February 28, 2020
According to a recent study titled ‘North America Electric Submersible Pump Market By Industry, Well, Operation, Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2020 – 2026’ available at MarketStudyReport.com, North America electric submersible pump market is anticipated to grow with a CAGR of 6% during 2020-2026.
Inflowing investments in upstream oil & gas industries favored by recovering crude oil prices is driving the growth of North America electric submersible pump market. Continuous expenditure towards shale excavation coupled with increasing number of offshore oil & gas production projects, and discovery of unexploited hydrocarbon reverses across the Gulf of Mexico will further augment the industry outlook in the forthcoming years.
In terms of operation, North America electric submersible pump market is classified into single stage and multistage. Single stage electric submersible pump market is projected to show a noticeable growth over the ensuing years, due to increasing adoption across industrial, commercial, and residential establishments. The equipment has simple design having maximum head of 125 meters along with single impeller with less flow and low pump head. Lower cost as compared to it alternatives and availability in various power rating and voltage ranges will further boost the product demand over the analysis timeframe.
Speaking of the industry, North America electric submersible pump market is segmented into oil & gas, onshore, offshore, sewage & wastewater, agriculture, building services, and others. Agriculture segment is expected to hold a significant market share during the analysis period. Depletion of water resources along with extensive digging of borewells for ground water is augmenting the demand for electric submersible pumps in the agriculture sector. Favorable properties of these pumps such as stainless-steel design, high wear & abrasion resistance, and wide voltage range are increasing the product installation in kitchen gardens, farms, and large scale irrigation projects, thereby stimulating the segment growth.
Considering the geographical outlook, North America electric submersible pump market is divided into U.S, Canada, and Mexico. Mexico electric submersible pump market is projected to gain decent traction during 2019-2020, owing to ongoing expansion of building networks in consort with favorable government initiatives towards the establishment of effective water distribution facilities. Furthermore, increasing focus of commercial and residential communities towards efficient water transmission across high-rise buildings and apartments will boost the deployment of electric submersible pumps in Mexico.
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Prominent players of North America electric submersible pump market include Halliburton, Borets, Wilo SE, Weatherford, Schlumberger, General Electric, Ebara, Atlas Copco, Sulzer, Grundfos Holding, Crompton Greaves, Novomet-Perm, Tsurumi Manufacturing, and Flowserve Corporation.
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