Electric Submersible Pump (ESP) in Oil and Gas Market to Grow with a CAGR of 7.19% through 2029
Increasing
global demand for oil & gas and growing focus on unconventional oil &
gas resources are likely to drive the market in the forecast period.
According to
TechSci Research report, “Electric Submersible Pump (ESP) in Oil and Gas Market
– Global Industry Size, Share, Trends, Competition Forecast &
Opportunities, 2029”, the Global Electric Submersible Pump (ESP) in Oil and
Gas Market is experiencing a surge in demand in the forecast period.
A primary driver propelling the global
Electric Submersible Pump (ESP) market in the Oil and Gas sector is the
industry's growing emphasis on Enhanced Oil Recovery (EOR) techniques. As
conventional oil reservoirs mature, operators are turning to advanced methods
to maximize production, and ESPs play a pivotal role in these efforts. EOR
techniques, such as water flooding and polymer flooding, require efficient and
reliable pumping systems to enhance oil recovery from existing fields.
ESP technology excels in handling the
challenges posed by EOR processes, including the ability to lift high viscosity
fluids and operate in horizontal or deviated wellbores. As governments and oil
companies globally seek to optimize their existing reservoirs, the adoption of
ESPs becomes instrumental in achieving higher recovery rates and extending the
productive life of oilfields. This increasing focus on EOR techniques acts as a
significant driver, promoting the widespread deployment of ESPs for sustainable
and efficient oil extraction.
The relentless pursuit of technological
advancements in the Oil and Gas industry serves as another major driver for the
global Electric Submersible Pump (ESP) market. Continuous innovation in
materials, sensors, and monitoring systems has led to the development of smart
ESP solutions that enhance efficiency, reliability, and overall performance.
Modern ESPs are equipped with intelligent features, such as real-time
monitoring and control capabilities, enabling operators to optimize pump
performance and respond swiftly to changes in well conditions.
Advancements in materials
used in ESP manufacturing contribute to increased durability, corrosion
resistance, and overall longevity in harsh well environments. These
technological enhancements not only improve the overall efficiency of ESP systems
but also reduce operational costs, making them more appealing to oil and gas
operators. As the industry embraces and invests in cutting-edge technologies,
the evolution of smart ESP solutions remains a potent driver, ensuring the
continuous growth and relevance of ESPs in the dynamic landscape of oil and gas
production.
Browse over XX Market
data Figures spread through XX Pages and an in-depth TOC on "Global Electric Submersible Pump (ESP) in Oil and Gas Market.”
The Global Electric
Submersible Pump (ESP) in Oil and Gas Market is segmented into operation, application
and region.
Based on Application,
The Onshore segment held the largest Market share in 2023. Onshore wells are
generally more accessible than offshore wells. This accessibility translates to
lower drilling and maintenance costs compared to their offshore counterparts.
The simpler
logistics of working on land contribute to reduced operational complexities,
making onshore projects more cost-effective.
A significant
portion of the world's oil and gas reserves is located onshore. Many prolific
oil and gas fields are found in terrestrial regions, particularly in countries
with extensive onshore geological formations.
Technological
advancements in onshore drilling and well completion techniques have expanded
the ability to extract oil and gas economically from onshore reservoirs.
Innovations in
directional drilling and hydraulic fracturing (fracking) have opened up new
possibilities for onshore production, contributing to the overall dominance of
onshore activities.
Onshore
facilities benefit from existing infrastructure, such as roads, pipelines, and
power supply networks, facilitating efficient operations.
Accessibility to
onshore sites enables quicker deployment of equipment and personnel, reducing
downtime and optimizing production.
Onshore drilling
is subject to different regulatory and environmental considerations compared to
offshore activities. Regulatory approvals and environmental compliance may be
more streamlined for onshore projects, promoting easier project development.
Onshore projects
generally entail lower technical and operational risks compared to offshore
endeavors. The stability of onshore operations contributes to the
attractiveness of these projects for investors and operators.
Historically, a
significant proportion of global oil and gas production has come from onshore
fields. This trend has established a strong presence for onshore activities in
the industry.
Major companies
operating in the Global Electric Submersible Pump (ESP) in Oil and Gas Market
are:
- Schlumberger Limited
- Baker Hughes Company
- Halliburton Energy Services Inc.
- Weatherford International plc
- Levare International Limited
- Novomet
- Grundfos Holding A/S
- Atlas Copco AB
- Sulzer Ltd.
- Flowserve Corporation.
Download FreeSample Report
Customers can
also request for 10% free customization on this report.
“The Global Electric
Submersible Pump (ESP) in Oil and Gas Market is expected to rise in the
upcoming years and register a significant CAGR during the forecast period. The surge in the global Electric
Submersible Pump (ESP) market is propelled by a strategic shift towards
Enhanced Oil Recovery (EOR) techniques. As conventional reservoirs face
maturity, the industry is prioritizing EOR methods, relying on advanced ESP technology.
ESPs excel in optimizing oil recovery from existing fields, navigating
complexities in fluid viscosity and diverse wellbore geometries. This industry-wide
focus on EOR practices positions ESPs as indispensable tools for operators
striving to maximize production efficiency and extend the economic life of
oilfields. The heightened adoption of ESPs aligns seamlessly with the sector's
pursuit of sustainable and resourceful hydrocarbon extraction. Therefore,
the Market of Electric Submersible Pump (ESP) in Oil and Gas is expected to
boost in the upcoming years.,” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.
“Electric
Submersible Pump (ESP) in Oil and Gas Market - Global Industry Size, Share,
Trends, Opportunity, and Forecast, 2019-2029 Segmented By Application (Onshore,
offshore), By Operation (Single Stage, Multistage), By Region, By Competition”,
has evaluated the future growth potential of Global Electric Submersible Pump
(ESP) in Oil and Gas Market and provides statistics & information on Market
size, structure and future Market growth. The report intends to provide
cutting-edge Market intelligence and help decision-makers make sound investment
decisions., The report also identifies and analyzes the emerging trends along
with essential drivers, challenges, and opportunities in the Global Electric
Submersible Pump (ESP) in Oil and Gas Market.
Contact
Techsci Research LLC
420 Lexington Avenue,
Suite 300, New York,
United States-
10170
Tel: +13322586602
Email: [email protected]
Website: www.techsciresearch.com