TMR - Electrical Submersible Pumps Market by 2022
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.
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Increasing Emphasis on Unconventional Resources to Boost ESP Deployment
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.
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.
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Persistent Decline in Oil Prices to Negatively Impact Market’s Growth
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.
Increasing Oil Sands Production to Fuel ESP Installations in Forthcoming Years
Nevertheless, the increasing production of oil sands around the world will boost sales prospects for ESP producers. Numerous oil sand projects are scheduled to commence across the Middle East and Africa. The demand for ESPs is therefore expected to increase in the forthcoming years thus creating lucrative prospects for ESP manufacturers.
By application, the installation of ESPs is expected to increase in the onshore segment. This segment held around 76.16% of the global market in 2013. Regionally Europe emerged as the largest consumer of ESPs in 2013 accounting for a share of 59.77%.
According to TMR, the global ESP market stood at US$10.65 bn in 2013. Rising at a CAGR of 5.29% between 2014 and 2022, the market is expected to reach US$16.75 bn by the end of 2022.
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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