Artificial Lift Systems Market 2014 – 2020
A new report published by Transparency Market Research titled “Artificial Lift Systems Market- Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 – 2020” states that the global artificial lift systems market would reach US$19,806.8 million by 2020. The market was estimated at US$13,806.0 million in 2014 and is anticipated to expand at a 6.20% CAGR during 2014 to 2020.
A significant growth is seen in the artificial lift systems market due to increase in the exploration and production activities in offshore reserves and large volumes of crude oil extraction from matured reserves. These growth drivers can be witnessed in both the developed and emerging regions such as North America, Asia, Europe and RoW. Presently, North America dominates the market for artificial lift systems. The shale gas revolution in North America boosts the overall artificial lift systems market. North American countries such as Canada and the U.S. have high shale gas reserves.
The report segments the global artificial lift systems market based on product type. Product-wise, the artificial lift systems market is segmented into electrical submersible pumps, progressive cavity pumps, rod lifts, hydraulic pumps, plunger lifts and gas lifts. Electrical submersible pumps segment is projected to occupy largest share of the global artificial lift systems market in 2020. This is due to its wide usage in onshore and offshore reserves. Moreover, owing to the unique properties of electrical submersible pumps they can be easily employed in a number of wells.
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The study considers 2013 as the base year for calculations and provides growth strategies, recent developments, and in-depth forecasts for the artificial lift systems market. The report also discusses the impact of declining crude oil prices on the growth of this market.
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