Global Artificial Lift Systems Market Projected to Touch 9.69 Billion USD by 2021
The artificial lift systems market primarily includes six types of products: electrical submersible pumps, rod lift or sucker rod pump, progressive cavity pump, hydraulic pump, gas lift and plunger lift. Electrical submersible pump is expected to be the most dominant product segment in the global artificial lift systems market by 2020.
[USPRwire, Fri Jan 18 2019] In order to study the various trends and patterns prevailing in the concerned market, Market Research Reports Search Engine (MRRSE) has included a new report titled “Artificial Lift Systems Market” to its wide online database. This research assessment offers a clear insight about the influential factors that are expected to transform the global market in the near future.
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The artificial lift systems market primarily includes six types of products: electrical submersible pumps, rod lift or sucker rod pump, progressive cavity pump, hydraulic pump, gas lift and plunger lift. Electrical submersible pump is expected to be the most dominant product segment in the global artificial lift systems market by 2020. The segment accounted for the largest share of the artificial lift systems market in 2013. Rod lift is one of the oldest methods used for lifting crude oil and natural gas. This is primarily attributed to its potential to lift heavy viscous crude oil at high temperatures. Additionally, matured reserves account for a significant percentage of crude oil production. In the present scenario, over 70.0% of the total crude oil production comes from matured reserves. Thus, matured reserves act as a key driver for the artificial lift systems market. The selection of artificial lift systems depends on various parameters such as operational cost, geographic location, flow rate, and well deviation.
North America is projected to be the largest market for artificial lift systems by 2020. With the discovery of shale gas reserves and rise in number of drilling activities, especially in the U.S. and Canada, the market for artificial lift systems is likely to rise at a substantial rate in the region. Demand for artificial lift systems is also projected to rise at a significant rate owing to the vast discoveries of shale gas reserves in Poland, Spain and Denmark. Various types of artificial lift systems are used to extract large volumes of crude oil and natural gas in Europe. Numerous petroleum companies are installing artificial lift systems for extracting high volumes of crude oil and natural gas to maintain energy security in the respective countries.
Demand for artificial lift systems is estimated to rise in RoW owing to the discoveries of offshore reserves in countries such as Tanzania, Mozambique and Egypt. Furthermore, increase in the number of exploration and production activities in Latin America and West Africa, especially in offshore reserves, has propelled the growth of the artificial lift systems. Currently, large volumes of crude oil and natural gas are being imported from countries in the Middle East. RoW countries such as Nigeria, Angola and Venezuela have large petroleum reserves. These reserves help maintain energy security and also to a certain extent bridge the prevailing energy demand-supply gap across the globe.
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The report includes geographical regions such as North America, Asia Pacific, Europe and Rest of the World (RoW). Every region has been further bifurcated on the basis of the product segment. Revenue forecasts and estimates for each product segment have been provided for the period 2014 – 2020.
The report also provides detailed analysis and revenue of companies such as Baker Hughes, Inc., Borets Company LLC, Dover Artificial Lift, Flotek Industries, Inc., Halliburton Company, Kudu Industries, Inc., National Oilwell Varco, Inc., Schlumberger Limited, Superior Energy Services, Inc., and Weatherford International Ltd. are expected to dominate the market for artificial lift systems in the near future.
With the help of Porter’s Five Forces analysis, the report provides a detailed analysis of the various factors influencing the artificial lift systems industry. The analysis also helps to understand the degree of competition prevalent in the market. Furthermore, the report analyzes the value chain and various drivers and restraints of the artificial systems market.
Artificial Lift Systems Market: Product Type Analysis
- Electrical submersible pump
- Rod lift
- Progressive cavity pump
- Hydraulic pump
- Gas lift
- Plunger lift
Artificial Lift Systems Market: Regional Analysis
- North America
- Asia Pacific
- Rest of the World (RoW)
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