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Electrical Submersible Pump Market Size, Share and Forecast 2026-2036

The global electrical submersible pump market is worth USD 8.2 bn in 2026 and is forecast to reach USD 13.3 bn by 2036, growing at a 5.0% CAGR. United States is the largest country market and Pumps is the largest by component segment.

USD 8.2 bnMarket size 2026
USD 13.3 bnForecast 2036
5.0%CAGR 2026-2036
United StatesLargest country

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5 segmentation views25 countries2026 to 2036 yearly forecast

Market overview

The global electrical submersible pump market is worth USD 8.2 bn in 2026 and is forecast to reach USD 13.3 bn by 2036, growing at a 5.0% CAGR. United States is the largest country market and Pumps is the largest by component segment.

ScopeElectrical submersible pumps and systems used for artificial lift in oil wells: multistage downhole pumps, motors, seals, cables, drives and monitoring, sold to operators.
IndustryOil and Gas
Value 2025USD 7.8 bn
Value 2026USD 8.2 bn
Value 2036USD 13.3 bn
CAGR 2026-20365.0%
Volume 202654,059 installations
Volume 203679,717 installations
Average price 2026USD 151,500 per installation
Report priceStarts from USD 1,999
PublishedNovember 2026

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Electrical Submersible Pump market size and forecast, 2026-2036

Exhibit 1The global electrical submersible pump market is forecast to grow from USD 8.2 bn in 2026 to USD 13.3 bn by 2036, a rise of 63%Global market value in USD: 2025 base year, 2026 estimate and forecast to 2036. CAGR 2026 to 2036: 5.0%
Electrical Submersible Pump market value, 2025 to 2036Market value by year. 2025: USD 7.8 bn; 2026: USD 8.2 bn; 2027: USD 8.6 bn; 2028: USD 9.0 bn; 2029: USD 9.5 bn; 2030: USD 10.0 bn; 2031: USD 10.5 bn; 2032: USD 11.0 bn; 2033: USD 11.5 bn; 2034: USD 12.1 bn; 2035: USD 12.7 bn; 2036: USD 13.3 bn. Compound annual growth rate 2026 to 2036: 5.0%.20258.2 bn202610.5 bn203113.3 bn20365.0% CAGR

Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.

YearMarket value
2026USD 8.2 bn
2027USD 8.6 bn
2028USD 9.0 bn
2029USD 9.5 bn
2030USD 10.0 bn
2031USD 10.5 bn
2032USD 11.0 bn
2033USD 11.5 bn
2034USD 12.1 bn
2035USD 12.7 bn
2036USD 13.3 bn

Electrical Submersible Pump market segmentation

By component

Exhibit 2Pumps is the largest segment by component, with 34.0% of 2026 revenueEstimated share of 2026 global revenue, by component
Electrical Submersible Pump market share by component, 2026Share of 2026 revenue by component. Pumps: 34.0%; Motors: 24.0%; Cables: 16.0%; Variable speed drives and controls: 16.0%; Seals and protectors: 10.0%.Pumps34.0%Motors24.0%Cables16.0%Variable speed drives and controls16.0%Seals and protectors10.0%

Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.

SegmentShare 2026Share 2036Value 2026CAGR 2026-36
Pumps34.0%32.7%USD 2.8 bn4.6%
Motors24.0%23.0%USD 2.0 bn4.6%
Cables16.0%16.1%USD 1.3 bn5.1%
Seals and protectors10.0%9.6%USD 819 mn4.6%
Variable speed drives and controls16.0%18.6%USD 1.3 bn6.6%

By application

Exhibit 3Onshore oil wells adds the most revenue by application, growing from USD 5.1 bn in 2026 to USD 7.9 bn by 2036Estimated revenue in USD by application, 2026 and 2036 forecast
Electrical Submersible Pump market by application, 2026 and 2036Revenue by application in 2026 and 2036. Onshore oil wells: USD 5.1 bn in 2026, USD 7.9 bn in 2036, change +55%; Offshore wells: USD 1.6 bn in 2026, USD 3.1 bn in 2036, change +87%; Heavy oil and oil sands: USD 983 mn in 2026, USD 1.6 bn in 2036, change +63%; Water production and injection: USD 491 mn in 2026, USD 799 mn in 2036, change +63%.20262036 forecastChangeOnshore oil wells+55%5.1 bn7.9 bnOffshore wells+87%1.6 bn3.1 bnHeavy oil and oil sands+63%983 mn1.6 bnWater production and injection+63%491 mn799 mn

Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.

