Market Size of Europe 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 | > 8.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Europe Oil And Gas Electric Submersible Pump Market Analysis
The European oil and gas electric submersible pump market in Europe is expected to register a CAGR of more than 8% during the forecast period.
The market was negatively impacted by the outbreak of COVID-19 due to the crude oil price crash and regional lockdowns, leading to delays in ongoing and upcoming projects. Currently, the market has reached pre-pandemic levels.
- 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 demand for ESP in Norway.
- On the other hand, declining production in Norway, Denmark, and Italy is expected to restrain the growth of the market studied in the forecast period.
- With declining onshore reserves and the development of offshore deepwater and horizontal wells, the offshore market is expected to witness significant growth in the forecast period.
- Russia is leading the market for the oil and gas electric submersible pump. It is expected to continue its dominance in the forecast period as well.
Europe Oil And Gas Electric Submersible Pump Industry Segmentation
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. The European oil and gas-electric submersible pump market is segmented by location of deployment and geography (the United Kingdom, Norway, Russia, and the rest of Europe). By location of deployment, the market is segmented into onshore and offshore. The report also covers the market size and forecasts for the oil and gas-electric submersible pump market across major countries in the region. For each segment, market sizing and forecasts have been done based on revenue (USD billion).
| Location of Deployment | |
| Offshore | |
| Onshore |
| Geogrpahy | |
| Norway | |
| The United Kingdom | |
| Russia | |
| Rest of Europe |
Europe Oil and Gas Electric Submersible Pump Market Size Summary
The European oil and gas electric submersible pump market is poised for significant growth, driven by a resurgence in upstream activities, particularly in Russia and Norway. The market, which had faced setbacks due to the COVID-19 pandemic and subsequent crude oil price fluctuations, has rebounded to pre-pandemic levels. The commencement of projects like Johan Sverdrup in Norway is expected to bolster demand for electric submersible pumps (ESPs). However, challenges such as declining production in Norway, Denmark, and Italy may temper growth. The offshore segment, especially with the development of deepwater and horizontal wells, is anticipated to experience robust expansion, with Russia maintaining its leadership position in the market.
In the United Kingdom, the activation of the high-pressure, high-temperature Culzean gas field is set to enhance the market for oil and gas ESPs. Future drilling opportunities in regions like the Bowland Shale, Midland Valley, and Weald Basin are also expected to contribute to market growth. The Norwegian parliament's decision to open more areas for petroleum activities is likely to spur exploration and production, further driving the ESP market. Despite declining crude oil production due to maturing oilfields, the need for ESPs to offset production losses is expected to rise. Russia's substantial share in global drilling activities and its increasing oil and gas production, particularly in new fields, are anticipated to create long-term opportunities for ESPs in the region. The market is moderately consolidated, with key players including Borets International Limited, Halliburton Company, Weatherford International plc, Baker Hughes Company, and Schlumberger Limited.
Europe 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 2028
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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 Norway
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2.2.2 The United Kingdom
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2.2.3 Russia
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2.2.4 Rest of Europe
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Europe Oil and Gas Electric Submersible Pump Market Size FAQs
What is the current Europe Oil and Gas Electric Submersible Pump Market size?
The Europe Oil and Gas Electric Submersible Pump Market is projected to register a CAGR of greater than 8% during the forecast period (2024-2029)
Who are the key players in Europe 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 Europe Oil and Gas Electric Submersible Pump Market.
