The
report defines and segments the artificial lift systems market,
providing analysis and forecast of the global revenue. According to
the report, the global market for artificial lift systems was valued
at USD 13,000.0 million in 2013 and is likely to reach USD 19,806.8
million by 2020, expanding at a CAGR of 6.20% between 2014 and 2020.
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Artificial Lift Systems Market Report with Full TOC at
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Products
segments analyzed in this study include electrical submersible pump,
rod lift, progressive cavity pump, hydraulic pump, gas lift and
plunger lift. Electrical submersible pump is expected to be the
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. Electrical submersible pumps
held over 42.0% share of the global artificial lift systems market in
2013. These pumps are one of the most widely used artificial lift
systems for lifting large volumes of crude oil in both offshore and
onshore wells. The selection of artificial lift systems depends on
various parameters such as operational cost, flow rate, and
geographical location.
According
to estimates, North America is anticipated be the dominant market for
artificial lift systems by 2020. With the discovery of shale gas
reserves in North American countries such as the U.S. and Canada,
demand for artificial lift systems is expected to rise at a
substantial rate. It is projected that North America would account
for over 30.0% of the total artificial lift systems market by 2020.
Demand for artificial lift systems is estimated to rise in Europe
owing to the vast discoveries of shale gas in Poland, Spain and
Denmark. Poland is projected to be a net exporter of natural gas in
the near future due to the discovery of shale gas reserves in the
country. The RoW region has contributed significantly to the overall
demand for artificial lift systems owing to increase in offshore
reserves in countries such as Tanzania, Egypt and Mozambique. In
addition, rise in the number of exploration and production
activities, especially in the offshore reserves, has augmented the
market for artificial lift systems. Many petroleum companies are
employing artificial lift systems at offshore reserves to ensure a
continuous and optimal production process. Significant investments
are made to extract high volumes of crude oil and natural gas from
these reserves. At present, a large volume of crude oil is exported
to customers across the globe by the countries in the Middle East.
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Demand
for artificial lift systems is anticipated to rise in Asia Pacific
owing to the increasing energy demand from developing countries such
as India and China. Other countries such as Australia, Malaysia,
Indonesia, and Myanmar are deploying artificial lift systems at their
producing wells in order to extract higher volumes of crude oil and
natural gas. Increasing investments and growing population are the
key factors driving the high demand for energy in Asia Pacific.
Additionally,
North America and Europe are also projected to be lucrative markets
for artificial lift systems in the near future. These regions are
likely to offer significant opportunities to artificial lift systems
in the next few years. Thus, the global market for artificial lift
systems is estimated to grow at a substantial rate during the
forecast period.
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 in the near future.
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Press Release Of Artificial Lift Systems Market
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Artificial
lift systems Market: Product Segment Analysis
- Electrical submersible pump
- Rod lift
- Progressive cavity pump
- Hydraulic pump
- Gas lift
- Plunger lift
Artificial
lift systems Market: Regional Analysis
- North America
- Europe
- Asia Pacific
- Rest of the World (RoW)
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