According
to this report, the global market revenue for ESPs stood at US$10.6
bn in 2013 and is expected to reach US$16.7 bn by 2022 at a CAGR of
8.94% from 2014 to 2022.
Electrical
submersible pumps (ESPs) are multistage centrifugal pumps that are
used in the oil industry to increase the production of oil from the
oil well. ESP systems differ according to the well specifications and
geographies. These are economically designed pumps for oil and water
wells that can handle fluid output ranging from 200 bpd to 60,000 bpd
at depths of up to 15,000 feet. These pumps provide low lifting costs
for high fluid volumes and help in scale and corrosion treatment in
the wellbore. The market for ESPs can be segmented geographically
into five regions, namely North America, Asia Pacific, Europe, Middle
East & Africa, and South & Central America. Europe was the
largest consumer of ESPs, accounting for 59.77% of the overall market
share in 2013. Europe is likely to remain the largest market for ESPs
throughout forecast period, primarily due to an increasing number of
mature fields in Russia, Norway, Kazakhstan, and the U.K.
Browse
Electrical Submersible Pumps (ESPs) Market the full
report at
http://www.transparencymarketresearch.com/electrical-submersible-pumps-market.html
North
America ranks second in terms of market share, accounting for 20.28%
of the global market for ESP in 2013. Rapidly increasing shale oil
production in the U.S. and production from oil sand in Canada are the
primary drivers of the market growth of ESPs in North America. Asia
Pacific ranks third in the global ESP market. Asia Pacific contains a
large number of offshore wells in Australia, Malaysia, and the South
China Sea. Increasing E&P activities in the South China Sea and
prospective development of China’s shale reserves by 2017 are the
major factors which would make Asia Pacific one of the most
attractive markets for ESPs installations in the near future. The ESP
market in South & Central America is expected to grow
significantly in the near future due to large number of mature fields
in Brazil and Venezuela.
In
the future, the requirement of ESP systems is expected to increase
gradually as a result of new discoveries of oilfields in offshore
areas of South America and Africa and increasing number of mature
fields globally. The global market for ESP has been segmented as
follows
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ESPs
Market: By Application
- Onshore
- Offshore
ESPs
Market: By Region
North
America
- S.
- Canada
- Rest of North America
Asia
Pacific
- China
- Indonesia
- Rest of Asia Pacific
Europe
- Russia
- Norway
- Kazakhstan
- Rest of Europe
Middle
East & Africa
- Saudi Arabia
- United Arab Emirates
- Nigeria
- Rest of Middle East & Africa
South
& Central America
- Venezuela
- Brazil
- Rest of South & Central America
Browse
Press Release Electrical Submersible Pumps (ESPs) Market
http://www.transparencymarketresearch.com/pressrelease/electrical-submersible-pumps-market.htm
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