The Artificial Lift System Market was worth USD 7.02 billion in 2014 and is expected to reach approximately USD 11.68 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 5.82% during the forecast period. Artificial Lifts are used when the natural driving energy of reservoirs is insufficient to push the liquid (water or crude oil) to the surface. These systems make use of various technique in order to get the work done. The efficiency of the production well can also be increased with the help of this system. Artificial Lift System market is expected to grow lucratively owing to extensive oil exploration activities across the globe. Also the shifting trend towards extraction from unconventional wells is expected to propel the market growth.
Type Outlook and Trend Analysis
According to the Type the market of Artificial Lift System is segmented into Gas Lift, Rod Lift, Progressive Cavity Pumps, Electrical Submersible Pumps, Hydraulic Pumps, and Others. The Rod Lift application would grow substantially and will hold majority of the market over the forecast period due to its ease of operation, simple and modest design, higher efficiency and its ability to lift high temperature oils to the surface. Also being relatively cheap and durable these systems will rule the market over time. Electric Submersible Pump market will grow in size and value due to its benefits such as corrosion resistance and being able to operate under 1Mpa Pressure. Progressive Cavity Pumps are also expected to grow over the course of time.
Application Outlook and Trend Analysis
The application segment is fragmented into Onshore and Offshore. The Onshore application holds a majority in market due to increase in number of matured fields. The off shore application is also expected to grow due to various advantages like availability of resources and minimal cost.
Regional Outlook and Trend Analysis
According to the region, the Artificial Lift System Market is segmented as North America, Asia-Pacific, Europe and South America and Middle East & Africa. The North America market is foreseen to grow over time due to availability of low pressure wells and untapped oil wells. Also its efforts in unconventional resources such as shale gas, tight oil extraction will propel the growth. The Asia Pacific market will grow with a significant CAGR over the time. Various factors such as increasing energy demand due to increasing population, increasing spending on infrastructure and rising development activities will propel the growth in APAC region.
The leading players in the market are Kudu Industries Inc., Baker Hughes Incorporated, Weatherford International Ltd, National Oil Varco Inc., JSC Alnas, Tenaris S.A., Schlumberger Ltd, GE Energy. The major players in the market are profiled in detail in view of qualities, for example, company portfolio, business strategies, financial overview, recent developments, and share of the overall industry.
The Artificial Lift System Market is segmented as follows-
Progressive Cavity Pumps
Electrical Submersible Pumps
Rest of Europe
Rest of Asia-Pacific
Rest of South America
Middle East and Africa
Rest of MEA
Some of the key questions answered by the report are:
What was the market size in 2014 and forecast from 2015 to 2023?
What will be the industry market growth from 2015 to 2023?
What are the major drivers, restraints, opportunities, challenges, and industry trends and their impact on the market forecast?
What are the major segments leading the market growth and why?
Which are the leading players in the market and what are the major strategies adopted by them to sustain the market competition?