Stratview Research has recently published a report on the Electric Submersible Pump Market. This strategically evaluated report provides a detailed overview that presents today's market scenario and future possibilities, as well as market intelligence and information, for a 5-year period from 2022 to 2028

Electric Submersible Pump Market Analysis:

Stratview Research’s report discusses the segment-wise current market condition. Also, it offers an estimation of future growth opportunities. As per the estimation, the Electric Submersible Pump Market was estimated to grow from USD 11.3 billion in 2021 to USD 17.55 billion by 2028 at a healthy CAGR of 6.24% during the forecast period.

What is an Electric Submersible Pump??

An Electric Submersible Pump (ESP) is a device consisting of a hermetically sealed motor closely attached to the body, with the entire assembly submerged in the liquid. The pump designs are customized as per different industries’ operational requirements and are employed in various verticals such as sewage & wastewater, agriculture, oil & gas, and building services.

Some of the companies drives the market growth:

• Baker Hughes Company (The U.S),
• Schlumberger Limited (The U.S),
• Halliburton Company (The U.S),
• Borets International Limited (Russia),
• ALKHORAYEF PETROLEUM (Saudi Arabia),
• DOS Canada Inc. (Canada),
• Weatherford International,
• ESP Ltd (The U.S),
• Extract Production Services LLC (The U.S), and
• NOVOMET (The U.S).

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Regional Analysis

The Asia Pacific market accounted for the largest share in 2021 and is expected to grow at a substantial CAGR of nearly 8.8% in the following years.

• This is mainly ascribed to the growing population and ongoing development of building infrastructure especially in the countries such as India and China.

• Moreover, the rising requirement for reliable sewage management plants along with substantial government funding to enhance the public infrastructure, which further proliferates the regional market growth.

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles have been leveraged to gather the data.

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