Market Size of Oil and Gas Electric Submersible Pumps Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.20 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Oil & Gas Electric Submersible Pump Market Analysis
The market for oil and gas electric submersible pumps (ESP) is expected to register a CAGR of more than 6.2 % during the forecast period, 2022-2027. The COVID-19 pandemic adversely affected the market due to the low crude oil price, thus creating an unfavorable situation in 2020. Projects such as the Indonesia Merakes gas field and upstream projects in Senegal were delayed on account of the COVID-19 pandemic. Major factors driving the market include the increasing number of mature fields and the adoption of ESPs by oil and gas operators due to the operational advantages of ESP over other forms of artificial lift. However, ESP run times can be severely compromised in high sand and solid content environments. The performance also degrades while pumping viscous fluids or high gas-to-liquid ratio mixtures. Therefore, the associated failure and downtime risk with ESP is expected to hinder the market growth.
- The onshore sector accounts for the largest share in the electric submersible pumps market, owing to the increasing number of mature fields in the sector.
- Developments of potential shale reserves around the world are expected to create significant opportunities for ESPs in the future.
- North America dominated the market across the world, with the majority of the demand coming from the United States.
Oil & Gas Electric Submersible Pump Industry Segmentation
The scope of the oil and gas electric submersible pumps market report includes:
| Location of Deployment | |
| Onshore | |
| Offshore |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle-East and Africa |
Oil and Gas Electric Submersible Pumps Market Size Summary
The oil and gas electric submersible pump market is poised for significant growth, driven by the increasing number of mature fields and the operational advantages of ESPs over other artificial lift methods. Despite the challenges posed by the COVID-19 pandemic, which led to project delays and a temporary downturn due to low crude oil prices, the market is expected to recover and expand. The onshore sector holds the largest share of the market, supported by the development of shale reserves and the need for cost-effective production solutions. The adoption of new technologies, such as the GoRigless ESP System, is anticipated to further bolster market growth by reducing the complexity and cost of interventions.
North America stands out as the dominant region in the ESP market, largely due to the shale gas plays in the United States, which have positioned the country as a leading crude oil producer. The region's market is expected to benefit from substantial investments in oil and gas projects, particularly in the Permian Basin. However, challenges remain in regions like Canada, where high sand content and viscous oil pose difficulties for ESP deployment. Despite these challenges, the overall demand for ESPs is expected to rise, supported by private investments and technological advancements. The market is partially consolidated, with key players like Baker Hughes, Schlumberger Limited, and Halliburton Company driving innovation and expansion efforts.
Oil and Gas Electric Submersible Pumps Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD billion, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 Porter's Five Forces Analysis
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1.7.1 Bargaining Power of Suppliers
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1.7.2 Bargaining Power of Consumers
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1.7.3 Threat of New Entrants
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1.7.4 Threat of Substitutes Products and Services
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1.7.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 Location of Deployment
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2.1.1 Onshore
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2.1.2 Offshore
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2.2 Geography
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2.2.1 North America
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2.2.2 Europe
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2.2.3 Asia-Pacific
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2.2.4 South America
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2.2.5 Middle-East and Africa
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Oil and Gas Electric Submersible Pumps Market Size FAQs
What is the current Oil and Gas Electric Submersible Pumps Market size?
The Oil and Gas Electric Submersible Pumps Market is projected to register a CAGR of greater than 6.20% during the forecast period (2024-2029)
Who are the key players in Oil and Gas Electric Submersible Pumps Market?
Schlumberger Limited, Borets International Limited, Novomet, Halliburton Company and Baker Hughes Company are the major companies operating in the Oil and Gas Electric Submersible Pumps Market.
