- The key vendors in the Global ESP Market 2014-2018 are Baker Hughes Inc., GE Energy LLC, Halliburton Co., Schlumberger Ltd. and Weatherford International Ltd.
London, 28 October 2014: TechNavio, an independent tech-focused global research firm, has announced the publication of its market research report on the Global ESP Market 2014-2018. One of the key trends in this market is the increase in number of horizontal wells, leading to the increase in installation of submersible pumps. Horizontal wells offer increased production capacity and other added benefits such as increased exposed section length, easy access to depths that are not accessible through vertical drilling, clustering of more wellheads on one surface location, and drilling a relief wall. The overall market is expected to grow at a CAGR of 6.02 percent during the forecast period of 2014-2018.
“The demand for manufacture of “smart” pumps has increased rapidly as these pumps are designed to detect changes in suction conditions and/or changes in TDH requirement,” says Faisal Ghaus, Vice President of TechNavio Research.
“These pumps result in reduced consumption of energy and in-situ auto-adjustment, which automatically leads to more revenue generation for the end-users.”
To define the market conditions in the next 3-4 years, TechNavio analysts have conducted in-depth analysis of the impact of market drivers, challenges and trends featuring data on product segmentations, vendor shares, growth rate by revenue and an evaluation of the different buying criteria in the order of importance.
https://www.technavio.com/%3Cp%3EIf%20you%20are%20interested%20in%20more%…
