Global Electrical Submersible Pumps (ESPs) Market Insights Covering Market Dynamics and Competitive Scenario through 2022

In order to study the various trends and patterns prevailing in the overall market for Electrical Submersible Pumps (ESPs), Market Research Reports Search Engine (MRRSE) has included a new report titled “Electrical Submersible Pumps (ESPs) Market” to its wide online database. This research assessment offers a clear insight about the influential factors that are expected to transform the global market in the near future. Readers can access the regional as well as segment-wise analysis for acquiring precise information about the global market structure.

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A large number of prominent enterprises with strong brands currently represent the majority in the global electrical submersible pumps (ESPs) market. This provides the market with a highly competitive vendor landscape. According to MRRSE, the top four companies operating in the market, comprising Schlumberger Limited, Borets Company, LLC, Baker Hughes Incorporated, and GE Oil & Gas, held over 86% of the global ESP market in 2013.

In order to gain a competitive advantage, a majority of these companies are looking to acquire smaller enterprises and regional players. Besides mergers and acquisitions, TMR also finds these companies to invest in technological innovations and product differentiation to gain a stronghold in the market. Spurred by the aforementioned factors the level of competition prevailing in the market will shift from medium to high during the forecast period from 2014 to 2022.

Globally, the demand for oil has been rising at a positive rate. In order to pace up with the increasing demand, oil industries are currently engaged in exploring newer reserves and drilling deeper into the existing ones. Depleting oil reserves have also compelled producers to use novel technologies that will enable them drill deeper into oil wells. This has led to the higher adoption of the steam assisted gravity drainage (SAGD) method, which is subsequently fuelling the installation of ESPs. These machines have proven highly beneficial in overall SAGD process.

Maturing oil wells, depleting oil reserves, and declining oil reservoirs are the primary factors encouraging the adoption of electrical submersible pumps across the oil and gas industry. “Rising explorations and production (E&P) across non-conventional resources in North America will considerably fuel demand for ESPs,” said a lead TMR analyst. “The growth in hydrocarbon recovery from these unconventional resources and the increasing E&P activities in the shale gas sector will also fuel demand for the equipment,” he added.

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The market is also expected to gain from the increasing investment in brown field and green field projects by the major companies engaged in E&P.

The persistent decline in oil prices witnessed over the last few years has resulted in a cutback of offshore explorations. Such unfavorable trends are limiting the scope for ESP market’s expansion. Furthermore, electrical submersible pumps have limited scope for deployment in shale gas fields. This also has an adverse impact on the market’s overall growth trajectory. According to TMR, more than 750,000 shale gas wells use sucker rod pumps, while the remaining deploy down-hole pumping methods, thus creating meager or no demand for ESPs.

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

Onshore
Offshore

ESPs Market: By Region

North America
U.S.
Canada
Rest of North America

Asia Pacific
China
Indonesia
Rest of Asia Pacific

Europe
Russia
Norway
Kazakhstan
Rest of Europe

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This release was published on openPR.