Press release
Electric Submersible Pumps Market 2018 Global Leaders : Grundfos Pumps Corporation, Walrus America Inc, Baker Hughes Incorporated, Schlumberger Limited, Halliburton Company
Electric Submersible Pumps Market
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).
According to a recent study report published by the Market Research Future, The global market of electric submersible pumps is booming and expected to gain prominence over the forecast period. The global electric submersible pumps market is forecasted to demonstrate an exponential growth by 2023, surpassing its previous growth records in terms of value with a CAGR of 5.24% during the estimated period (2017 – 2023).
Key Players
Grundfos Pumps Corporation (Denmark), Walrus America Inc (U.S.), Baker Hughes (U.S.), Schlumberger Limited (U.S.), Halliburton Company (U.S.), Falcon Pumps Pvt. Ltd. (India), Borets Company (U.S.), JSC Novomet-Perm (Russia), Torqueflow Sydex Ltd.(U.K.), Weatherford International (U.K) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global electric submersible pumps market.
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Competitive Analysis
Characterized by the presence of several well-established and small players, the global Market of electric submersible pumps appears to be highly competitive. The electric submersible pumps market is characterized by technology sophistication and high capital investments. Many of the companies aim at attaining competitive advantage by entering collaborations & acquisitions and to mitigate the bargaining power of suppliers. Moreover, vendors operating in the electric submersible pumps market strive to deliver the best quality products and services based on innovative technologies, and best practices. Electric submersible pumps market demonstrates a high growth potential which is likely to attract many entrants to the market resulting in to intensified competition further.
Industry News/ Latest Industry Updates:
On 2 September 2017, Saudi Aramco and Baker Hughes announced the first installation of the TransCoil rigless-deployed electrical submersible pumping (ESP) system, which is designed to help operators bring wells on production faster and lower the costs associated with installing and replacing ESPs.
On Oct 2016, General Electric Co.'s and Baker Hughes Inc. completed its merger. The new company is the first and only to bring together industry-leading equipment, services and digital solutions across the entire spectrum of oil and gas development.
July 5, 2017 – Halliburton Company announced the acquisition of Summit ESP, a leading provider of electric submersible pump (ESP) technology and services. The addition of Summit’s artificial lift offerings and industry-leading customer service strengthens Halliburton’s artificial lift portfolio for its global customers.
Browse Complete Half Cooked Research Report at @ https://www.marketresearchfuture.com/reports/electric-submersible-pumps-market-1351
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.
About Market Research Future:
At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
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