The global artificial lift systems market is divided by types including rod lift, electrical submersible pump (ESP), and progressive cavity pump (PCP), gas lift and others. Among these segments, electrical submersible pump section is anticipated to showcase great potential throughout the forecast period. These pumps are electrically powered and sensible for high rate wells. Moreover, benefits of electrical submersible pumps such as electricity operated, low noise, sensible conspicuousness and others are fuelling the expansion of this section during the forecast period.
Global artificial lift systems market is anticipated to grow at 11.2% CAGR over the forecast period. Moreover, the global artificial lift systems market was valued at USD 11.0 Billion in 2015 and is anticipated to achieve at a valuation of USD 27.9 Billion by the end of 2021. Rising demand and consumption for natural gas and crude oils are increasing the necessity to maximize production in air mass oil & gas wells further as low oil & gas wells. Moreover, lack of natural pressure at a number of the natural reservoirs is fuelling the demand for artificial lift systems to enhance production.
The North America captured around 70th share of overall artificial lift system market in 2014. According to U.S. department of energy, U.S. was the leading producer and consumer of oil and gas in 2016. Moreover, U.S. accounted for 15th share of world total oil production (14.85 Million barrels per day) in 2016.
Rising Offshore and Ultra-Deep Offshore production
According to U.S. Energy info Administration, global offshore oil production from deep water reached 9.3 Million barrels per day. Further, increasing problem offshore oil production (including lease condensate and organic compound gas liquids) thanks to increasing consumption and demand of energy is anticipated to increase the demand for artificial lift systems in near future.
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Growing must Improve Production potency
Increasing consumption of energy could be a major concern that is fuelling the need to extend the production of natural resources. Further, demand for artificial lift systems is anticipated to rise in near future thanks to growing must increase the natural pressure at oil & gas wells so as to extend the assembly.
Although, restricted resources accessibility to place additional efforts to extract oil and gas from existing wells and absence of delicate labor force are likely to inhibit the expansion of the artificial lift systems market within the near future.
The report titled “Global Artificial lift Systems market research & opportunity Outlook 2021” delivers elaborate summary of the global artificial lift systems market in terms of market segmentation by mechanism, by types, by elements and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, bps analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global artificial lift systems market which includes company profiling of Baker Hughes Incorporated, Cameron International Corporation, Flotek Industries, Inc., Halliburton Company, J&J Technical Services LLC, Dover Corporation, General Electric Company, John Crane Group, Kudu Industries, Inc., Borets Company LLC. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global artificial lift systems market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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