The
global artificial lift systems market was worth US$13,000.0 million
in 2013. By 2020, the global artificial lift systems market is
projected to be worth US$19,806.8 million developing at a moderate
CAGR of 6.20% during the forecast period of 2014 to 2020.The global
artificial lift systems market will be restrained to a great degree
by the decreasing crude oil prices. The prices of crude oil have
decreased by around 50% in the past few years. This can be attributed
to the weak demand for crude oil in several countries due to insipid
economic growth along with the surging oil production in the U.S.
According to the U.S. Energy Information Administration (EIA), the
oil production in U.S. surged from 5.6 million barrels per day
observed in 2011 to 7.5 million barrels per day recorded in 2013.
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Nevertheless,
the expanding deepwater oil production will drive the global
artificial lift systems market. Moreover, the matured reserves
account for a substantial percentage of crude oil production, which
will further support the growth of the global artificial lift systems
market.Geographically, the global artificial lift systems market is
segmented into Europe, North America, Asia Pacific, and Rest of the
World (RoW). North America dominates the global artificial lift
systems market. The discovery of shale gas reserves in countries such
as Canada and the U.S. are expected to add to the demand for
artificial lift systems. Furthermore, North America is expected to
account for more than 30% of the global artificial lift systems
market till 2020.
The
artificial lift systems market in Europe will witness a rise in the
demand for artificial lift systems due to the recent discoveries of
shale gas in countries such as Denmark, Spain, and Poland. According
to this TMR report, Poland is expected to emerge as the net exporter
of natural gas in the foreseeable future owing to the discovery of
shale gas in this nation. The RoW region is also anticipated to
contribute significantly to the overall demand for artificial lift
systems due to the elevated offshore reserves in nations such as
Egypt, Tanzania, and Mozambique. Presently, a large volume of crude
oil is being exported around the world by Middle East countries.
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The
demand for artificial lift systems market in Asia Pacific is expected
to increase owing to the growing energy demand from emerging nations
such as China and India. Moreover, the accelerating investments and
growing population are other factors that will fuel the high demand
for energy in this region.Product-wise, the global artificial lift
systems market is segmented into rod lift, electrical submersible
pump, hydraulic pump, plunger lift, gas lift, and progressive cavity
pump. The global artificial lift systems market is led by the
electrical submersible pumps segment that accounted for 42% share in
2013. These pumps are widely used in artificial lift systems to lift
large volumes of crude oil in both onshore and offshore wells. Some
of the most notable manufacturers in the global artificial lift
systems market are Baker Hughes, Dover Artificial Lift, Borets
Company, Kudu Industries, and Halliburton Company.
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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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