Electrical Submersible Pump (ESP) Market Size to Grow USD 4337.2 Million by 2029 at a CAGR of 5.3% | Valuates Reports
BANGALORE, India, Nov. 8, 2023 /PRNewswire/ -- Electrical Submersible Pump (ESP) Market is Segmented by Type (Openwell, Borewell), by Application (Agriculture, Industrial, Domestic): Global Opportunity Analysis and Industry Forecast, 2023-2029. It is Published in Valuates Reports Under the Category of Heavy Machinery.
The Global Electrical Submersible Pump (ESP) Market is projected to grow from USD 3181.6 Million in 2023 to USD 4337.2 Million by 2029, at a Compound Annual Growth Rate (CAGR) of 5.3% during the forecast period.
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Major Factors Driving The Growth Of The Electrical Submersible Pump (Esp) Market:
Fluids are pumped or raised using ESP, usually when the fluid is found in deep wells or reservoirs. Their task is to convert electrical energy into mechanical energy so that fluids may be moved. The main sector driving ESP demand is the oil and gas industry. Artificial lift systems rely on them to help extract hydrocarbons from wells when natural pressure has dropped. Applications for ESP include mining, agriculture, water management, and other fields in addition to oil and gas.
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TRENDS INFLUENCING THE GROWTH OF THE ELECTRICAL SUBMERSIBLE PUMP (ESP) MARKET
The growing global oil and gas exploration activity is driving the growth of the Electrical Submersible Pump (ESP) market. Oil and gas corporations are increasingly exploring and extracting hydrocarbons from difficult reservoirs, such as deepwater and unconventional areas, as the need for energy rises. The prosperity of the oil and gas sector depends heavily on ESPs since they effectively pull hydrocarbons to the surface during these activities.
The enhanced oil recovery (EOR) industry is expanding due to the use of these techniques. An increased proportion of oil extraction from existing reservoirs is the goal of EOR techniques. Because they provide the lift required to recover oil that conventional pumps are unable to reach, ESPs are essential to several of these enhanced oil recovery (EOR) techniques, including chemical flooding, thermal approaches, and water and gas injection. ESPs are in great demand as the oil industry looks to maximise output from older fields. Technological developments in ESP are a major driver of market expansion. Enhanced materials, more effective motor designs, sophisticated sensors, and real-time monitoring systems are some of these improvements. Increased dependability, extended equipment life, and lower operating costs are the outcomes of these improvements.
The ESP industry is expanding due in large part to the development of unconventional oil and gas resources including shale oil and gas. Specialized ESP setups are frequently needed for unconventional reservoirs in order to manage distinct downhole conditions and production difficulties. With unconventional resources still accounting for a large portion of the world's energy supply, there is a rising need for ESPs specifically tailored for these uses. The production of oil and gas offshore is a major factor driving the ESP market. ESPs play a critical role in effectively transporting hydrocarbons from the seabed to the facilities on the surface as the industry explores and produces from farther and more isolated offshore areas. The need for ESP technology is being driven by an increase in offshore projects, especially those that are located in deepwater and ultra-deepwater settings.
Oil and gas industries are adopting ESPs in response to environmental laws and the demand for more energy-efficient operations. Because of their great efficiency, these pumps are renowned for using less energy and producing less greenhouse gas emissions. The industry is using ESPs to enhance its environmental performance as sustainability takes on more importance. There is a natural drop in production rates due to the ageing of many oilfields and infrastructure. By creating artificial lifts, ESPs can prolong the life and productivity of mature wells, thus revitalising these fields. Operators looking to get the most out of their investments are increasing the need for ESPs as a result of the rejuvenation of ageing assets.
One major driver of the ESP market's growth is the rise of oil and gas exploration and production on a global scale. Companies are expanding their global footprint due to geopolitical considerations, market demand, and changes in energy consumption habits. This has resulted in an increase in ESP installations to support new projects and sustain operations in diverse locations of the world. Therefore, geopolitical and global economic factors have an impact on the ESP market.
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ELECTRICAL SUBMERSIBLE PUMP (ESP) MARKET SHARE ANALYSIS
Russia is the largest market, with a revenue market share of over 24%. The USA ranked second, with a roughly 21% revenue market share.
The main players are Schlumberger, Borets Company, Canadian Advanced ESP, General Electric, GE (Baker Hughes), Halliburton, Schlumberger, Lvpai, Lishen Pump, Shengli Pump, and so forth. Roughly 51% of the revenue market was dominated by the top 3 companies.
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Key Companies:
- Sulzer
- Grundfos Group
- KSB Group
- WILO
- Schlumberger Limited
- GE(Baker Hughes)
- Borets Company
- GE Oil & Gas
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