Europe Oil And Gas Electric Submersible Pump Market Size By ...| MENAFN.COM

Saturday, 04 February 2023 12:40 GMT

Europe Oil And Gas Electric Submersible Pump Market Size By Growth Rate, Emerging Trends, Applications, Types, And Forecast Through 2031, Market Size And Competitive Analysis Are Provided For 2022

(MENAFN- America News Hour)

The oil and gas electric submersible pump market in Europe is expected to grow at CAGR of more than 8% in the forecast period. A recent surge in upstream activities in Russia and Norway is likely to drive the market. Additionally, the start of the Johan Sverdrup is expected to drive the demand for ESP in Norway. On the other hand, the global crude oil price decline in 2020 has led to a halt or delay in various oil and gas projects. Also, declining production in Norway, Denmark, and Italy are expected to restrain the growth of the market studied in the forecast period.
– With declining onshore reserves and developing offshore deepwater and horizontal wells, the offshore market is expected to witness the significant growth in the forecast period.
– The Bowland Shale in Northern England and the Midland Valley of Scotland and the Weald Basin in Southern England are expected to create drilling and completion opportunities in the future, driving the market of the oil and gas electric submersible pump.
– With oil production of 11.5 million barrels per day in 2019, Russia is leading the market of the oil and gas electric submersible pump. It is expected to continue its dominance in the forecast period as well.

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Key Market Trends
Offshore Segment is Expected to Witness Significant Growth

– The electric submersible pump (ESP) system is an artificial-lift system that utilizes a downhole pumping system that is electrically driven. The pump typically comprises multiple centrifugal pump sections that can be individually configured ideally for the production and wellbore characteristics of an application.
– Oil and gas electric submersible pump systems are expected to witness growth in the United Kingdom in 2019, as the high pressure, high-temperature Culzean gas field in the central North Sea, one of the biggest start-ups, comes online.
– Moreover, the Norwegian parliament opened most of the North Sea, the Norwegian Sea, and the Barents Sea South (including Southeast) for petroleum activities. Therefore, an increase in exploration and production activities is expected to drive the ESP market during and beyond the forecast period.
– In July 2018, Equinor applied for development and operation for Phase 3 of Troll, which entails producing the gas cap in Troll Vest. Such activities are a good indicator of market demand for oilfield equipment, such as oil and gas electric submersible pump systems.
– The declining crude oil production to 17 million barrels per day in Europe due to maturing oilfields is expected to drive the need for ESPs to compensate for the production loss.
– Although most of the reserves in the North Sea area in the declining phase. With large scale exploration activities in Russia, the market of oil and gas electric submersible pumps in the offshore segment is expected to grow significantly.
Russia to Dominate the Market
– In 2019, Russia held a 20% share of global drilling activities, followed by the United States. With this, Russia is expected to create significant opportunities for the oil and gas electric submersible pump market in the long run.

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– Russian oil and gas condensate production totaled 560.25 million metric tons in 2019, equivalent to 11.25 million barrels per day. This marked the highest production level reached by Russia post-Soviet era, witnessing a continuous increase in the crude oil and natural gas production.
– Gazprom Neft continues to conduct studies on its Bazhenov acreage and is targeting 40,000 b/d of production from shale by 2023. With this significant demand for the ESPs can be expected in the forecast period.
– In recent years, Russia's electric submersible pump (ESP) market has been driven by the steady growth in the oil and gas production. The introduction of new fields in the Russian Far East, Eastern Siberia, and the Arctic region replaced the production from the traditional fields, which are further expected to create demand for ESPs.
– Demand for the oil and gas electric submersible pump system in Russia is expected to continue to increase, in line with the drilling volume, driven by the considerable increase in the number of rigs and increasing production.
Competitive Landscape
The Europe oil and gas electric submersible pump market is moderately consolidated. Some of the major companies include Borets International Limited, Halliburton Company, Weatherford International plc, Baker Hughes Company, and Schlumberger Limited.

1.1 Scope of Study
1.2 Market Definiton
1.3 Study Assumptions
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion,
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitute Products and Services
4.7.5 Intensity of Competitive Rivalry

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