The Europe ESP market will gain over 5% by 2025. Growing number of mature wells primarily across the Europe along with ongoing product innovation will accelerate the industry growth. A number of oilfields across Russia and Romania have attained maturity and falling rate from producing wells have stimulated the product adoption. Drastic surge in demand patterns owing to immense funding in upstream sector have led to the adoption of several hydrocarbon recovery methods including EOR and artificial lift. In addition, growing requirement for economic recovery solutions coupled with rising consumption of energy will positively enhance the business outlook. —
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Electric Submersible Pump Market is predicted to surpass USD 17 billion by 2025. Rapid population growth coupled with robust infrastructure development primarily across emerging countries will propel the electric submersible pump market share. Increasing need for reliable water supply, depleting water resources and ageing infrastructure are some of the key factors stimulating the product penetration. The systems are extensively installed in municipal facilities and high-rise buildings for ensuring efficient distribution and supply.
Surging agricultural demand along with increasing investments by government authorities for providing efficient irrigation facilities will stimulate the industry growth. The units are deployed in large-scale agriculture projects and drip & sprinkler irrigation for enabling efficient utilization and even distribution of water. The systems are chosen on the basis of various farm requirements coupled with availability on lease and rent have facilitated the product adoption. Furthermore, substantial upscale in crop production on account of effective water distribution and reduced dependency on rainfall will encourage the adoption amongst local farmers.
Ongoing issues pertaining to the water scarcity coupled with extreme deficiency of sanitary and drinking water will drive the borewell ESP market. The borewells are majorly dug for withdrawal of groundwater with diameter of about 4.5 -12 inch, where 4 to 5 inch diameter wells are dug for domestic application while greater than 6 inch wells are used for large application purposes. Surging demand for municipal drainage & sewage systems along with increasing installation across commercial & industrial water management facilities will enhance the business outlook.
Recovering oil prices have amplified the investments toward exploration and production activities that will amplify the electric submersible pump market. As per the International Energy Agency, global upstream spending rose to USD 472 billion in 2018 when compared with USD 450 billion in 2017. Reduction in capital and operating expenses along with growing focus toward operational management will augment the business landscape. In addition, increasing focus toward low cost manufacturing, falling technology cost and product innovation are some of the key trends that will shape the business outlook.
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Eminent players functioning across the ESP market include Schlumberger, Borets International, Weatherford, General Electric, Halliburton, Ebara, Atlas Copco, Flowserve Corporation, Grundfos Holding, Sulzer, Wilo SE, Novomet-Perm, Tsurumi Manufacturing and Crompton Greaves.
Table of Content:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Electric Submersible Pump Industry Insights
Chapter 4. Electric Submersible Pump Market, By Industry
Chapter 5. Electric Submersible Pump Market, By Well
Chapter 6. Electric Submersible Pump Market, By Operation
Chapter 7. Electric Submersible Pump Market, By Region
Chapter 8. Company Profiles
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Global Electric Submersible Pumps Market 2019 by Manufacturers, Regions, Type and Application, Forecast to 2024
The electrical submersible pump, typically called an ESP, is an efficient and reliable artificial-lift method for lifting moderate to high volumes of fluids from wellbores. These volumes range from a low of 150 B/D to as much as 150,000 B/D (24 to 24,600 m3/d). Variable-speed controllers can extend this range significantly, both on the high and low side.
Related Report: https://www.marketwatch.com/press-release/polybutadiene-market-size-historical-growth-analysis-opportunities-and-forecast-to-2026-2019-10-16
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