According to a report published by Grand View Research, Inc.; the artificial lift systems market is expected to reach a valuation of around USD 26.5 billion by 2025.
Growing oil exploration activities can drive the market during the forecast period (2014 to 2025).
Lifting systems are extensively used in offshore applications of deep-water gas lift wells and for subsea production to improve the productivity of wells. Therefore, growth in deep-water oil production is expected to fuel the market growth. Increasing efforts to increase production from mature fields is expected to increase the demand for these systems in the coming years. Many existing reservoirs across the world are the mature phase and not able to produce natural pressure to push oil and gas to surface. Additionally, increasing demand of energy has led to high dependency on conventional sources. But, depletion of conventional sources has encouraged oil and gas industry to concentrate more on developing unconventional sources such as tight oil, natural gas, and shale oil and gas. Thus, rise in exploration of unconventional sources are likely to boost the market during the forecast period.
Full Research Report On Artificial Lift Systems Market Analysis:
U.S. artificial lift systems market by product, 2014 – 2025 (USD Million)
However, instability in oil prices may restrict the market growth.
Worldwide artificial lift systems market can be segmented on the basis of product and region.
Based on product, the market can be classified into rod lifts, progressive cavity pumps, hydraulic pumps, electrical submersible pumps, gas lift, and others.
In 2016, the rod lifts segment accounted for 35% of the total revenue. The segment is anticipated to show significant growth over the projected period due to several benefits offered by these systems such as efficiency and effectiveness in extraction of hydrocarbons and can lift heavy vicious crud oil at high temperatures.
The electrical submersible pumps (ESP) is anticipated to show a healthy growth during the forecast period. These pumps are utilized to push fluids efficiently from wells with low bottom hole pressure and can also operate in wells with crooked or deviated holes They generally require low space and less maintenance and provides higher efficiency. Therefore, widely accepted in the oil & gas industry. Additionally, the field workers can be able to operate these pumps easily due to their simple design.
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China artificial lift systems market by product, 2016 (%)
Geographically, the market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
North America is anticipated to show high growth during the forecast period. This growth can be attributed to technological developments in the field of shale gas discovery and existence of low-pressure oil wells in the region. The U.S. is likely to show high growth on account of increasing number of unconventional resources such as tight oil, and shale oil.
Asia Pacific is likely to expand CAGR of exceeding 6% over the forecast period. Growing spending on infrastructure development and growth in commercial activities have increased the demand for petroleum products, which is expected to drive the demand for these systems in this region. Additionally, growing population in this region especially in emerging countries such as India and China are anticipated to augment the demand for energy. This is likely to increase exploration activities, thereby driving the regional market growth during the forecast period.
Middle East and Africa is anticipated to show significant growth due to high acceptance of wireline services and tools. Additionally, growth in maturing oil fields owing to continuous extraction are also expected to supplement the market growth in this region.
Leading companies operating in the market include National Oilwell Varco, Inc.; Weatherford International Ltd.; Torqueflow-Sydex Ltd., Halliburton Company, LLC; and Baker Hughes Incorporated.
High competition in the market has encouraged manufacturers to make high investment for the development of products that can meet to customers requirement. Major market participants are focusing on R&D to offer customized solutions for specific well sites while considering effective techniques for improving extracting rate of hydrocarbons. Additionally, major participants are utilizing advanced technologies such as web-based monitoring and automated services to optimize production. Companies are also adopting strategies such as collaborations and acquisitions to sustain in the competition.
Grand View Research has segmented the global artificial lift market based on products and regions:
Artificial Lift Product Outlook (Revenue, USD Million; 2014 – 2025)
Electrical Submersible Pumps
Progressive Cavity Pumps
Artificial Lift Regional Outlook (Revenue, USD Million; 2014 – 2025)
Middle East & Africa
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