Electrical Submersible Pumps Market Sales, Size, Share and Forecast 2022

May 19, 2020
Pratiksham

A large number of prominent enterprises with strong brands currently represent the majority in the global electrical submersible pumps (ESPs) market. This provides the market with a highly competitive vendor landscape. According to Transparency Market Research (TMR), the top four companies operating in the market, comprising Schlumberger Limited, Borets Company, LLC, Baker Hughes Incorporated, and GE Oil & Gas, held over 86% of the global ESP market in 2013.

In order to gain a competitive advantage, a majority of these companies are looking to acquire smaller enterprises and regional players. Besides mergers and acquisitions, TMR also finds these companies to invest in technological innovations and product differentiation to gain a stronghold in the market. Spurred by the aforementioned factors the level of competition prevailing in the market will shift from medium to high during the forecast period from 2014 to 2022.

Increasing Emphasis on Unconventional Resources to Boost ESP Deployment

Globally, the demand for oil has been rising at a positive rate. In order to pace up with the increasing demand, oil industries are currently engaged in exploring newer reserves and drilling deeper into the existing ones. Depleting oil reserves have also compelled producers to use novel technologies that will enable them drill deeper into oil wells. This has led to the higher adoption of the steam assisted gravity drainage (SAGD) method, which is subsequently fuelling the installation of ESPs. These machines have proven highly beneficial in overall SAGD process.

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Increasing Oil Sands Production to Fuel ESP Installations in Forthcoming Years

Nevertheless, the increasing production of oil sands around the world will boost sales prospects for ESP producers. Numerous oil sand projects are scheduled to commence across the Middle East and Africa. The demand for ESPs is therefore expected to increase in the forthcoming years thus creating lucrative prospects for ESP manufacturers.

By application, the installation of ESPs is expected to increase in the onshore segment. This segment held around 76.16% of the global market in 2013. Regionally Europe emerged as the largest consumer of ESPs in 2013 accounting for a share of 59.77%.

According to TMR, the global ESP market stood at US$10.65 bn in 2013. Rising at a CAGR of 5.29% between 2014 and 2022, the market is expected to reach US$16.75 bn by the end of 2022.

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