Artificial Lift Systems Market Research 2014 – 2020
The global artificial lift systems market was worth US$13,000.0 million in 2013. By 2020, the global artificial lift systems market is projected to be worth US$19,806.8 million developing at a moderate CAGR of 6.20% during the forecast period of 2014 to 2020.The global artificial lift systems market will be restrained to a great degree by the decreasing crude oil prices. The prices of crude oil have decreased by around 50% in the past few years. This can be attributed to the weak demand for crude oil in several countries due to insipid economic growth along with the surging oil production in the U.S. According to the U.S. Energy Information Administration (EIA), the oil production in U.S. surged from 5.6 million barrels per day observed in 2011 to 7.5 million barrels per day recorded in 2013.
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Nevertheless, the expanding deepwater oil production will drive the global artificial lift systems market. Moreover, the matured reserves account for a substantial percentage of crude oil production, which will further support the growth of the global artificial lift systems market.Geographically, the global artificial lift systems market is segmented into Europe, North America, Asia Pacific, and Rest of the World (RoW). North America dominates the global artificial lift systems market. The discovery of shale gas reserves in countries such as Canada and the U.S. are expected to add to the demand for artificial lift systems. Furthermore, North America is expected to account for more than 30% of the global artificial lift systems market till 2020.
The artificial lift systems market in Europe will witness a rise in the demand for artificial lift systems due to the recent discoveries of shale gas in countries such as Denmark, Spain, and Poland. According to this TMR report, Poland is expected to emerge as the net exporter of natural gas in the foreseeable future owing to the discovery of shale gas in this nation. The RoW region is also anticipated to contribute significantly to the overall demand for artificial lift systems due to the elevated offshore reserves in nations such as Egypt, Tanzania, and Mozambique. Presently, a large volume of crude oil is being exported around the world by Middle East countries.
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The demand for artificial lift systems market in Asia Pacific is expected to increase owing to the growing energy demand from emerging nations such as China and India. Moreover, the accelerating investments and growing population are other factors that will fuel the high demand for energy in this region.Product-wise, the global artificial lift systems market is segmented into rod lift, electrical submersible pump, hydraulic pump, plunger lift, gas lift, and progressive cavity pump. The global artificial lift systems market is led by the electrical submersible pumps segment that accounted for 42% share in 2013. These pumps are widely used in artificial lift systems to lift large volumes of crude oil in both onshore and offshore wells. Some of the most notable manufacturers in the global artificial lift systems market are Baker Hughes, Dover Artificial Lift, Borets Company, Kudu Industries, and Halliburton Company.
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Artificial lift systems Market: Product Segment Analysis
- Electrical submersible pump
- Rod lift
- Progressive cavity pump
- Hydraulic pump
- Gas lift
- Plunger lift
Artificial lift systems Market: Regional Analysis
- North America
- Asia Pacific
- Rest of the World (RoW)
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