Global electric submersible pump market is being propelled increasing application in the residential, agriculture and industrial establishments. Moreover, the industry has been experiencing rising investments in R&D from leading players. Prevailing issues of water crisis and escalating agricultural production will drive the industry size through the forecast timeline. As per latest study by Global Market Insights, Inc., Electric Submersible Pump Market size is projected to exceed USD 17 billion by 2025.
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Ever-increasing population across the globe generating high demand for water will drive the electric submersible pump market growth. There has been growing requirement for uninterrupted water supply, but depletion of freshwater resources and consistently lowering ground water tables poses a major challenge for local authorities. In addition, ongoing oil exploration and production activities across the world will complement the electric submersible pump industry outlook during the forecast timeframe.
The implementation of electric submersible pump addresses the problems associated with drawing out low levels of water. Increased migration toward the cities and enhanced standard of living have been fostering the development of high rise buildings which necessitate high performance pumps for pushing up the water in the tanks built over hundreds of meters. The product is extensively deployed across high rise buildings and even in municipal facilities to ensure efficiency in the supply and distribution of water. Rapid urbanization demanding robust infrastructural developments specially across the emerging countries will propel electric submersible pump market share.
Water scarcity led by low rainfall is a major problem arising in drought prone areas across the world. The reduced availability of water for drinking and sanitation has been testing the resilience of the population residing in such areas. Borewells are drilled several meters deep into the ground to source water from the low lying water tables. Borewells generally range from the size of 4.5 -12 inch in diameter – the residential or domestic applications account for most of the 4 to 5 inch diameter wells while the wells of more than 6 inch diameter are dug for large application purposes.
Growing need for reliable water supply source, depleting ground water tables and aged-out water supply infrastructure collectively will stimulate the product penetration.
Agriculture is one of the prime end-use segments in the electric submersible pump market. Favorable government initiatives for providing efficient irrigation facilities will stimulate the industry trends. Apart from integration into government infrastructure, large scale product deployment to cater to agricultural irrigation projects along with rising prevalence of smart irrigation techniques such as drip and sprinkle will complement the segmental growth. The availability of a broad spectrum of products allows to choose from a wide range of systems based on the farm requirements. Ongoing upsurge in crop production pertaining to rising population will boost the business outlook over the study timeframe.
Growing investments toward oil exploration and production activities across the world will augment the electric submersible pump market landscape. According to the International Energy Agency, global oil upstream spending witnessed sudden surge in revenue size reaching USD 472 billion in 2018 from USD 450 billion in 2017. Furthermore, technological advancements to reduce product cost coupled with greater energy efficiency benefits will foster the application share.
The U.S electric submersible pump market is anticipated to witness increased traction from the growing number of oil & gas development projects in the region. Increasing oil prices have boosted the existing count of oil rigs in the onshore and offshore establishments. For instance, the U.S observed sharp increase in number of oil rigs when the rig count surged up from 900 in 2017 to 945 in 2018.
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