The Electric Submersible Pump (ESP) Manufacturing industry is dependent on demand from upstream oil and gas exploration and production companies. As crude oil and natural gas prices crashed beginning late 2014, industry revenue subsequently deteriorated over the five years to 2017. Oil prices, which exceeded $100.00 per barrel in 2013, have fallen sharply since the end of 2014 due to global oversupply. By the end of 2017, the price of crude oil is expected to have lost about half its value since the beginning of the period, forcing losses on oil and gas companies and limiting their demand for ESPs. Fortunately for the industry, oil prices are expected to rebound over the next five years as major producers tighten supply on the world market. As a result, ESP sales are expected to grow in line with increased US rig counts as rising crude prices spur ongoing production efforts.
This industry manufactures electric submersible pumps (ESPs) for oil and gas well drilling. Operators also provide monitoring systems, equipment engineering and other services that complement ESP systems.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.