SegmentShare 2026Share 2036Value 2026CAGR 2026-36
Onshore oil wells62.0%59.0%USD 5.1 bn4.5%
Offshore wells20.0%23.0%USD 1.6 bn6.5%
Heavy oil and oil sands12.0%12.0%USD 983 mn5.0%
Water production and injection6.0%6.0%USD 491 mn5.0%

By motor power

SegmentShare 2026Share 2036Value 2026CAGR 2026-36
Under 100 hp20.0%18.0%USD 1.6 bn3.9%
100 to 400 hp52.0%51.0%USD 4.3 bn4.8%
Above 400 hp28.0%31.0%USD 2.3 bn6.1%

By buyer type

SegmentShare 2026Share 2036Value 2026CAGR 2026-36
National oil companies46.0%47.0%USD 3.8 bn5.2%
International oil companies28.0%26.0%USD 2.3 bn4.2%
Independent operators26.0%27.0%USD 2.1 bn5.4%

By sales model

SegmentShare 2026Share 2036Value 2026CAGR 2026-36
New systems58.0%56.0%USD 4.8 bn4.6%
Replacement and aftermarket30.0%31.0%USD 2.5 bn5.3%
Rental and run-life contracts12.0%13.0%USD 983 mn5.8%

Top 25 countries for electrical submersible pump by revenue

Countries are ranked by revenue earned from sales in the country, not by where the product is made. The ten largest hold 77.0% of 2026 revenue and the 25 countries below together hold 93.5%.

Exhibit 4United States is the largest country market at USD 1.8 bn in 2026, and the three largest countries hold 45.0% of global revenueEstimated 2026 revenue in USD and share of the global market, ten largest countries
Electrical Submersible Pump market, ten largest countries in 2026Ten largest countries by 2026 revenue. United States: USD 1.8 bn, 22.0%; Saudi Arabia: USD 983 mn, 12.0%; Russia: USD 901 mn, 11.0%; Canada: USD 491 mn, 6.0%; Oman: USD 410 mn, 5.0%; United Arab Emirates: USD 410 mn, 5.0%; China: USD 410 mn, 5.0%; Kuwait: USD 328 mn, 4.0%; Iraq: USD 328 mn, 4.0%; Brazil: USD 246 mn, 3.0%.United States1.8 bn 22.0%Saudi Arabia983 mn 12.0%Russia901 mn 11.0%Canada491 mn 6.0%Oman410 mn 5.0%United Arab Emirates410 mn 5.0%China410 mn 5.0%Kuwait328 mn 4.0%Iraq328 mn 4.0%Brazil246 mn 3.0%

Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.

