How applications segments are performing in the global electric submersible pump market?

The global electric submersible pump (ESP) market is expected to grow at a CAGR of 3.82% during the forecast period. Based on the application, the global electric submersible pump market has been segmented into offshore and onshore.

Variable-speed-ESPs are widely used in offshore applications for producing oil and gas from wells that have moderate-to-high production rates. These pumps are feasible for highly deviated, remotely controlled, subsea deepwater wells. With the existing ESPs, operators in the oil industry are spending significantly to develop new-generation ESPs for offshore applications in order meet the demands of challenging offshore environments. In offshore applications, ESP systems provide benefits such as improved well performance, reduced capital costs, and increased energy efficiency.

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Several technological advancements have been introduced in the development of new generation ESPs for offshore applications. The mature offshore fields in the Middle East are benefiting from advanced recovery methods. Therefore, with the growing technological advances and the increasing number of mature offshore fields across the world, the demand for ESPs is expected to rise significantly, which will drive the growth of the global electric submersible pump market during the forecast period.