According to a new market report published by Stratistics MRC, the Global Artificial Lift Systems Market accounted for $11.19 billion in 2014 and is expected to reach $23.45 billion by 2022 growing at a Compound Annual Growth Rate (CAGR) of 9.7% during the forecast period. Increasing exploration activities, rapidly growing demand for energy and rising production of heavy oil and shale gas are the factors driving the global artificial lift systems market. However, stringent government regulations and volatility of oil and gas industry are the factors restraining market growth.
The increasing investments on expansion of major & minor oil fields by exploration & production companies in developed and developing countries like US, China, Canada and Russia, would provide the better opportunities for artificial lift systems market. Efficient and reliable artificial lift systems are being introduced by many top players to minimize the operational cost. The choice of artificial lift systems depends on many parameters such as geographic location, operational cost, well deviation and flow rate.
Global Artificial Lift Systems market is segmented by product types into Electrical Submersible Pump (ESP), rod lift, plunger lift, Progressive Cavity Pump (PCP), gas lift and others. In 2015, Electrical Submersible Pump (ESP) dominated the artificial lift systems market accounting for around 40% share in global market and rod lift segment is expected to witness highest CAGR during the forecast period. Being the leading market for rod lift, U.S. accounted for more than 45% of share in global rod lift market due to increasing production of unconventional oils. The manufacturers of ESP pump are generating huge market revenue from U.S. and Russia. Electrical Submersible Pump (ESP) system is used for lifting medium to high volumes of fluids from wellbores.
Browse the full report at "Global Artificial Lift Systems Market Outlook"
Global Artificial Lift Systems market is segmented by component into pump, motor, cable system, gas-lift mandrel, control system, gas lift valves, drivehead, pump jack, sucker rods, separators and others. By Mechanism, market is segmented into dynamic displacement, gas assisted and positive displacement. Dynamic displacement pumps commonly used in artificial lift include electrical submersible pumps (ESPs) and hydraulic jet pumps.
This report also covers trends driving each segment and offers analysis by geography, with key regions such as North America, Europe, Asia Pacific and Rest of the World. North America leads the global artificial lift systems market with more than 45% of market share and is expected to continue its dominance throughout the forecast period due to increase in drilling activities and discovery of shale gas reserves in U.S. and Canada. Due to increasing demand for energy in China and India, the demand for artificial lift systems is expected to grow at a faster rate in Asia Pacific region.
Some of the key players in artificial lift systems market include General Electric Company, Schlumberger Limited, Halliburton Company, Weatherford International Ltd., J&J Technical Services, LLC, Borets International Ltd., Flotek Industries, Inc., Baker Hughes Incorporated and Dover Corp. The key players of artificial lift systems are expanding their markets by increasing their manufacturing capacity, establishing specialized R & D centers and opening new sales and service facilities in fast growing and emerging regions such as Asia Pacific and Latin America.
To request for customization, fill in the Inquiry form at Global Artificial Lift Systems Market Outlook.
Corporate Sales Specialist
Email: [email protected]