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.
Browse full research report on Artificial Lift Systems
Market: http://www.grandviewresearch.com/industry-analysis/artificial-lift-systems-market
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.
Browse more reports of this category by Grand View
Research: http://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
- U.S.
- Canada
- Europe
- UK
- Germany
- Russia
- Norway
- Asia
Pacific
- China
- India
- Japan
- Indonesia
- Malaysia
- Latin
America
- Brazil
- Mexico
- Middle
East & Africa
- Saudi
Arabia
- UAE
- Kuwait
- Iran
Access Press Release
By Grand View Research: http://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.
No comments:
Post a Comment