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Oil & Gas Electric Submersible Pump Market - By Application (Onshore, offshore), By Operation (Single Stage, Multistage) & Forecast, 2024 - 2032


Published on: 2024-07-30 | No of Pages : 240 | Industry : Industrial-Machinery

Publisher : MIR | Format : PDF&Excel

Oil & Gas Electric Submersible Pump Market - By Application (Onshore, offshore), By Operation (Single Stage, Multistage) & Forecast, 2024 - 2032

Oil & Gas Electric Submersible Pump Market Size

Oil & Gas Electric Submersible Pump Market size was valued over USD 5.7 billion in 2023 and is set to grow at a rate of over 8% by 2032. The electric submersible pump market growth is primarily contributed to recovering oil prices, rapidly exceeding population, and rising government focus toward magnifying oil & gas exploration.

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ESPs are widely used for artificial lift operations in oil wells. They are deployed in wells that have low reservoir pressure or high water cut, where natural flow is insufficient to bring the oil to the surface. The ESP system consists of a motor, pump, and seal section, which are submerged in the wellbore. The pump helps to lift the fluids, including oil, gas, and water, to the surface, enhancing production rates.
 

Oil & Gas Electric Submersible Pump Market Report Attributes
Report Attribute Details
Base Year 2023
Oil & Gas Electric Submersible Pump Market Size in 2023 USD 5.7 Billion
Forecast Period 2024 to 2032
Forecast Period 2024 to 2032 CAGR 8%
2032 Value Projection USD 11.5 Billion
Historical Data for 2019 to 2023
No. of Pages 240
Tables, Charts & Figures 277
Segments covered Application, Operation, & Region
Growth Drivers
  • Increasing investment toward exploration and production activities
  • Depleting rate and maturity of oil fields
Pitfalls & Challenges
  • Substantial availability of other alternatives

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ESPs are commonly employed in offshore oil and gas production platforms. These platforms operate in deepwater environments, where the wells are drilled below the seabed. ESPs can handle the high pressures and deliver the necessary flow rates to lift the hydrocarbons from these subsea wells to the production platform.

Increasing trend of subsea boosting along with increasing inclination towards adoption of unconventional resources is anticipated to boost the product deployment over the projected timeframe. In addition, ESPs can also be utilized in water injection wells, where water is injected into the reservoir to maintain pressure and displace hydrocarbons. ESPs help to lift the injection water from the surface and push it into the well for injection purposes.

COVID- 19 Impact

The COVID-19 pandemic had an adverse impact on the global electric submersible pump industry owing to large product deployment across oil & gas & building services applications. The oil & gas sector was by far one of the major negatively impacted industries that witnessed the lowest crude oil prices with USD 12.41 per barrel by the end of April 2020. The product is widely used in this industry and an abrupt decrease in the oil & gas demand impacted the constant use of pumps for exploration during the first half of 2020. However, post-lockdown the situation returned to normal owing to checked working conditions and vaccination procedures, which encouraged the dynamics of the sector by allowing global trade to resume.

Oil & Gas Electric Submersible Pump Market Trends

The increasing adoption of ESPs in the oil and gas sector can be attributed to their ability to enhance production, their compatibility with unconventional resources and deepwater operations, technological advancements, cost efficiency, and environmental considerations. These factors have propelled the industry to embrace ESP technology as a valuable tool for optimizing production and maximizing hydrocarbon recovery.

ESPs are highly efficient in lifting fluids from wells, including oil, gas, and water. They provide a significant boost to production rates by increasing the flow of hydrocarbons to the surface. This improved production capability makes ESPs a preferred choice for maximizing oil and gas recovery from reservoirs. As a result, growing focus on energy efficiency along with the introduction of new & advanced electric submersible is becoming a crucial driving factor for the application industries. For instance, in March 2021, Flowserve Corporation introduced deep well submersible pump & motors under its brand name ‘Byron Jackson’ for water centric applications. The three-phase submersible pump will find application across agriculture & irrigation, municipalities, industrial and mining sectors. ESP manufacturers are increasingly incorporating energy-saving features and optimizing pump designs to reduce power consumption and improve overall efficiency. This trend is driven by the need to reduce operating costs and comply with stringent environmental regulations, thereby augmenting the industry landscape.

