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.
U.S.
artificial lift systems market by product, 2014 - 2025 (USD Million)
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.
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