Global Electrical Submersible Pumps (ESPs) Market
Posted: Oct 28, 2019
Global Generation Electrical Submersible Pumps (ESPs) Market was valued US$ 14.01 Bn in 2017 and is expected to reach US$ 22.4 Bn by 2026, at a CAGR of around 5.35 % during a forecast period.Global Electrical Submersible Pumps (ESPs) MarketThe electric submersible pumps are widely used in the oil & gas industry because of its higher efficiency, low maintenance and low space requirements. Also, the growing oil & gas industry is projected to drive the market for ESP systems and has various opportunities for the market in future. Moreover, increasing exploration and production activities across alternative resources in North America are predicted to boost ESPs installation in the forthcoming years. Contrary to this, the constantly declining oil prices could have a harmful influence on the market’s overall trajectory.
Based on applications, the onshore segment exhibited the highest ESPs installations, thus holding over 76.20 % of the market in 2013. Though, the segment is anticipated to slowly lose its market share as offshore installations increase over the course of the forecast period. Developing economies are likely to exhibit significant expansion of the offshore industry.
The global market of electric submersible pumps seems to be highly competitive but consolidated. Many large and small key players operating in the market are churning the competition to gain competitive advantage. To sustain their market position these players incorporate acquisition, collaboration, partnership, expansion, and technology launch.
Regionally, Europe held the leading share of 60.01 % within the global electrical submersible pumps market in 2013. Russia has developed because the most profitable marketplace for ESPs in Europe. The increasing electrical submersible pump installations in Europe is attributed to the rising demand from the offshore sector in Kazakhstan and also the bit by bit declining oil production within the North Sea. Spurred by these factors, demand for artificial lifting systems is probably going to extend in Europe. Also, Europe is projected to retain its position as the prominent market for ESPs through the forecast period. The increasing demand from oilfields in Russia, Kazakhstan, and the U.K. will seal Europe’s position as the market exhibiting the highest number of ESP installations.
Moreover, in North America, the U.S. is projected to report the highest installation of ESPs in 2013. As well, the ESP producers are also anticipated to witness attractive opportunities in Canada and Mexico. Since many well-known oilfield services providers are domiciled in this region, the ESP market in North America to rise at a positive pace through the forecast period. In Asia Pacific the ESP manufacturers are likely to gain from the increasing offshore industries in China, Malaysia, and Australia.
The report gives a market outline covering key drivers and risks factors. The report is split by top global manufactures mentioning sales, revenue and prices as applicable. It also evaluates the competitive scenario of the foremost players. The report expands to cover regional market data along with product type, operation, and application. The report forecasts sales and revenue from 2018 to 2026. The detailed sales channel is also covered in the study.
The objective of the report is to present a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, industry-validated market data and projections with a suitable set of assumptions and methodology. The report also helps in understanding global electrical submersible pumps (ESPs) market dynamics, structure by identifying and analyzing the market segments and project the global market size. Further, the report also focuses on the competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence. The report also provides PEST analysis, PORTER’s analysis, SWOT analysis to address the question of shareholders to prioritizing the efforts and investment in the near future to the emerging segment in global electrical submersible pumps (ESPs) market.
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Scope of Global Electrical Submersible Pumps (ESPs) Market
Global Electrical Submersible Pumps (ESPs) Market, By Product Type
Global Electrical Submersible Pumps (ESPs) Market, By Operation
- Single Stage
Global Electrical Submersible Pumps (ESPs) Market, By Application
Global Electrical Submersible Pumps (ESPs) Market, By Region
- North America
- Asia Pacific
- Middle East & Africa
- South America
Key Players Operating in Global Electrical Submersible Pumps (ESPs) Market
- Schlumberger Limited
- Baker Hughes Incorporated
- Borets Company, LLC
- GE Oil & Gas
- Falcon Pumps Pvt. Ltd.
- Grundfos Pumps Corporation
- Walrus America Inc.
- Halliburton Company
- JSC Novomet-Perm
- TorqueflowSydex Ltd.
- Weatherford International
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