Electric Submersible Pump Market Size, Share, Trends, Dynamics, Forecast, & Growth Analysis
The electric submersible pump market was estimated at USD 12.2 billion in 2022 and is likely to grow at a CAGR of 6.0% during 2023-2028 to reach USD 17.55 billion in 2028. 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.