Electric Submersible Pump Market Size, Industry Analysis Report, Regional Outlook (United States, Canada, China, Japan, Korea, India, Germany, South Africa, Saudi Arabia, United Arab Emirates Venezuela and Brazil.), Application Development, Competitive Market Share and Forecast, 2019 – 2025
Report ID: GMI3392
Flourishing demand for energy and depleting oil and gas reserves will foster the global electrical submersible pump (ESP) market. The systems are most reliable and efficient on account of their higher penetration rate and are widely deployed across the low carbonate wells and low sand oil fields.
Introduction of innovative technologies to enhance the production from the existing and newly discovered oil fields will drive the ESP market growth. Rising investments toward R&D will further complement the business outlook. In 2017 Saudi Aramco and Baker Hughes implemented the trans coil rig less ESP systems which reduces the cost and enables the operators to increase the production rate.
The ESP market is set to grow on account of increased focus toward cost cutting and production optimization. Furthermore, increasing rig count is a major parameter stimulating the product demand. The global rig count increased to 2,231 in 2019 from 2,221 in 2018 on account of recent upscale of the E&P activities.
Increasing adoption of artificial lift system in order to boost production from existing wells will foster the ESP market. The systems consist of several components like motors, transformers, junction boxes, gas separators, drain valves, sensors, and other surface equipment. The specification of the system varies in accordance with its implementation across the different production facilities. For instance, the cost and complexity of installing an ESP system at offshore are more in comparison to the onshore facilities.
Rising upstream capital spending will drive the global ESP market growth. Russia, Canada, and the US are emerging investors in terms of the existing and the upcoming projects by 2025. High maintenance cost due to operational failures acts as a barrier in the performance of the ESP systems However, new strategies are adopted by the OEMs for delivering the services to the consumers. For instance, operational leasing is a new approach which is introduced by the manufacturers in order to reduce the operational expenditure linked to procurement and installation of the system.
Regions including Europe, North America, hold the maximum number of production facilities which creates huge growth prospects for the ESP market. Europe holds the maximum share across the industry which is complimented by the presence of rich oil fields and increasing number of mature fields across Russia. North America is further leading the industry on account of increasing domestic production of shale oil across the U.S. and Canada.
Asia Pacific ESP market is set to grow on account of increasing E&P activities across the South China Sea and rapid discovery of shale reserves across China. In addition, availability of large number of mature fields across Venezuela and Brazil will further provide massive growth prospects across the Latin America.
Eminent players operating across the ESP market includes Borets, Novomet, GE Baker Hughes, Halliburton, Weatherford, Schlumberger, and DOS Canada.
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