Electric Submersible Pump Market, Dynamics, Trends, Market Analysis
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.
Growing demand for wastewater treatment is likely to further bolster the product demand.
The rising number of mature fields and the adoption of electric submersible pumps by oil & gas companies, due to its operational advantages over other forms of artificial lift augments the industry growth during the review period.
Moreover, developments of potential shale reserves across the globe are anticipated to create immense growth opportunities for industry players in the coming years.
