The rising demand for energy and depleting oil reserves have compelled producers to explore unconventional energy resources and deploy advanced technologies to leverage most from the existing resources. The adoption of novel technologies will thus enable them drill deeper into oil wells. Such incumbent trends will create attractive opportunities for the sales of electrical submersible pumps (ESPs).
Transparency Market Research (TMR) forecasts positive growth for the global electrical submersible pumps market. The rising exploration and production activities across unconventional resources in North America is expected to bolster ESPs installation in the forthcoming years. Contrary to this, the continuously declining oil prices could have a negative influence on the market’s overall trajectory. Nevertheless, with the increasing oil sands production, TMR expects the deployment of ESPs to significantly rise in the near future.
According to TMR, the global electrical submersible pumps market stood at US$10.65 bn in 2013. Exhibiting a CAGR of 5.29% between 2014 and 2022, the market is projected to reach US$16.75 bn by the end of 2022.
Onshore Segment Exhibits Highest ESP Installations Worldwide
Based on applications, the global electrical submersible pumps market can be bifurcated into offshore installations and onshore installations. Of these, the onshore segment exhibited the highest ESPs installations, thus holding over 76.16% of the market in 2013. However, the segment is expected to slowly lose its market share as offshore installations increase over the course of the forecast period. Emerging economies are likely to exhibit considerable expansion of the offshore industry.
In the onshore segment, the installation of ESPs is expected to surge in response to the commencement of shale projects in Argentina and China. Likewise, the increasing offshore oilfield discoveries across Europe, South and Central America, and the Middle East, will fuel the installation of ESPs in the offshore sector during the forecast period.
Rising ESP Installations in Russia to Seal Europe’s Dominance in Global Market
Regionally, Europe held the largest share of 59.8% in the global electrical submersible pumps market in 2013. Russia has emerged as the most lucrative market for ESPs in Europe. The increasing ESP installations in Europe is attributed to the rising demand from the offshore sector in Kazakhstan and the gradually declining oil production in the North Sea. Spurred by these factors, demand for artificial lifting systems is likely to increase in Europe.
Europe is expected to retain its position as the leading market for ESPs through the forecast period. The rising 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.
In North America, the U.S. is expected to report the highest installation of ESPs in 2013. Besides this, the ESP producers are also expected to witness attractive opportunities in Canada and Mexico. Since many eminent oilfield services providers are domiciled in this region, TMR projects 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 expanding offshore industries in China, Malaysia, and Australia.
Schlumberger Limited, Baker Hughes Incorporated, Borets Company, LLC, and GE Oil & Gas have been identified as the top players in the global electrical submersible pumps market.
This research study analyzes the market for electrical submersible pumps (ESPs) in terms of volume (Units) and (USD Million). The ESP market has been segmented on the basis of application and geography. The regional segment has been further divided into 17 sub-segments that comprise 12 countries which are major players in the global ESPs market. For the research, 2013 has been taken as the base year while all forecasts have been given for the 2014–2022 period. Market data for all the segments has been provided at the regional as well as country-specific level for the 2013–2022 period. The report provides a broad competitive analysis of companies engaged in the ESP system business. The report also includes the key market dynamics such as drivers, restraints, and opportunities affecting the global ESP market. These market dynamics were analyzed in detail and are illustrated in the report with the help of supporting graphs and tables. The report also provides a comprehensive industry analysis of the global ESP market with the help of Porter’s Five Forces model. This analysis helps in understanding the five major forces that affect the market structure and profitability of the global ESP market. The forces analyzed are the bargaining power of buyers, bargaining power of suppliers, threat from new entrants, threat from substitutes, and degree of competition.
The high-level analysis in the report provides detailed insights into the ESP’s business globally. There are currently numerous drivers for the ESP market. One of the most prominent drivers is increasing investments in green field and brown field projects from major E&P companies. Apart from this, increasing production from mature oilfields and unconventional resources is expected to increase the demand of ESP systems in the near future. Market attractiveness analysis was carried out for the ESP market on the basis of geography. Market attractiveness was estimated on the basis of common parameters that directly impact the market in different regions.
The ESPs market was further segmented on the basis of application into onshore and offshore. The configuration of ESP system is different for both onshore and offshore oilfields, depending on the surface and sub-surface components. In onshore oilfields, the cost of surface equipment would be less as compared to that in offshore fields as the system is mounted with additional protective components in offshore fields. The installation of ESPs in onshore would be low cost and easier due to less adverse conditions unlike in offshore fields. The ESP market was analyzed across five geographies: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America. Regional data has been provided for each sub-segment of the ESP market. Key market participants in the ESP market include Baker Hughes Incorporated, Halliburton Company, Schlumberger Limited, Weatherford International, and Borets Company, LLC. The report provides an overview of these companies, followed by their financial details, business strategies, and recent developments.
ESPs Market: By Application
ESPs Market: By Region
- North America
- Rest of North America
- Asia Pacific
- Rest of Asia Pacific
- Rest of Europe
- Middle East & Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East & Africa
- South & Central America
- Rest of South & Central America