Electrical Submersible Pumps (ESPs) Market Overview 2014 – 2022
Electrical submersible pumps (ESP) are vertically operating multi-stage pumps with centrifugal action. All stages in an ESP have their characteristic rotary impeller and a stationary diffuser. The multistage pumps are generally used in the oil and gas sector due to their ability to control larger volumes of oil and water within the wellbore. ESPs are pumps that are designed especially for the oil and gas industry. They are used in wells that can manage to withstand fluid outputs that range from 200 bpd to 60,000 bpd, all at depths reaching to 15,000 feet.The global ESP market is exhibiting a CAGR of 8.94% from 2014 to 2022. The market was valued at US$10.60 bn in 2013. By 2022, its value will become US$16.7 bn by 2022.
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Advantages of and Need for ESPs Drive Global ESP Market
One of the key advantages offered by the global ESP market is low cost in terms of providing wellbore corrosion treatment, scale treatment, and the fact that ESPs can be used to lift high volumes of fluids. The primary components of an ESP are the pumping unit and the driver unit. A driver in the global ESP market can be either water turbines or electric turbines. The installation of the driver in the upper half of the ESP is done for heat control during peak workloads. All in all, an ESP’s performance largely depends on its size, rotational speed, and the fluid that they are used for.
On the other hand, ESPs cannot manage higher gas volume fraction as the passing liquid provides a cooling effect to the electric motor. Also, ESPs can only function in a series arrangement due to the fact that they can provide a greater differential pressure to propel the fluids inside the wall.
Europe Dominates Global ESP Market
Geographically, Europe has dominated the global ESP market. The region held nearly 59.77% of the global ESP market in 2014 and is expected to remain the dominant region till 2022. The key factor for Europe’s lead is the growing number of mature fields in the U.K., Kazakhstan, Norway, and Russia. Europe had the largest market for offshore as well as onshore ESPs in 2013, when it held market shares of 55.81% and 61.23% in the two segments, respectively. Onshore ESPs dominate the global ESP market in terms of types, and Europe’s lead in this segment has given the region a massive boost in the global ESP market.
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North America and Asia Pacific Show Fast Growth Rates in Global ESP Market
The second largest region in the global ESP market is North America, with a 2013 market share of 20.28%. The region is showing an exceptional growth rate in the global ESP market due to the rapid rate of development of the shale gas exploration sector. The third largest region in the global ESP market is Asia Pacific, due to increasing oil exploration activities.The global ESP market is also set to receive a boost due to growing oil exploration in South and Central America where there are a growing number of mature fields, especially in Venezuela and Brazil.
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