The global artificial lift systems market is likely to grow at a steady rate through 2020 on account of a slew of macro- and micro-economic factors. Increasing emphasis on improving the efficiency of oil, water, and gas extraction processing will continue to drive demand among end-users. On the back of a range of factors, the global artificial lift systems market is likely to reach a value of nearly US$ 20 Bn by the end of 2020. These insights are according to a new research report added to the comprehensive repository of Market Research Reports Search Engine (MRRSE). The report is titled, “Artificial Lift Systems Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 – 2020”.
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Artificial lift systems find applications where the low natural pressures makes it difficult for oil and natural gas to reach the surface from where extraction is carried out. As the levels of fossil fuels are on a constant decline, it has become important for oil & gas companies to increase the efficiency at which they are able to extract usable resources. Nearly 90% of oil & gas wells require the deployment of artificial lift systems to increase the pressure. Steady demand from end-use industries is likely to create growth opportunities for artificial lift systems during the forecast period.
On the basis of product, the report has segmented the market into electrical submersible pump, rod lift, hydraulic pump, gas lift, and plunger lift. Currently, demand for electrical submersible pumps remains the highest owing to their cost-effectiveness and efficacy in lifting up heavy loads. Electrical submersible pumps have been around for a long time, and technical expertise and know-how among end-users is fairly high. However, as the nature of work continues to evolve, and oil & gas companies need to dig deeper to extract resources, electrical submersible pumps have been compelled to bring product innovation in their offerings.
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The report also offers readers detailed region-wise insights to help them in gaining understanding how demand varies across different markets. North America is identified as an important market for artificial lift systems, owing to the presence of high number of shale gas reserves in the region. The US and Canada are among the most prominent regions for shale gas reserves, and use of plunger artificial lifts has been growing steadily in these countries. On account of these factors, the demand for artificial lift systems in North America is likely to remain strong during the forecast period. Middle East & Africa (MEA) also remains an important market for artificial lift systems globally. Although the prevailing oil crisis has led to short-term impediments, the long-term outlook on the MEA artificial lift systems market remains positive.
Some of the leading players profiled in the global artificial lift systems market include Borets Company LLC, Schlumberger Limited, Baker Hughes, Inc., Flotek Industries, Inc., National Oilwell Varco, Inc., Halliburton Company, Superior Energy Services, Inc., Dover Artificial Lift, Kudu Industries, Inc., and Weatherford International Ltd
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