Electrical submersible pumps are multistage centrifugal pumps operating in a vertical position and are primarily used in the oil and gas industry. ESPs extract oil by pumping it to the surface from their submerged positions. Electrical submersible pumps help in the handling of higher volume of oil and water present in the wellbore. Electrical submersible pumps have the capacity to handle fluid output ranging from 200 bpd to 60,000 bpd at depths of up to 15,000 feet. Since they offer cost effective lifting of heavy fluid in high volumes and also facilitate corrosion treatment in wellbores, their adoption rate is high, and thus the market for electrical submersible pumps is growing at a healthy CAGR of 8.94% from 2014 to 2022 and is expected to reach US$16.7 bn by 2022, as per a report published by Transparency Market Research.
Increased Deep Water Explorations to Open Huge Opportunities for ESPs
The rise in sub-sea operations will lead to many growth opportunities for the electrical submersible pumps market. Increasing deep water explorations will also benefit and open huge opportunities for electrical submersible pumps that are used in the oil and gas industry. The rising demand for oil and gas, and hence the rise in the extraction of oil and gas, is the major growth driver for the electrical submersible pumps market. Electrical submersible pumps are used in the oil and gas industry as they help increase the production of oils from the oil wells.
Electrical submersible pumps are multistage centrifugal pumps operating in a vertical position and are primarily used in the oil and gas industry. ESPs extract oil by pumping it to the surface from their submerged positions. Electrical submersible pumps help in the handling of higher volume of oil and water present in the wellbore. Electrical submersible pumps have the capacity to handle fluid output ranging from 200 bpd to 60,000 bpd at depths of up to 15,000 feet. Since they offer cost effective lifting of heavy fluid in high volumes and also facilitate corrosion treatment in wellbores, their adoption rate is high, and thus the market for electrical submersible pumps is growing at a healthy CAGR of 8.94% from 2014 to 2022 and is expected to reach US$16.7 bn by 2022, as per a report published by Transparency Market Research.
Major Applications of ESP in the Industrial Sector Will Benefit Market
Apart from the oil and gas industry, electrical submersible pumps have found their application in the industrial sector. In the industrial sector, electrical submersible pumps are used to manage wastewater and help in sewage treatment. ESPs are used extensively for many effluent management activities. ESPS help in dewatering during floods and other such calamities. They help in draining out water from holes during construction and mining activities. Thus, these applications of electrical submersible pumps make them indispensable for the industrial sector, encouraging the growth of the market.
New Discoveries of Oil Fields in Africa and South America to Boost the Requirement for ESPs
Regionally, the largest consumer of ESPs in 2013 was Europe, accounting for 59.77% of the global ESP market. The rising demand for ESPs in Europe is due to the increasing number of mature fields in Norway, Kazakhstan, the U.K., and Russia. Europe held the largest market for both onshore and offshore ESPs in 2013.
North America ranked second in terms of market share in 2013, accounting for 20.28% of the global ESP market due to rising shale oil production in the U.S. An increase in the production of oil sand in Canada was also one of the reasons for the growth of the market in North America. The demand for ESPs in South America will rise due to new discoveries of oil fields in Brazil and Venezuela. Similarly, new oil field being discovered in Africa will heighten the demand for the electrical submersible pumps, thus boosting the market.
Increased Deep Water Explorations to Open Huge Opportunities for ESPs
The rise in sub-sea operations will lead to many growth opportunities for the electrical submersible pumps market. Increasing deep water explorations will also benefit and open huge opportunities for electrical submersible pumps that are used in the oil and gas industry. The rising demand for oil and gas, and hence the rise in the extraction of oil and gas, is the major growth driver for the electrical submersible pumps market. Electrical submersible pumps are used in the oil and gas industry as they help increase the production of oils from the oil wells.
Electrical submersible pumps are multistage centrifugal pumps operating in a vertical position and are primarily used in the oil and gas industry. ESPs extract oil by pumping it to the surface from their submerged positions. Electrical submersible pumps help in the handling of higher volume of oil and water present in the wellbore. Electrical submersible pumps have the capacity to handle fluid output ranging from 200 bpd to 60,000 bpd at depths of up to 15,000 feet. Since they offer cost effective lifting of heavy fluid in high volumes and also facilitate corrosion treatment in wellbores, their adoption rate is high, and thus the market for electrical submersible pumps is growing at a healthy CAGR of 8.94% from 2014 to 2022 and is expected to reach US$16.7 bn by 2022, as per a report published by Transparency Market Research.
Major Applications of ESP in the Industrial Sector Will Benefit Market
Apart from the oil and gas industry, electrical submersible pumps have found their application in the industrial sector. In the industrial sector, electrical submersible pumps are used to manage wastewater and help in sewage treatment. ESPs are used extensively for many effluent management activities. ESPS help in dewatering during floods and other such calamities. They help in draining out water from holes during construction and mining activities. Thus, these applications of electrical submersible pumps make them indispensable for the industrial sector, encouraging the growth of the market.
New Discoveries of Oil Fields in Africa and South America to Boost the Requirement for ESPs
Regionally, the largest consumer of ESPs in 2013 was Europe, accounting for 59.77% of the global ESP market. The rising demand for ESPs in Europe is due to the increasing number of mature fields in Norway, Kazakhstan, the U.K., and Russia. Europe held the largest market for both onshore and offshore ESPs in 2013.
North America ranked second in terms of market share in 2013, accounting for 20.28% of the global ESP market due to rising shale oil production in the U.S. An increase in the production of oil sand in Canada was also one of the reasons for the growth of the market in North America. The demand for ESPs in South America will rise due to new discoveries of oil fields in Brazil and Venezuela. Similarly, new oil field being discovered in Africa will heighten the demand for the electrical submersible pumps, thus boosting the market.
Apart from the oil and gas industry, electrical submersible pumps have found their application in the industrial sector. In the industrial sector, electrical submersible pumps are used to manage wastewater and help in sewage treatment. ESPs are used extensively for many effluent management activities. ESPS help in dewatering during floods and other such calamities. They help in draining out water from holes during construction and mining activities. Thus, these applications of electrical submersible pumps make them indispensable for the industrial sector, encouraging the growth of the market.
Browse Research Press Release: http://www.transparencymarketresearch.com/pressrelease/electrical-submersible-pumps-industry.htm
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