The rising demand for energy and depleting oil reserves have compelled producers to explore unconventional energy resources and deploy advanced technologies to leverage most from the existing resources. The adoption of novel technologies will thus enable them drill deeper into oil wells. Such incumbent trends will create attractive opportunities for the sales of electrical submersible pumps (ESPs).
Transparency Market Research (TMR) forecasts positive growth for the global electrical submersible pumps market. The rising exploration and production activities across unconventional resources in North America is expected to bolster ESPs installation in the forthcoming years. Contrary to this, the continuously declining oil prices could have a negative influence on the market’s overall trajectory. Nevertheless, with the increasing oil sands production, TMR expects the deployment of ESPs to significantly rise in the near future.
According to TMR, the global electrical submersible pumps market stood at US$10.65 bn in 2013. Exhibiting a CAGR of 5.29% between 2014 and 2022, the market is projected to reach US$16.75 bn by the end of 2022.
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Onshore Segment Exhibits Highest ESP Installations Worldwide
Based on applications, the global electrical submersible pumps market can be bifurcated into offshore installations and onshore installations. Of these, the onshore segment exhibited the highest ESPs installations, thus holding over 76.16% of the market in 2013. However, the segment is expected to slowly lose its market share as offshore installations increase over the course of the forecast period. Emerging economies are likely to exhibit considerable expansion of the offshore industry.
In the onshore segment, the installation of ESPs is expected to surge in response to the commencement of shale projects in Argentina and China. Likewise, the increasing offshore oilfield discoveries across Europe, South and Central America, and the Middle East, will fuel the installation of ESPs in the offshore sector during the forecast period.
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Rising ESP Installations in Russia to Seal Europe’s Dominance in Global Market
Regionally, Europe held the largest share of 59.8% in the global electrical submersible pumps market in 2013. Russia has emerged as the most lucrative market for ESPs in Europe. The increasing ESP installations in Europe is attributed to the rising demand from the offshore sector in Kazakhstan and the gradually declining oil production in the North Sea. Spurred by these factors, demand for artificial lifting systems is likely to increase in Europe.
Europe is expected to retain its position as the leading market for ESPs through the forecast period. The rising demand from oilfields in Russia, Kazakhstan, and the U.K. will seal Europe’s position as the market exhibiting the highest number of ESP installations.
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Schlumberger Limited, Baker Hughes Incorporated, Borets Company, LLC, and GE Oil & Gas have been identified as the top players in the global electrical submersible pumps market.