According to a recent study 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 (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’, available with Market Study Report, the electric submersible pump market is anticipated to exceed USD 17 billion by 2025.

Rapid infrastructural development across emerging economies and a burgeoning rise in population would drive the demand for electric submersible pumps (ESP). Factors like mounting concerns over depleting water resources, aging infrastructure and growing demand for reliable water supply have stimulated ESP industry expansion. The product is essentially used in high-rise buildings and municipal facilities to ensure efficient water supply and distribution.
 

As per regional share, Europe ESP market is projected to endow considerable gains over the years to come. According to the study, the Europe market is projected to grow at rate of over 5% by 2025. Rising number of mature wells across the region along with constant innovation in product landscape might expedite the demand for electric submersible pumps. Increasing maturity of oilfields across Romania and Russia may further drive new proceeds in Europe ESP market.
 

Burgeoning demand for water across the agricultural sector coupled with expanding government investments geared towards offering effective irrigation solutions could propel ESP systems adoption. These units are being deployed on a large scale across agricultural projects and drip irrigation activities to enable efficient water use. Rise in crop production owing to effective distribution of water and reduced dependency on rainfall could expedite ESP system sales.
 

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Rising concerns over water scarcity along with severe shortage of drinking and sanitary water is expected to proliferate the growth of borewell ESP market. Accentuating requirement for municipal sewage & drainage facilities in accordance with rising installation of industrial & commercial water management systems may improve ESP business outlook.