Electrical Submersible Pumps (ESPs) Market Is Projected To Reach Us.75 Bn By

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).

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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.65 bn in 2013. Exhibiting a CAGR of 5.29% between 2014 and 2022, the market is projected to reach US.75 bn by the end of 2022.

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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 North America, the U.S. is expected to report the highest installation of ESPs in 2013. Besides this, the ESP producers are also expected to witness attractive opportunities in Canada and Mexico. Since many eminent oilfield services providers are domiciled in this region, TMR projects the ESP market in North America to rise at a positive pace through the forecast period. In Asia Pacific the ESP manufacturers are likely to gain from the expanding offshore industries in China, Malaysia, and Australia.

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.

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Rakesh Joined: November 28th, 2018