Oil and Gas Electric Submersible Pumps Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
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.
Key HighlightsThe oil and gas electric submersible pumps market is partially consolidated. Some of the major companies include Baker Hughes, Schlumberger Limited, Borets International Limited, Novomet, and Halliburton Company.
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