The global artificial lift market is expected to reach USD 26.5 billion
by 2025, according to a new report by Grand View Research, Inc. The industry is
anticipated to gain traction owing to the increasing fossil fuel demand coupled
with the rising number of mature reserves, which hold a high volume of crude
oil. Furthermore, volatile oil prices are persuading oil companies to decrease
the per barrel oil production cost, thereby driving the demand for EOR
techniques, such as artificial lift systems, over the forecast period.
The robust demand for crude oil and natural gas has led to the depletion
of onshore reserves. This has offered offshore deep-water opportunities for
several companies, thus catapulting the artificial lift market size.
Additionally, technological advancements have encouraged Exploration and
Production (E&P) companies to increase the production of crude oil and
natural gas in offshore reserves, which is anticipated to further propel demand
over the coming years.
Lifting systems are used in offshore applications of deepwater gas lift
wells and for subsea production to augment the productivity of wells. Thus, the
rising deepwater oil production is anticipated to spur the market growth. Owing
to rapid industrialization, conventional sources of oil & gas are depleting
at the expense of future energy demands. This has forced companies to meet the
end-user demand by focusing on unconventional gas resources. As such,
unconventional gas production is considered to act as a key opportunity for
players operating in the market.
The demand for energy is increasing globally. The escalating demand for
primary energy in transportation, power generation, and household activities
has led to increased oil & gas consumption in major economies across the
globe. This has led the producers of oil & gas to dig deeper to meet the
increasing energy demands, thus instigating the need for artificial lift. However,
the fluctuating oil prices and impacted investments would affect market growth,
owing to high equipment and capital costs.
Full Research Report On artificial lift market Analysis:
Further key findings from the report suggest:
·
The global artificial lift market exceeded
USD 16 million in 2016 and is expected to grow at a CAGR of 5.7% from 2017 to
2025, which is primarily attributed to the increasing oil & gas production
coupled with improving production efficiencies at mature fields.
·
Electrical submersible pumps are
anticipated to emerge as the largest product segment over the forecast period
owing to the rising demand for oil worldwide and exploration of newer onshore
as well as offshore reserves.
·
The ever-rising population in Asia Pacific,
particularly India and China, is anticipated to fuel the demand for oil & gas,
which is further expected to instigate the adoption of artificial lift systems
in this region.
·
Key players such as GE Oil & Gas,
National Oilwell Varco, Weatherford Plc, Halliburton, Dover Corp., and
Schlumberger Limited dominated the market in 2016 with their emphasis on
expanding the market presence through mergers and acquisitions.
View More Reports
Of This Category By Grand View Research At: https://www.grandviewresearch.com/industry/conventional-energy
Grand View Research has segmented the global artificial lift market
based on products and regions:
Artificial Lift
Product Outlook (Revenue, USD Million; 2014 - 2025)
·
Rod Lifts
·
Electrical Submersible Pumps
·
Progressive Cavity Pumps
·
Gas Lift
·
Hydraulic Pumps
·
Others
Artificial Lift
Regional Outlook (Revenue, USD Million; 2014 - 2025)
·
North America
o U.S.
o Canada
·
Europe
o UK
o Germany
o Russia
o Norway
·
Asia Pacific
o China
o India
o Japan
o Indonesia
o Malaysia
·
Latin America
o Brazil
o Mexico
·
Middle East & Africa
o Saudi Arabia
o UAE
o Kuwait
o Iran
View
Press Release of this research report by Grand View Research: https://www.grandviewresearch.com/press-release/global-artificial-lift-systems-market
About
Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
For More Information: www.grandviewresearch.com
