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Submersible Pumps Forecast Market Revenue, Growth Rate and Application Research Analysis by Professional Analyst | Global Industry Sales, Trends and Forecast to 2023
Electrical Submersible Pumps are Low maintenance, small sized hence portable and highly efficient in terms of output. And these very factors not only make ESPs popular but also drive the ESP market. The demand for submersible pumps from agriculture and wastewater treatment industries is expected to remain significant throughout the forecast period. Development of new sources of safe drinkable water and small and medium scale industrial development are further expected to push the demand for submersible pumps over the forecast period 2017-2027. The highly competitive Market of ESPs promises a good fortune in the years to (2017-2027).
The Global ESP market is growing and widening owing to the infrastructural development activities around the globe. The Focused efforts on urbanization, industrialization, and agricultural development of the Governments of developing countries such as China and India; is expected to drive the demand for Submersible pumps in the region.
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Electric Submersible Pumps Market - Competitive Analysis
The global Market of Electric Submersible Pumps appears 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. Manufacturers operating in the Electric Submersible Pumps market strive to develop a state of art manufacturing facilities. They continue to seek candidate wells for the next phase of testing with the turned focus to a well that produces a larger percentage of oil versus water, at a depth and pumping rate that is different from the previous test. They also continue to pursue installations of the ESPs with other clients that express an interest in providing them with an oil well to further test ESPs so that they can validate its numerous benefits. Based on the lead-time for delivery of certain components, these key players ensure that the next round of testing is focused on delivering results of extending operating time and proving out the cost reduction benefits of the ESPs. Their vision is to be a premier supplier of submersible pumping products that increase production while reducing costs and carbon footprint.
Industry/ Innovation/ Related News
November 20, 2017 - Los Alamos National Laboratory, operated by Los Alamos National Security, LLC (USA), won eight awards for technologies/ R&D at R&D Magazine's annual ceremony in Orlando, Florida. One of among 8 awards is for “High-Temperature Electric Submersible Pump Motor (HT-ESP)”: Keeping pump motors cool in deeper, extremely hot environments. These diverse inventions include applications for clean energy technology and several of these technologies, developed through partnerships, are already available to the public.
October 30, 2017 – Borets Seven Seas & Co, Dubai, announced that they are expanding in Oman by opening a $7.5m pump factory in Oman’s Sohar Industrial Estate on 29 October, 2017. The facility will assemble and service ESPs, which provide an efficient and reliable artificial-lift method for extracting moderate to high volumes of fluids from wellbores, for use in oil and water wells. Petroleum Development Oman (PDO) has announced that it has received the first Oman-made electric submersible pump (ESP) system for its oil operations from Borets factory in Sohar.
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Top Key Players:
The key players of the global submersible pumps market are Xylem, Inc. (U.S.), Sulzer AG (Switzerland), KSB Group (Germany), Grundfos Group (Denmark), Ebara Corporation (Japan), Flowserve Corporation (U.S.), and Tsurumi Manufacturing Co., Ltd (Japan). Gorman-Rupp Company (U.S.), General Electric Company (U.S.), WILO SE (Germany), The Weir Group Plc (Scotland), Walrus Pump Co., Ltd. (Taiwan), Atlas Copco AB (Sweden), and Kirloskar Brothers Limited (India) are among others.
Electric Submersible Pumps Market - Segments
Global Electric Submersible Pumps Market is segmented in to 3 Key dynamics for an easy grasp and enhanced understanding.
Segmentation By Well Type : Comprises - Land and Offshore`.
Segmentation By Components : Comprises - Power Cables, Multi staged Centrifugal Pump, and Three Phase Induction Motors
Segmentation By Regions : Comprises Geographical regions - North America, Europe, APAC and Rest of the World.
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Electric Submersible Pumps Market – Regional Analysis
North America is the leading region for this market mainly due to increased offshore exploration activities. Technological development and increasing demand for Oil & Gas has also significantly contributed to the high demand in the North American region. Asia-Pacific and Europe are other leading regions due to the increasing production from matured oil fields in this region.
Chinese players of ESP Market are offering comparatively low price; this well planned move is challenging the other players in the regional and global market.
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