Transparency Market Research

New Oilfield Explorations Identified as Key Driver of Electrical Submersible Pumps (ESPs) Market, Revenue to Grow to US$16.7 Bn by 2022

Transparency Market Research has published a new report "Electrical Submersible Pumps (ESPs) Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2014 - 2022" to its report store.


Albany, NY -- (SBWIRE) -- 07/14/2016 -- Transparency Market Research has released a new market report titled Electrical Submersible Pumps (ESPs) Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast, 2014 - 2022. According to this report, the global electrical submersible pumps 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.

Complete Report with TOC :

Electrical submersible pumps (ESPs) are multistage centrifugal pumps that operate in a vertical position. All the stages consist of a stationary diffuser and a rotating impeller. These multistage pumps are primarily used in the oil & gas industry to handle higher volume of oil and water (heavy liquid) in the wellbore. ESPs 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 costs for lifting high fluid volumes and facilitate scale and corrosion treatment in wellbore. ESP is primarily composed of a driver unit and a pumping unit. A driver can either be an electric motor or a water turbine.

The driver is installed in the upper part of the ESP that is to be cooled by the passing liquid. ESPs cannot handle higher gas volume fraction as the passing liquid serves as a cooling medium to the electric motor. ESPs can operate in only series installation arrangement as it can provide higher differential pressure to boost the liquid inside the well. The performance of ESP depends on the stage design, rotational speed, size, and fluid being pumped.

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An ESP system consists of various surface and sub-surface components that are designed according to the well conditions. Surface components include transformers (primary and secondary), junction boxes, switchboards (variable frequency drives), and well head. Sub-surface components of an ESP system include power cable, cable guards, cable clamps, pump, gas separator, seal section, motor, sensor, drain valve, and check valve. The configuration of ESP system is different for both onshore and offshore oilfields, depending on the surface and sub-surface conditions. In onshore oilfields, the cost of surface equipment would be less as compared to that in offshore fields as the system is mounted with additional protective components in offshore fields. The installation of ESPs in onshore would be low cost and easier due to less adverse conditions unlike in offshore fields. Onshore ESPs market accounted for 76.16% share of the global ESPs market in 2013.

In the future, the requirement of ESP systems is expected to increase gradually as a result of growth in new discoveries of oilfields in offshore areas of South America and Africa and increasing number of mature fields globally. The global market for ESPs has been segmented as follows:

ESPs Market: By Application


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