Electric Submersible Pumps Market – Overview
Electrical Submersible Pumps are Low maintenance, small sized hence portable and highly efficient in terms of output. And these very factors not only make ESPs popular but also drive the ESP market. The demand for submersible pumps from agriculture and wastewater treatment industries is expected to remain significant throughout the forecast period. Development of new sources of safe drinkable water and small and medium scale industrial development are further expected to push the demand for submersible pumps over the forecast period 2017-2027. The highly competitive Market of ESPs promises a good fortune in the years to (2017-2027).
Accrediting the prominence Electric Submersible Pumps are gaining in the current scenario and projecting the traction its growing market size would gain in the future, the Market Research Future, recently published a brilliant study report according to which the global Electric Submersible Pumps market is forecasted to demonstrate a quadrupled growth by 2027, crossing its previous growth records in terms of value posting a whooping CAGR during the estimated period (2017 – 2027). The Global Electric Submersible Pumps market is forecasted to perceive substantial growth accruals by 2027, registering substantial expansion rate during the period 2017 to 2027.
The Global ESP market is growing and widening owing to the infrastructural development activities around the globe. The Focused efforts on urbanization, industrialization, and agricultural development of the Governments of developing countries such as China and India; is expected to drive the demand for Submersible pumps in the region.
Some of the key players in the ESP Market are
- Grundfos Pumps Corporation,
- Walrus America Inc,
- Baker Hughes Incorporated,
- Schlumberger Limited,
- Halliburton Company,
- Falcon Pumps Pvt. Ltd.,
- Borets Company,
- GE Oil & Gas,
- JSC Novomet-Perm,
- Torqueflow Sydex Ltd.,
- Weatherford International.
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Electric Submersible Pumps Market – Competitive Analysis
The Global Market of Electric Submersible Pumps appears to be highly competitive but consolidated. Many large and small key players operating in the market are churning the competition to gain competitive advantage. To sustain their market position these players incorporate acquisition, collaboration, partnership, expansion, and technology launch. Manufacturers operating in the Electric Submersible Pumps market strive to develop a state of art manufacturing facilities. They continue to seek candidate wells for the next phase of testing with the turned focus to a well that produces a larger percentage of oil versus water, at a depth and pumping rate that is different from the previous test. They also continue to pursue installations of the ESPs with other clients that express an interest in providing them with an oil well to further test ESPs so that they can validate its numerous benefits. Based on the lead-time for delivery of certain components, these key players ensure that the next round of testing is focused on delivering results of extending operating time and proving out the cost reduction benefits of the ESPs. Their vision is to be a premier supplier of submersible pumping products that increase production while reducing costs and carbon footprint.
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Industry/ Innovation/ Related News
November 20, 2017 – Los Alamos National Laboratory, operated by Los Alamos National Security, LLC (USA), won eight awards for technologies/ R&D at R&D Magazine’s annual ceremony in Orlando, Florida. One of among 8 awards is for “High-Temperature Electric Submersible Pump Motor (HT-ESP)”: Keeping pump motors cool in deeper, extremely hot environments. These diverse inventions include applications for clean energy technology and several of these technologies, developed through partnerships, are already available to the public.
October 30, 2017 – Borets Seven Seas & Co, Dubai, announced that they are expanding in Oman by opening a $7.5m pump factory in Oman’s Sohar Industrial Estate on 29 October, 2017. The facility will assemble and service ESPs, which provide an efficient and reliable artificial-lift method for extracting moderate to high volumes of fluids from wellbores, for use in oil and water wells. Petroleum Development Oman (PDO) has announced that it has received the first Oman-made electric submersible pump (ESP) system for its oil operations from Borets factory in Sohar.
October 30, 2017 – DIVERGENT Energy Services Corp. (Canada) announced that it has been awarded a three-year preferred service contract to supply electric submersible pumps (ESP) and services. DIVERGENT, through its wholly owned US subsidiary Extreme Pump Solutions, LLC and Carbon Creek Energy, LLC have entered into an exclusive preferred product and services agreement where Extreme will provide electric submersible pumps and services for a period of three years in Carbon Creek’s Coal Bed Methane project in the Powder River Basin. Carbon Creek is a leader in coal-bed natural gas production with 6,800 natural gas wells, and the agreement will provide Extreme with a strong and sustainable base of revenue with an incentive that increases profitability as pump performance improves.
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