steps have been taken by government authorities and NGOs to tackle the situation. For instance, an NGO project named- The Water Project aims at solving the water crisis in Africa. The organization has built new bore wells and rehabilitated neglected ones to improve the situation. Commendable efforts of governments and non-profits to undertake borewell drilling projects to counter water shortage in African nations could certainly propel electric submersible pump market outlook over the coming years.
