Energy - - May 03,2017
The global electrical submersible pumps (ESPs) market is anticipated to reach the value of US$16.75 billion by the end of 2022 from US$10.65 billion in 2013, rising at a CAGR of 5.29%.
The ever rising demand for energy and diminishing oil reserves have compelled producers to explore unconventional sources of energy and deploy latest technologies to extract most from the existing resources. This incumbent trend will create massive opportunities for the sales of electrical submersible pumps (ESPs).
According to latest market research report by Transparency Market Research (TMR), the growing production and exploration activities of unconventional sources of energy in North America is expected to boost the demand for ESPs installation over the coming years. On the other hand, the volatile oil prices could have a negative impact on the market’s growth trajectory. Nevertheless, with rising oil sands production, the demand for ESPs is expected to rise significantly in the near future.
As far as applications of ESPs are concerned, the global market is bifurcated into onshore installations and offshore installations. Between these, the onshore installation segment is the largest segment and holds over 76.16% in the market. However, this segment is expected to lose momentum as offshore installations could increase its market share during the forecast period.
Geographically, Europe is the largest market, holding a share of 59.8% in the global electrical submersible pumps market. Russia is the most lucrative market in Europe. In North America, the U.S. is expected to exhibit high growth rate followed by Canada and Mexico.
Prominent companies operating in the global electrical submersible pumps market are Baker Hughes Incorporated, Borets Company LLC, Schlumberger Limited and GE Oil & Gas.
For more information on this report visit - http://www.transparencymarketresearch.com/electrical-submersible-pumps-market.html