#CountryValue 2026Share 2026Value 2036CAGR 2026-36
1United StatesUSD 1.8 bn22.0%USD 2.9 bn5.0%
2Saudi ArabiaUSD 983 mn12.0%USD 1.8 bn6.0%
3RussiaUSD 901 mn11.0%USD 1.1 bn2.0%
4CanadaUSD 491 mn6.0%USD 734 mn4.1%
5OmanUSD 410 mn5.0%USD 734 mn6.0%
6United Arab EmiratesUSD 410 mn5.0%USD 734 mn6.0%
7ChinaUSD 410 mn5.0%USD 574 mn3.4%
8KuwaitUSD 328 mn4.0%USD 587 mn6.0%
9IraqUSD 328 mn4.0%USD 614 mn6.5%
10BrazilUSD 246 mn3.0%USD 480 mn6.9%
11ArgentinaUSD 181 mn2.2%USD 348 mn6.8%
12MexicoUSD 161 mn2.0%USD 248 mn4.5%
13KazakhstanUSD 143 mn1.8%USD 220 mn4.4%
14IndiaUSD 127 mn1.6%USD 245 mn6.8%
15EgyptUSD 113 mn1.4%USD 175 mn4.5%
16ColombiaUSD 101 mn1.2%USD 156 mn4.5%
17LibyaUSD 90 mn1.1%USD 139 mn4.4%
18AlgeriaUSD 80 mn1.0%USD 123 mn4.3%
19QatarUSD 71 mn0.9%USD 109 mn4.4%
20IndonesiaUSD 63 mn0.8%USD 97 mn4.4%
21NigeriaUSD 57 mn0.7%USD 87 mn4.4%
22EcuadorUSD 50 mn0.6%USD 77 mn4.5%
23VenezuelaUSD 44 mn0.5%USD 69 mn4.6%
24AngolaUSD 39 mn0.5%USD 61 mn4.5%
25AustraliaUSD 35 mn0.4%USD 55 mn4.5%
Rest of worldUSD 528 mn6.5%USD 884 mn5.3%
Exhibit 5United States and Saudi Arabia account for 37% of the USD 5.2 bn the market is forecast to add by 2036Forecast revenue added between 2026 and 2036 by country, in USD
Electrical Submersible Pump market, where the growth to 2036 comes fromRevenue added between 2026 and 2036. Market value 2026: USD 8.2 bn. United States: +USD 1.1 bn; Saudi Arabia: +USD 778 mn; Oman: +USD 324 mn; United Arab Emirates: +USD 324 mn; Iraq: +USD 286 mn; 20 other countries: +USD 1.9 bn; Rest of world: +USD 356 mn. Market value 2036: USD 13.3 bn.Market value 20268.2 bnUnited States+1.1 bnSaudi Arabia+778 mnOman+324 mnUnited Arab Emirates+324 mnIraq+286 mn20 other countries+1.9 bnRest of world+356 mnMarket value 203613.3 bn

Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.

Competitive landscape

Group 1: Global leaders

  • SLB
  • Baker Hughes
  • Halliburton
  • Borets
  • Weatherford
  • NOV
  • ChampionX

Group 2: Regional and specialist players

  • Novomet
  • Alkhorayef Petroleum
  • Dover Artificial Lift
  • Franklin Electric
  • Sulzer

Group 3: Emerging and niche players

  • Zilift
  • Wood Group Artificial Lift
  • Levare International
  • Canadian Advanced ESP
  • Odessa Pumps and Equipment

Research methodology

Every figure on this page comes from the research framework that we apply to all of the markets we cover. The 2025 base for the electrical submersible pump market is built from the volume sold and the price that buyers pay, and is cross-checked against the size of the wider industry the market belongs to. Where a market can be sized in more than one way, the routes are compared before a figure is set.

The forecast runs year by year from the 2025 base to 2036. Growth in each year reflects demand from the industries that buy the product, adoption of new technology, pricing, regulation and replacement cycles. Volume and price are modelled together, so revenue in each year equals volume multiplied by average price. The 2026 to 2036 compound annual growth rate of 5.0% is calculated from the resulting values.

The market is divided by component, by application, by motor power, by buyer type, by sales model. The 25 largest countries are ranked by revenue earned from sales to buyers in each country, not by where the product is made. Segment values and country values add up to the market total in every year, and every report is checked for consistency before it is published.

Companies are placed in three groups: global leaders, regional and specialist players, and emerging and niche players. The groups describe how companies compete in the market. They are not a ranking and they are not market shares.

Our analysts also carry out primary research. Customized reports add interviews with key opinion leaders, such as senior executives, technical specialists and buyers, to test the assumptions behind the numbers for the question being asked.

Read the full research methodology

Frequently asked questions

How big is the electrical submersible pump market?

The global electrical submersible pump market is estimated at USD 7.8 bn in 2025 and USD 8.2 bn in 2026.

How fast will the electrical submersible pump market grow?

It is forecast to reach USD 13.3 bn by 2036, a compound annual growth rate of 5.0% from 2026, an increase of USD 5.2 bn.

Which country is the largest market for electrical submersible pump?

United States is the largest market by revenue at USD 1.8 bn in 2026, 22.0% of the global total. The three largest countries together hold 45.0%.

Which country is growing fastest?

Among the ten largest markets, Brazil is growing fastest at 6.9% a year from 2026 to 2036.

Which electrical submersible pump segment is largest?

In the by component split, Pumps is the largest segment with 34.0% of 2026 revenue.

Who are the leading electrical submersible pump companies?

Global leaders include SLB, Baker Hughes, Halliburton, Borets.

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