Oil & Gas Electric Submersible Pump Market Analysis

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Continuous government provision to control snowballing oil prices along with the support from key industry players in the oil & gas application through increasing production and investments will have a sway the industry outlook. For instance, in February 2022, Chevron announced to raise its shale production in the Permian basin by 10%, thereby adding 60,000 barrels per day. Similarly, Exxon stated that it has increased its production volume by 25% in 2022, raising its overall output by 100,000 barrels per day.

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Single stage ESPs is projected to grow at a rate of 8.6% by 2032. The multistage pumps are equipped with two or more impellers where the pump head may reach to more than 125 meters. The liquid lifting capacity can be adjusted by increasing or decreasing the number of stages. The units are primarily deployed across the oil & gas fields for lifting hydrocarbons to the surface, commercial & industrial water extraction, mine dewatering, drainage, and large water treatment plants.

The pumps are costlier than the single-stage units, where the cost surges with the addition of each stage to the pump system. The increasing deployment of water treatments facilities along with the growing demand for artificial lift technologies will stimulate the product adoption. In addition, the pump demand is set to grow with increasing focus toward rainwater harvesting. In addition, respective state and central governments are taking active measures to restore the groundwater level and discourage the digging of borewells.

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The ESP market in the Asia Pacific region is affected by the balance between demand and supply of oil and gas. Fluctuations in global oil prices, geopolitical factors, and government policies can influence investment decisions in exploration and production, subsequently impacting the demand for ESP systems.

Oil & Gas Electric Submersible Pump Market Share

The major market players are focusing on strategic partnerships and collaborations, new product launch along with mergers and acquisitions to gain their competitive edge over the others. Leading market players across the oil & gas electric submersible pump market include

  • Schlumberger Ltd
  • Weatherford
  • Baker Hughes
  • Flowserve Corporation
  • EBARA CORPORATION
  • Atlas Copco AB
  • WILO SE
  • Grundfos Holding A/S
  • Gorman-Rupp Pumps
  • Crompton Greaves Consumer Electricals Limited
  • Sulzer Ltd
  • Tsurumi Manufacturing Co.Ltd.
  • Novomet
  • Halliburton

Oil & Gas Electric Submersible Pump Industry News

  • In July 2022, Baker Hughes announced to acquire ‘AccessESP’, “GoRigless ESP System” that is used to alternatively deploy and operate electrical submersible pumps (ESPs) across oil & gas applications. The system enables an electric submersible pump to be deployed & retrieve with traditional and light-duty intervention pump without requiring the well producing tubing to be pulled or without a need for a rig. Adoption of such technology across ESPs will exponentially reduce the downtime and the cost for the workers used in the replacements of ESPs primarily for offshore & remote area applications.
  • In May 2022, Ebara Machinery India Pvt Ltd, a subsidiary of Ebara Corporation, had launched an outsources production line at an Indian pumping manufacturer in New Delhi. The inclusion of the new production line will expand the company’s market coverage of standard pumps in India, thereby strengthening its product portfolio in the market. The company has plans to produce 2000 EVMS pumps per year by expanding its standard pumps business in the Indian market.

This Oil & Gas Electric submersible pump market research report includes in-depth coverage of the industry with estimates & forecast in terms ‘USD Million’ from 2019 to 2032, for the following segments

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By Application

 

  • Onshore
  • Offshore

By Operation

  • Single stage
  • Multistage

The above information has been provided for the following regions across the regions.

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • Russia
    • UK
    • Italy
    • France
    • Germany
  • Asia Pacific
    • China
    • India
    • Australia
    • Indonesia
    • Malaysia
  • Middle East & Africa
    • Saudi Arabia
    • Turkey
    • Kuwait
  • Latin America
    • Brazil
    • Argentina
    • Chile

 

Table of Content

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To get a detailed Table of content/ Table of Figures/ Methodology Please contact our sales person at ( chris@marketinsightsresearch.com )