Latest Research on Electrical Submersible Pump (ESP) Market Analysis, Size, Share, Growth, Trends and Forecasts, 2016 To 2024 | Hexa Research

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One of the prominent drivers is raising oil and gas production which focuses on reinforcing the growth of the “electrical submersible pump (ESP) market” in future. In the year 2013, the largest consumer for ESP was Europe and will continue to be the largest market followed by North America and Asia-Pacific.

The electrical submersible pump (ESP) is a reliable and most efficient method for lifting medium to high volume of fluids from the bores. The main component includes multistage centrifugal pump, three phase induction motor, seal chamber section, surface controls and power cable. ESP’s are multistage centrifugal pumps usually operates in a vertical position. These pumps operate by pushing water rather than pulling. The main advantage of this type of pump is that it prevents the formation of cavities in a liquid. Each stage of the submersible pump contains a motor enclosed in a casing with the help of mechanical seals to prevent leakage. To power the motor, it is connected to a cable and the casing is extended to some sort of hose or pipe leading to the surface. ESP can be coupled to different wires or flexible hoses and pipes, depending upon the nature of the job.

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On the basis of types, electric submersible pumps are classified as openwell and borewell. Openwell submersible pumps are suitable where there is irregular water supply. The pump operates from underneath the water and rest part stays on the surface of the well. Easy installation and low maintenance are the major advantages of this type of pumps. A Borewell pump uses diffusers and impellers made up of thermoplastic. Vibration and noise free operation give a boost to the longevity and efficiency of the motor. This pump is capable of heavy duty operation and can easily be repaired and dismantled. Pond and canal irrigation, gardening and forest water supply, community water supply, pond and sprinkler systems are the major application of the borewell pumps.

On the basis of operation, ESP is segmented into two types such as single stage pump and multi-stage pump. Single stage pumps are used for sewage pumping, drainage pumping, and industrial pumping whereas multistage pumps are used for extraction of oil from the well, extraction of water in an industrial, residential and commercial sector.

Currently, there are numerous drivers for the ESP market. One of the prominent drivers is raising oil and gas production which focuses on reinforcing the growth of the ESP market in future. Electric submersible pumps have become a crucial part of the crude oil extraction process, contributing in raising the efficiency of oil production. A deep and ultra-deep offshore drilling activity of oil and gas exploration is the major driver of the submersible pump market. These drivers have the potential to drive the market in future, but the market requires handling critical breakdown and damages such as motor failure, high cost associated with troubleshooting the system and handling environmental issues associated with the operations.

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On the basis of application, ESP market is classified into industrial, agriculture and Domestic. The industrial sector is the largest shareholder contributing in the market share of ESP. Draining out water from the holes during construction and mining process, in the case of floor facilities such as dewatering, sewage, and effluents treatment, waste water treatment is some of the vital applications of ESP in the industrial sector. Based on industry, the ESP market is segmented further into construction, power and energy, chemicals, food and beverage and waste water and water treatment.

The ESP market can be segmented into five regions such as North America, Europe, Asia-Pacific, South and Central America and the Middle East and Asia. In the year 2013, the largest consumer for ESP was Europe and will continue to be the largest market because of the increasing number of mature oil fields in Kazakhstan, UK, Russia, and Norway, followed by North America, Asia-Pacific .The market in Central and South America will be growing on account of a large number of mature fields in Venezuela and Brazil.

The leading player in the market such as Sulzer AG, Grundfos Group, Xylem Inc, KSB Group, Ebara Corporation, ITT, WILO, Schlumberger and Haight Pumps enjoys a prominent place in the market. The players in this market invest in R&D in order to enhance their products efficiency. These companies are expanding into new regions in order to take advantage of the opportunities present in the regions such as Africa, Asia Pacific, South America and Middle East through JV’s, partnerships, mergers, and acquisitions. This will allow them to minimize the risk of the company’s revenue being concentrated on one single region and even if economic growth is low in some regions.

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