Energy

Electrical Submersible Pumps Market: Comprehensive Industry Report Offers Forecast and Analysis 2022

An enormous number of unmistakable undertakings with solid brands right now speak to the greater part in the global electrical submersible pumps (ESPs) market. This furnishes the market with a profoundly focused seller scene. As indicated by Transparency Market Research (TMR), the main four organizations working in the market, containing Schlumberger Limited, Borets Company, LLC, Baker Hughes Incorporated, and GE Oil and Gas, held over 86% of the worldwide ESP showcase in 2013.

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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.

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.

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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.

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

In any case, the expanding generation of oil sands far and wide will support deals prospects for ESP makers. Various oil sand activities are planned to start over the Middle East and Africa. The interest for ESPs is along these lines expected to increment in the approaching years in this manner making rewarding prospects for ESP producers.

By application, the establishment of ESPs is relied upon to increment in the inland section. This portion held around 76.16% of the worldwide market in 2013. Territorially Europe developed as the biggest customer of ESPs in 2013 representing a portion of 59.77%.

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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.