According to a research report titled ‘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, Application Potential, Competitive Market Share & Forecast, 2019 – 2025’, available with Market Study Report, electric submersible pump market valuation is anticipated to exceed USD 17 billion by the end of forecast period 2019-2025.
 

As per the research findings, depleting water resources and ageing infrastructure coupled with rising demand for reliable water supply are driving the growth of electric submersible pump (ESP) market. The rapid growth in population and escalating number of infrastructure development activities in emerging nations are further propelling the overall industry remuneration.
 

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Moreover, amplified investments towards exploration and production activities, reduced requirement for capital and operating expenditure, and increased focus on operational management will expand the business landscape. Additionally, factors such as low-cost manufacturing, reduced technology expenses, and product development activities will also propagate the industry growth.
 

Parallelly, adoption of various hydrocarbon recovery methods, and growing requirement for economic recovery solutions will positively enhance the electric submersible pump market outlook.
 

By industry type, agricultural industry is anticipated to generate significant revenues during the forecast period. This can be attributed to the ability of ESP’s to reduce dependence of local farmers on seasonal rainfall, and increasing government investments on irrigation systems.
 

Moving on to well type, the market space is split into borewell and open well. Borewell segment is estimated to account for a significant market share over the analysis timespan due to the ongoing water scarcity issues and progressive unavailability of sanitary as well as drinking water.
 

On the regional front, Europe electric submersible pump market is projected to record over 5% growth through 2025. Rising number of mature wells and ongoing product innovation will stimulate the regional industry growth.
 

North America market is expected to gain considerable traction with U.S. as a major contributor. Discoveries of new oilfields and the growing number of oil & gas development and exploration projects are favoring the industry growth in the U.S.
 

Key contenders in electric submersible pump market are Novomet-Perm JSC, Tsurumi Manufacturing Co., Ltd., Crompton Greaves Consumer Electricals Ltd., Sulzer Ltd., Gorman-Rupp Company, Grundfos Holding A/S, Wilo SE, Atlas Copco AB, Ebara Corp., Flowserve Corp., Weatherford International plc, General Electric Company, Schlumberger Ltd., and Borets International Ltd.