Oil And Gas Electric Submersible Pumps Market 2020 Precise Outlook | Schlumberger Limited, Halliburton Company, Borets International Limited, ALKHORAYEF PETROLEUM

The Global Oil And Gas Electric Submersible Pumps Market Research Report 2020-2025 is a valuable source of insightful data for business strategists. It provides the industry overview with growth analysis and historical & futuristic cost, revenue, demand and supply data (as applicable). The research analysts provide an elaborate description of the value chain and its distributor analysis. This Market study provides comprehensive data which enhances the understanding, scope and application of this report.

The market for oil and gas electric submersible pumps (ESP) is expected to register a CAGR of 6.09% during the forecast period, 2020-2025.

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The report presents the market competitive landscape and a corresponding detailed analysis of the major vendor/key players in the market. Top Companies in the Global Oil And Gas Electric Submersible Pumps Market are Baker Hughes Company, Schlumberger Limited, Halliburton Company, Borets International Limited, ALKHORAYEF PETROLEUM, DOS Canada Inc., Weatherford International, ESP Ltd, Extract Production Services LLC, NOVOMET and Other

Key Market Trends

Increasing Demand from Onshore Oil and Gas Sector
- The onshore oil and gas sector accounts for the largest share in the electric submersible pumps market. In 2018, the average global onshore rig count reached 1987 rigs, representing an increase of 9.7% over the previous year, in turn, boosting the demand for ESPs.
- In April 2018, the National Hydrocarbons Commission (CNH) of Mexico published the drafts of the bidding terms, license contracts, and joint operating agreement for PEMEX new onshore farmouts, with the purpose of developing exploration and extraction activities in 7 different contractual areas. These onshore farmouts also aim to revive mature assets in the Cardenas-Mora and Ogarrio fields with the help of artificial lift systems.
- Also, growing focus toward heavy oil reservoirs, coupled with the requirement of ESP systems in shale reservoirs, is expected to drive the business growth.
- Adding to this, the marginal/stripper wells, which produce less than 10 barrels of oil or 60,000 cubic feet of natural gas per day, require additional technological aid to increase their production. Factors, such as increasing number of marginal and stripper wells and the growing demand to produce oil at the minimum cost, are likely to drive the demand for ESPs in the coming years.
- Therefore, the increase in the number of wells drilled, along with the demand for low cost production solutions, is expected to augment the demand for ESPs in the onshore sector over the forecast period.

North America to Dominate the Market

- In 2019, North America was estimated to be the largest market among the regions studied.
- The oil and gas industry in the United States is projected to provide a huge impetus to the ESP market, on account of widespread investments lined up in oil and gas projects for the coming years.
- Around USD 76 billion is expected to be spent on 97 upcoming oil and gas projects in the country between 2018 and 2025. Such robust growth in terms of new projects is projected to create a demand for new ESPs and gas lift systems in the United States, in the long run.
- In Canada, the sand oil available is of high-density and has high sand particle content, due to which oil transport from the bottom hole of the oil well to the surface requires high pressure. Hence, there is high demand and, in turn, assistance from artificial lift. However, the usage of electric submersible pumps (ESP) for pumping the sand oil is very difficult due to the oil's high viscous nature. This, in turn, is expected to limit the demand for ESP in Canada.
- On the Mexican side of the Gulf of Mexico (GoM), PEMEX has made several discoveries. PEMEX has issued contracts for the development of these fields. Hence, in the long run, the demand for electric submersible pumps is likely to emanate from this region.

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The market factors explained in the report:

Market Overview: It includes Oil And Gas Electric Submersible Pumps Market study scope, top key players, segments, market analysis by application, market analysis by type, and other chapters that give an overview of the research study.

Executive Summary: The Oil And Gas Electric Submersible Pumps Market report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.

Regional Study: All of the regions and countries analyzed in the Oil And Gas Electric Submersible Pumps Market report is studied on the basis of market size by application, the market size by product, key players, and market forecast.

Key Players: This part of the Oil And Gas Electric Submersible Pumps Market report discusses expansion plans of companies, key mergers and acquisitions, funding and investment analysis, company establishment dates, revenues of manufacturers, and their areas served and manufacturing bases.

Market Forecast: Here, the report offers a complete forecast of the global Oil And Gas Electric Submersible Pumps Market by product, application, and region. It also offers global sales and revenue forecasts for all years of the forecast period.

The research includes historic data from 2014 to 2019 and forecasts until 2025 which makes the report an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and stakeholders looking for key industry data in readily accessible documents with clearly presented tables and graphs.

Customization of the Report: This report can be customized as per your needs for additional data up to 3 companies or countries or 40 analyst hours.

Note: All the reports that we list have been tracking the impact of COVID-19 on the market. Both upstream and downstream of the entire supply-chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.

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