Global Electric Submersible Pumps Market - Analysis by Location of Deployment and Geography - Growth, Trends, and Forecast (2018 - 2023)
The electric submersible pumps are one of the most effective artificial lift methods for pumping fluids to the surface. ESPs are widely used in the oil & gas industry due to its higher efficiency, low maintenance and low space requirements. Moreover, the growing oil & gas industry is expected to drive the market for ESP systems and has several opportunities for the market in future.
The electric submersible pump market is expected to grow in the near future, owing to increasing focus on improvement in oil & gas upstream activities. The worldwide rig count stood at 2,179 in March 2018 and it is anticipated to increase in coming years on account of growth in increasing exploration & production (E&P) activities. Moreover, increase in number of depleting reserves across the world is expected to create increasing market opportunities for electric submersible pumps business. ESPs, can bring more oil to the surface by boosting the pressure in a reservoir, and hence, are increasingly being used in unconventional wells to maximize economics of oil. Major oil companies are expanding their business in ESPs.
New Deepwater and Ultra-deep Water Development Projects is driving the market
Despite the prolonged low oil prices, there are fast-track development plans for large deepwater fields, such as Total’s Egina (Nigeria), Kaombo (Angola) projects, Eni’s Zohr gas discovery in the Mediterranean Sea off Egypt, Petrobras’ Lula (Brazil) field development, ExxonMobil’s Liza discovery off Guyana, and Chevron’s Big Foot (US) development. With fewer remaining easy-to-access oil fields and maturing production from exiting basins from, both, onshore and shallow-water, development of deepwater reserves has become increasingly vital. Hence, the increasing exploitation of deepwater resources is expected to drive the ESP market during the forecast period.
North America to Dominate the Market Growth
The past three years were challenging for the global oil & gas industry, which recorded a 25% and 26% decline in upstream investment in 2015 and 2016, respectively. However, in 2017, owing to the higher investment in North America unconventional reserves, mainly from the US shale region, the global upstream industry saw a significant gain of investment. Moreover, the oil & gas operators in North America are planning to further speed up investments for the recovery of unconventional reserves, such as shale and oil sands, which, in turn, is expected to supplement the demand for ESP in the North American region. Technologies, such as, horizontal directional drilling and hydraulic fracking, are widely used in the region for oil & gas production, which is expected to further drive the demand for electrical submersible pumps.
Key Developments in the Market
February 2018: Weatherford International plc launched a new software for its ForeSite production optimization platform. The software builds on the platform’s existing capabilities, which include optimization support for reciprocating rod-lift systems, by adding support for gas-lift and electric submersible pump (ESP) systems, as well as naturally flowing wells
The major players include - General Electric, Schlumberger Limited, Halliburton Company, Borets Company, Grundfos Pumps Corporation, Falcon Pumps Pvt. Ltd., Weatherford International plc, Walrus America Inc, Torqueflow Sydex Ltd, JSC Novomet-Perm, among others.
Reasons to Purchase This Report
Current and future electric submersible pumps market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness fastest growth during the forecast period
Identify the latest developments, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in excel)
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