Electrical Submersible Pumps (ESPs) provide one of the most efficient and reliable ways to raise fluids to the surface, both water and oil. A multi-stage centrifugal pump driven by an induction motor offers a high-speed rotation of impellers which in turn produces centrifugal force to raise the fluids up. Electrical submersible pumps are mostly used in low sand oilfields, low carbonate reservoirs, highly deviated wells, and others. Moreover, ESP systems can also be used in collaboration with gas lift technology to provide redundancy. Technological advancement has enabled using rig-less implementation of ESP, therefore terminating the necessity of a drilling rig.
Electrical submersible pumps or ESPs provide several benefits to various end-user industries which makes the market more demanding. ESPs are highly reliable and efficient and provide several benefits that include superb remote monitoring and flexible design capabilities, large production volume potential, and can be used in crooked or deviated wells. Further down, increasing application of ESP in the Oil & Gas industries has also significantly boosted the growth of the global electrical submersible pumps market in recent years. Additionally, rising focus on industrialization, urbanization, and agricultural development by governments in countries like India and China, is therefore expected to fuel the demand for electrical submersible pumps in the Asia-Pacific region. Moving forward, the presence of a high number of ESP manufacturers across the globe is also a key factor augmenting the growth of the global electrical submersible pumps (ESP) market during the projection period. However, it is estimated that the demand for electrical submersible pumps will remain significant from firefighting and agricultural industries throughout the projection period from 2018 to 2025.
Major applications of electrical submersible pumps (ESPs) mentioned in the report include oil & gas, agriculture, firefighting, construction, mining, and other product the market has been divided open well submersible pumps, bore well submersible pumps, and non-clog submersible pumps. In addition to this, the global ESP market is further segmented by components that include power cables, three-phase induction motors, multi-staged centrifugal pump, seal chamber section, and surface controls. The global electrical submersible pumps market has been moreover segmented geographically into North America, Europe, Asia-Pacific, Middle East, and Africa and Latin America..The global ESPs market is bifurcated by type which includes high-temperature pumps and low-temperature pumps. Moreover, based on
In recent years, the North-America region is witnessing the highest market growth mainly due to the growing offshore exploration activities. Increasing demand for ESPs in oil & gas industries coupled with the technological upgradation of submersible pumps has also significantly contributed to the huge demand for this market in the North-American region. Moving forward, Middle East & Africa ranks second in the global electrical submersible pumps market. Increasing investment by government in various sectors such as mining, oil & gas, and chemical among others, creates a high growth opportunity for the ESP market in the Middle-East and Africa region. Additionally, Asia-Pacific ranks third in terms of ESPs market share. Increasing urbanization, industrialization, and deepwater exploration activities are some of the factors expected to augment the growth of the Asia-Pacific electrical submersible pumps market in the near future.
However, the requirement of a high-voltage electric power source and high overhead costs are some of the major factors estimated to hamper the global electrical submersible pumps market growth in the upcoming years.
Some of the major players in the global electrical submersible pumps (ESPs) market
include General Electric (GE), Borets Company, Falcon Pumps Pvt. Ltd., Grundfos Pumps Corporation, Schlumberger Limited, Walrus America Inc., and few others likely to be named.
Global Electrical Submersible Pumps (ESPs) Market: By Types
Global Electrical Submersible Pumps (ESPs) Market: By Product
Global Electrical Submersible Pumps (ESPs) Market: By Application
Global Electrical Submersible Pumps (ESPs) Market: By Components
Global Electrical Submersible Pumps (ESPs) Market: By Geography