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Artificial Lift Systems Market By Type (Electrical Submersible Pumps, Rod Lift, Progressive Cavity Pumps, Gas Lift) - Growth, Future Prospects & Competitive Analysis, 2016 - 2023

Artificial lift systems in the oil and gas industry refer to the use of artificial means to increase the flow of crude oil from the well. An artificial lift system is a kind of enhanced oil recovery technique widely used to improve good products, especially for matured reserves as well as reserves with high-viscosity crude oil.

An artificial lift system is a low-cost conventional technique used to improve oil production from the well. It is done through various methods, such as increasing the extraction rate using submersible pumps, which is the most popular artificial lifting method. Further, methods such as rod lift, gas lift, and progressive cavity pumps are expected to gain traction over the forecast period.

The artificial lift system market is expected to gain momentum with the growing demand for fossil fuels coupled with the increasing number of mature reserves across the globe, which are expected to drive the demand for artificial lift systems. Further, volatile oil prices are influencing oil companies to reduce their per-barrel cost of oil production. Thus, demand for EOR techniques, such as artificial lift systems, is expected to increase during the forecast period.

Moreover, the growing number of matured reserves and increasing exploration of non-conventional reserves are expected to fuel the demand for an artificial lift system over the forecast period (2016–2023). However, high initial installation costs and a lack of skilled labor for artificial lifting are expected to hamper the growth of the artificial lift system market during the forecast period (2016–2023).

North America is expected to be the largest region in the global market for artificial lifting systems. Increasing shale gas production coupled with growing deep-water drilling in the U.S.

Gulf of Mexico is anticipated to drive the demand for artificial lifting systems in the region. Followed by it, Europe is anticipated to be the second largest region in the global artificial lifting market owing to the increasing focus of the economies in Europe to achieve self-sufficiency, which is projected to fuel the demand for artificial lifting systems during the forecast period (2016–2023). The Middle East and Africa (MEA) are anticipated to be the fastest-growing among all the regions.

It offers the most attractive opportunity for the artificial lifting system market due to the availability of the largest number of matured wells in the region. Furthermore, the oil and gas industry slowdown is limiting investment in the exploration of new oil wells. Thus, oil producers are looking to enhance production from existing wells to reduce their per-barrel production cost.

The global artificial lifting systems market is expected to be valued at US$ 14.4 billion by the end of 2016 and is projected to expand at a CAGR of 4.7% during the forecast period of 2016–2023.

Purpose of the Report

The purpose of this strategic research study titled "Global Artificial Lifting System Market: Growth, Future Prospects, Competitive Analysis, and Forecast, 2016–2023" is to provide company executives, industry investors, and industry participants with in-depth insights to enable them to make informed strategic decisions regarding the opportunities in the global artificial lifting system market.

Target Audience

  • Industry Investors
  • Research Professionals
  • Emerging Companies
  • Oil field services companies
  • Oil and gas exploration and production companies
  • Research Institutes

On the basis of type, the global artificial lift market is categorized into the following types:

  • Electrical submersible pumps
  • Rod Lift
  • Progressive Cavity Pumps
  • Gas Lift
  • others (hydraulic, Prelinger Lift).

On the basis of type, the global artificial lift market can be segmented into electrical submersible pumps, rod lifts, progressive cavity pumps, gas lifts, and others.

Among all types of artificial lift systems, the electrical submersible pumps segment was anticipated to be the largest segment in 2016, accounting for a significant revenue share in the global artificial lift market. The growth of the segment is augmented by the high adoption of electrical submersible pumps in the artificial lifting of hydrocarbons from the oil well.

Rod lift is anticipated to be the fastest-growing segment due to the increasing adoption of the method, as it is cost-effective and considered the most efficient method to extract hydrocarbons. The segment is anticipated to gain significant market share by 2023.

Progressive cavity pumps, gas lifts, and other segments are expected to collectively account for over 20% of the global artificial lifting market in 2016 and are anticipated to register steady growth over the forecast period (2016–2023).

On the basis of geography, the global market for artificial lifting systems is segmented into the following categories:

  • North America
  • U.S.
  • Canada
  • Latin America
  • Brazil
  • Mexico
  • Argentina
  • rest of Latin America
  • Europe
  • Germany
  • France
  • U.K.
  • Rest of Europe
  • Asia Pacific
  • China
  • India
  • Japan
  • Rest of Asia Pacific
  • Middle East and Africa (MEA)
  • GCC
  • rest of MEA

The global market for artificial lifting systems is segmented on the basis of geography. North America is expected to be the largest region in the global market for artificial lifting systems. Growing shale gas production and increasing deep-water drilling in the U.S. and Canada are projected to fuel the demand for artificial lifting systems in the region.

Followed by it, Europe is anticipated to be the second largest market for artificial lifting systems due to the increasing focus of economies to achieve self-sufficiency in the region coupled with favorable regulatory policies for the adoption of artificial lifting in the region. The region is anticipated to grow at a moderate rate during the forecast period (2016–2023).

The Middle East and Africa (MEA) are projected to be the fastest-growing segment due to the availability of high-quality reserves in the region, which, coupled with high natural gas reserves in countries such as Oman, Nigeria, Angola, and Kuwait, are anticipated to augment the growth of the artificial lift system market over the forecast period (2016–2023).

Frequently Asked Question:

The market for Artificial Lift System Market is expected to reach USD$ 19.8 Bn in 2023.

The Artificial Lift System Market is expected to see significant CAGR growth over the coming years, at 4.7%.

The report is forecasted from 2016 -2023.

The base year of this report is 2015.

Competitive Dashboard,Baker Hughes Incorporated,. Business Description, Financial Information. are some of the major players in the global market.

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Trusted By
Godaddy
Published Date:  Dec 2016
Category:  Oil & Gas
Report ID:   58256
Report Format:   PDF
Pages:   120
Rating:    4.2 (50)
Delivery Time: 24 Hours to 48 Hours   
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