Electrical submersible pumps facilitate several operations in the oil and gas and water treatment industries. From pumping viscous material to handling solids and from pumping sludge to sewage, submersible pumps are designed to pump general effluent in rigorous conditions.
Typically, electrical submersible pumps can handle effluent in oil and water wells at depths of up to 15,000 feet in cases where the fluid output ranges from 200 bpd to 60,000 bpd. Despite falling prices, offshore explorations continue to be conducted off the coast of countries in South America and Africa. Moreover, as mature oilfields peak, the need to deploy high-efficiency pumps becomes a necessity. All of these factors will collectively play a part in taking the valuation of the global electrical submersible pumps market to US$16.7 bn by the end of 2022, from its valuation of US$10.6 bn as of 2013. This represents an 8.94% CAGR for the market for the period between 2014 and 2022.
The oil and gas sector, which represents the largest consumer of electrical submersible pumps, is defined by disparate dynamics in different regions of the world. Here is a snapshot of the projected demand for electrical submersible pumps in different regions of the world:
Europe takes the lead in the global electrical submersible pumps market: The largest market for electrical submersible pumps exists in Europe. According to TMR analysts, the Europe ESPs market held just short of 60% of the global market in 2013. Analysts predict that Europe will continue to assert its dominance in the market thanks largely to a large number of mature oil fields in countries such as Kazakhstan, Russia, the U.K., and Norway. Europe was the largest market not just for onshore but also offshore ESPs. The region accounted for a share of 61.23% in the onshore electrical submersible pumps market and 55.81% in the offshore electrical submersible pumps market worldwide.
North America stands at a distant second with 20.28% of the global electrical submersible pumps market as of 2013. The North America electrical submersible pumps market has received an impetus from the increased shale gas production in the United States, causing a flurry of activity among manufacturers wanting to make the most of this emergent opportunity. Canada also contributes appreciably to the growth of the North America electrical submersible pumps market with installations of such pumps in the country having increased substantially over the recent past.
Asia Pacific could see increased ESP demand as China develops shale reserves: In the Asia Pacific region, there are several countries that help generate demand for electrical submersible pumps. Over the years, there has been a steady demand for ESPs from countries such as Malaysia, Australia, and China. China’s shale gas reserves are on course to being developed by 2017, presenting a veritable opportunity for companies in the electrical submersible pumps market. The Asia Pacific ESPs market is projected to be the most attractive over the next six years.
Although the market for electrical submersible pumps in Latin America has been slow to catch on, an uptick in the demand for such pumps from Central and South America will turn this scenario around.
Typically, electrical submersible pumps can handle effluent in oil and water wells at depths of up to 15,000 feet in cases where the fluid output ranges from 200 bpd to 60,000 bpd. Despite falling prices, offshore explorations continue to be conducted off the coast of countries in South America and Africa. Moreover, as mature oilfields peak, the need to deploy high-efficiency pumps becomes a necessity. All of these factors will collectively play a part in taking the valuation of the global electrical submersible pumps market to US$16.7 bn by the end of 2022, from its valuation of US$10.6 bn as of 2013. This represents an 8.94% CAGR for the market for the period between 2014 and 2022.
The oil and gas sector, which represents the largest consumer of electrical submersible pumps, is defined by disparate dynamics in different regions of the world. Here is a snapshot of the projected demand for electrical submersible pumps in different regions of the world:
Europe takes the lead in the global electrical submersible pumps market: The largest market for electrical submersible pumps exists in Europe. According to TMR analysts, the Europe ESPs market held just short of 60% of the global market in 2013. Analysts predict that Europe will continue to assert its dominance in the market thanks largely to a large number of mature oil fields in countries such as Kazakhstan, Russia, the U.K., and Norway. Europe was the largest market not just for onshore but also offshore ESPs. The region accounted for a share of 61.23% in the onshore electrical submersible pumps market and 55.81% in the offshore electrical submersible pumps market worldwide.
North America stands at a distant second with 20.28% of the global electrical submersible pumps market as of 2013. The North America electrical submersible pumps market has received an impetus from the increased shale gas production in the United States, causing a flurry of activity among manufacturers wanting to make the most of this emergent opportunity. Canada also contributes appreciably to the growth of the North America electrical submersible pumps market with installations of such pumps in the country having increased substantially over the recent past.
Asia Pacific could see increased ESP demand as China develops shale reserves: In the Asia Pacific region, there are several countries that help generate demand for electrical submersible pumps. Over the years, there has been a steady demand for ESPs from countries such as Malaysia, Australia, and China. China’s shale gas reserves are on course to being developed by 2017, presenting a veritable opportunity for companies in the electrical submersible pumps market. The Asia Pacific ESPs market is projected to be the most attractive over the next six years.
Although the market for electrical submersible pumps in Latin America has been slow to catch on, an uptick in the demand for such pumps from Central and South America will turn this scenario around.
Browse Industry Research Press Release: http://www.transparencymarketresearch.com/pressrelease/global-electrical-submersible-pumps-market.htm
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