Electrical Submersible Pumps (ESPs) Market Forecast 2014 – 2022
According to this report, the global market revenue for ESPs stood at US$10.6 bn in 2013 and is expected to reach US$16.7 bn by 2022 at a CAGR of 8.94% from 2014 to 2022.
Electrical submersible pumps (ESPs) are multistage centrifugal pumps that are used in the oil industry to increase the production of oil from the oil well. ESP systems differ according to the well specifications and geographies. These are economically designed pumps for oil and water wells that can handle fluid output ranging from 200 bpd to 60,000 bpd at depths of up to 15,000 feet. These pumps provide low lifting costs for high fluid volumes and help in scale and corrosion treatment in the wellbore. The market for ESPs can be segmented geographically into five regions, namely North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America. Europe was the largest consumer of ESPs, accounting for 59.77% of the overall market share in 2013. Europe is likely to remain the largest market for ESPs throughout forecast period, primarily due to an increasing number of mature fields in Russia, Norway, Kazakhstan, and the U.K.
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North America ranks second in terms of market share, accounting for 20.28% of the global market for ESP in 2013. Rapidly increasing shale oil production in the U.S. and production from oil sand in Canada are the primary drivers of the market growth of ESPs in North America. Asia Pacific ranks third in the global ESP market. Asia Pacific contains a large number of offshore wells in Australia, Malaysia, and the South China Sea. Increasing E&P activities in the South China Sea and prospective development of China’s shale reserves by 2017 are the major factors which would make Asia Pacific one of the most attractive markets for ESPs installations in the near future. The ESP market in South & Central America is expected to grow significantly in the near future due to large number of mature fields in Brazil and Venezuela.
In the future, the requirement of ESP systems is expected to increase gradually as a result of new discoveries of oilfields in offshore areas of South America and Africa and increasing number of mature fields globally. The global market for ESP has been segmented as follows
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ESPs Market: By Application
ESPs Market: By Region
- Rest of North America
- Rest of Asia Pacific
- Rest of Europe
Middle East & Africa
- Saudi Arabia
- United Arab Emirates
- Rest of Middle East & Africa
South & Central America
- Rest of South & Central America
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