Pune, India, Sept. 14, 2022 (GLOBE NEWSWIRE) --
As per a recent industry report put forward by Graphical Research, the North America electric submersible pump market is forecast to register its name in the billion-dollar fraternity down the line of seven years.
The market growth is driven by ongoing investments in upstream oil and gas projects. The IEA reports that the global upstream investments had reached nearly US$505 billion during 2019, an increase of around 6% compared to the previous year. Shale oil production accounted for approximately 20% of these investments.
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In recent years, the region has witnessed growing number of wastewater treatment plants and sewage facilities due to tightening wastewater management regulations. This has created a strong demand for pumping technologies such as submersible sewage and slurry pumps. This demand will be further augmented by the development of new and refurbishment of existing wastewater management infrastructure.
Highlighted below are a few factors driving the demand for different pumping technologies in the near future.
Strong demand for single-stage as well as multistage ESPs
The North America electric submersible pump market from single-stage electric submersible pumps segment will witness a significant adoption over the coming years. They are commonly utilized in residential applications as well as for industrial and commercial water pumping. Benefits such as lower cost and availability in a wide range of voltage and power ratings make suitable for these applications.
Multistage electric submersible pumps, on the other hand, are gaining traction on account of ongoing upstream investments and recovering oil and gas prices. As opposed to single-stage pumps, they are highly preferred in high-pressure pumping applications in food and beverage facilities, municipal drainage, mine dewatering, and large-scale sewage treatment plants.
Increasing application in agriculture and building services
The use of electric submersible pumps in agriculture has increased significantly over the years, with diminishing water resources and excessive digging of borewells for extraction of water. Agricultural submersible pumps are typically used in irrigation projects, farms, and kitchen gardens. A robust stainless steel built, high wear and abrasion resistance, and wide voltage range are some of the key specifications of these pumps.
Meanwhile, the application of ESPs in building services will continue to progress, backed by growing number of large-scale infrastructure projects in the region. Strict regulatory standards regarding building efficiency along with government norms for installation of efficient water distribution systems in modern buildings will certainly boost ESP adoption in the construction sector.
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U.S. and Mexico to emerge as key revenue terrains
The U.S. electric submersible pump market is set to grow substantially by 2026, with ongoing developments in shale and hydrocarbon production. The discovery of new oil and gas fields across the Permian basin have resulted in increased investments in offshore upstream projects. Additionally, the regional agriculture and construction sectors will continue to drive ESP demand in the forthcoming years.
Meanwhile, the ESP market in Mexico will be driven by active government initiatives towards the development of reliable wastewater management and water distribution infrastructure. In addition, strict building efficiency standards will likely lead to the widespread replacement of conventional pumping systems with newer technologies in residential as well as commercial applications.
The North America electric submersible pump market is poised to witness some remarkable developments in the coming years, with the growing need for advanced EOR and artificial lift technologies for improved oil and gas production. Ongoing exploration projects and the discovery of new fields in the region will certainly boost ESP demand in the future, significantly strengthening the industry outlook.
About Graphical Research:
‘Graphical Research’ provides a large collection of market research and industry analysis reports covering healthcare, automotive, oil and gas, pharmaceutical, IT, agriculture, chemicals, and many other sectors, across diverse regions like North America, Europe, Asia Pacific, Latin America, and others. The comprehensive reports we provide are aligned with the key industry trends and insights in specific regional markets. The data we deliver helps our customers make better strategic decisions. Our goal is to offer competitive and quality customized market research reports.
