Electrical
submersible pumps (ESP) are vertically operating multi-stage pumps
with centrifugal action. All stages in an ESP have their
characteristic rotary impeller and a stationary diffuser. The
multistage pumps are generally used in the oil and gas sector due to
their ability to control larger volumes of oil and water within the
wellbore. ESPs are pumps that are designed especially for the oil and
gas industry. They are used in wells that can manage to withstand
fluid outputs that range from 200 bpd to 60,000 bpd, all at depths
reaching to 15,000 feet.The global ESP market is exhibiting a CAGR of
8.94% from 2014 to 2022. The market was valued at US$10.60 bn in
2013. By 2022, its value will become US$16.7 bn by 2022.
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Advantages
of and Need for ESPs Drive Global ESP Market
One
of the key advantages offered by the global ESP market is low cost in
terms of providing wellbore corrosion treatment, scale treatment, and
the fact that ESPs can be used to lift high volumes of fluids. The
primary components of an ESP are the pumping unit and the driver
unit. A driver in the global ESP market can be either water turbines
or electric turbines. The installation of the driver in the upper
half of the ESP is done for heat control during peak workloads. All
in all, an ESP’s performance largely depends on its size,
rotational speed, and the fluid that they are used for.
On
the other hand, ESPs cannot manage higher gas volume fraction as the
passing liquid provides a cooling effect to the electric motor. Also,
ESPs can only function in a series arrangement due to the fact that
they can provide a greater differential pressure to propel the fluids
inside the wall.
Europe
Dominates Global ESP Market
Geographically,
Europe has dominated the global ESP market. The region held nearly
59.77% of the global ESP market in 2014 and is expected to remain the
dominant region till 2022. The key factor for Europe’s lead is the
growing number of mature fields in the U.K., Kazakhstan, Norway, and
Russia. Europe had the largest market for offshore as well as onshore
ESPs in 2013, when it held market shares of 55.81% and 61.23% in the
two segments, respectively. Onshore ESPs dominate the global ESP
market in terms of types, and Europe’s lead in this segment has
given the region a massive boost in the global ESP market.
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North
America and Asia Pacific Show Fast Growth Rates in Global ESP Market
The
second largest region in the global ESP market is North America, with
a 2013 market share of 20.28%. The region is showing an exceptional
growth rate in the global ESP market due to the rapid rate of
development of the shale gas exploration sector. The third largest
region in the global ESP market is Asia Pacific, due to increasing
oil exploration activities.The global ESP market is also set to
receive a boost due to growing oil exploration in South and Central
America where there are a growing number of mature fields, especially
in Venezuela and Brazil.
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