Electrical submersible pumps (ESPs) are multistage centrifugal pumps that are used in the oil industry to increase the production of oil from oil wells. ESP systems differ according to the well specifications and geographies.
Albany, NY -- (SBWIRE) -- 08/12/2016 -- This research study analyzes the market for electrical submersible pumps (ESPs) in terms of volume (Units) and (USD Million). The ESP market has been segmented on the basis of application and geography. The regional segment has been further divided into 17 sub-segments that comprise 12 countries which are major players in the global ESPs market. For the research, 2013 has been taken as the base year while all forecasts have been given for the 2014–2022 period. Market data for all the segments has been provided at the regional as well as country-specific level for the 2013–2022 period. The report provides a broad competitive analysis of companies engaged in the ESP system business. The report also includes the key market dynamics such as drivers, restraints, and opportunities affecting the global ESP market. These market dynamics were analyzed in detail and are illustrated in the report with the help of supporting graphs and tables. The report also provides a comprehensive industry analysis of the global ESP market with the help of Porter's Five Forces model. This analysis helps in understanding the five major forces that affect the market structure and profitability of the global ESP market. The forces analyzed are the bargaining power of buyers, bargaining power of suppliers, threat from new entrants, threat from substitutes, and degree of competition.
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The high-level analysis in the report provides detailed insights into the ESP's business globally. There are currently numerous drivers for the ESP market. One of the most prominent drivers is increasing investments in green field and brown field projects from major E&P companies. Apart from this, increasing production from mature oilfields and unconventional resources is expected to increase the demand of ESP systems in the near future. Market attractiveness analysis was carried out for the ESP market on the basis of geography. Market attractiveness was estimated on the basis of common parameters that directly impact the market in different regions.
The ESPs market was further segmented on the basis of application into onshore and offshore. The configuration of ESP system is different for both onshore and offshore oilfields, depending on the surface and sub-surface components. 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. The ESP market was analyzed across five geographies: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America. Regional data has been provided for each sub-segment of the ESP market. Key market participants in the ESP market include Baker Hughes Incorporated, Halliburton Company, Schlumberger Limited, Weatherford International, and Borets Company, LLC. The report provides an overview of these companies, followed by their financial details, business strategies, and recent developments.
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