Electric Submersible Pump Market by Application and Geography - Forecast and Analysis 2020-2024
発行: TechNavio (Infiniti Research Ltd.)
ページ情報: 英文 146 Pages
Technavio's electric submersible pump market analysis considers sales from both offshore and onshore application. Our report also provides a detailed analysis of the market in APAC, Europe, MEA, North America, and South America. In 2019, the offshore segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as improved well performance, reduced capital costs, and increased energy efficiency will play a significant role in the offshore segment to maintain its market position. Also, our global electric submersible pump market report looks at factors such as the rising number of mature oil and gas fields, increasing investments in artificial lift technologies, and the surging demand in agriculture industry. However, disadvantages of ESPs, threat of substitutes, and low operational life of ESPs may hamper the growth of the electric submersible pump industry over the forecast period.
ESPs play a crucial role in irrigation purposes. ESPs used for agricultural purposes are specially designed for underwater applications and are equipped with three-phase electrical power. Moreover, they can withstand voltage fluctuations and have high suction lift capacity. Thus, global agricultural industry is expected to grow because of the increasing rural incomes and rising government-supported schemes. Additionally, the growing number of mature oil and gas fields will lead to the expansion of the global electric submersible pump market at a CAGR of almost 4% during the forecast period.
Rig-less ESPs help operators in reducing the intervention cost and minimizing production loss. These devices can be used in challenging environments such as deepwater subsea fields, unconventional oil plays, heavy oil deposits, and other. This is inducing vendors to incorporate new technologies into artificial lift methods, leading to the development of rig-less ESP. The conveyance of rig-less ESP is simpler compared with the conventional model. This development is expected to have a positive impact on the overall market growth.
For the detailed list of factors that will drive the global electric submersible pump market during the forecast period 2020-2024, view our report.
With the presence of few major players, the global electric submersible pump market is concentrated. Technavio's robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of few leading electric submersible pump manufacturers, that include Baker Hughes, a GE Co. LLC, DOS CANADA INC., EBARA Corp., Flowserve Corp., Grundfos Holding AS, Halliburton Co., KSB SE & Co. KGaA, Schlumberger Ltd., SPX FLOW Inc., and Sulzer Ltd.
Also, the electric submersible pump market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.