Market Size of North America Oil and Gas Electric Submersible Pump Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 7.00 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
North America Oil and Gas Electric Submersible Pump Market Analysis
The oil and gas electric submersible pump market in North America is expected to grow at CAGR of more than 7% in the forecast period of 2020-2025. Increasing upstream activities in the Permian basin in the United States is one of the major driving factors for the ESP market. Additionally, about 70% of the world's daily oil and gas production comes from the mature fields, which are in a state of declining production. To enhance production from these mature fields, the demand for ESP is increasing. On the other hand, the decline in crude oil prices due to the weaker demand from the end-users has led to a decrease in the drilling activities, and thus, the demand for the ESP is also likely to be hindered. Also, a declining number of offshore wells in the United States is expected to restrain the market growth.
- With 990 active onshore rigs in the United States and increasing production from the Permian basin, the onshore sector is expected to dominate the oil and gas ESP market.
- The United States has one of the largest technically recoverable shale gas reserves and the second-largest tight oil reserves in the world. The availability of ample reserves is expected to create significant opportunities for ESP manufacturers and suppliers in the near future.
- With oil production of 17 million barrels per day in 2019, the United States is leading the market of ESP. It is expected to continue its dominance in the forecast period.
North America Oil and Gas Electric Submersible Pump Industry Segmentation
The North America oil and gas electric submersible pump market report includes:
| Location of Deployment | |
| Offshore | |
| Onshore |
| Geogrpahy | |
| The United States | |
| Canada | |
| Rest of North America |
North America Oil and Gas Electric Submersible Pump Market Size Summary
The North America oil and gas electric submersible pump (ESP) market is poised for significant growth, driven by increasing upstream activities, particularly in the Permian Basin of the United States. The demand for ESPs is bolstered by the need to enhance production from mature fields, which constitute a substantial portion of global oil and gas output. However, fluctuations in crude oil prices and a decline in offshore drilling activities pose challenges to market expansion. The onshore sector, dominated by the United States, is expected to lead the market due to its vast technically recoverable shale gas and tight oil reserves, offering substantial opportunities for ESP manufacturers and suppliers.
In Canada, the high-density oil sands reserves necessitate the use of artificial lift systems like ESPs, contributing to market growth. Mexico's mature onshore basins also present opportunities for ESP deployment to boost oil output. Despite temporary setbacks from the COVID-19 pandemic, the market is anticipated to recover with new projects and well completions. The United States, a major producer of crude oil and natural gas, is expected to continue its market dominance, supported by substantial investments in upcoming projects and the opening of coastal waters for exploration. The market is moderately consolidated, with key players including Borets International Limited, Halliburton Company, Weatherford International plc, Baker Hughes Company, and Schlumberger Limited.
North America Oil and Gas Electric Submersible Pump 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 2025
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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 Substitute 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 Offshore
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2.1.2 Onshore
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2.2 Geogrpahy
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2.2.1 The United States
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2.2.2 Canada
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2.2.3 Rest of North America
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North America Oil and Gas Electric Submersible Pump Market Size FAQs
What is the current North America Oil and Gas Electric Submersible Pump Market size?
The North America Oil and Gas Electric Submersible Pump Market is projected to register a CAGR of greater than 7% during the forecast period (2024-2029)
Who are the key players in North America Oil and Gas Electric Submersible Pump Market?
Halliburton Company , Weatherford International plc , Schlumberger Limited , Baker Hughes Company and Borets International Limited are the major companies operating in the North America Oil and Gas Electric Submersible Pump Market.
