The global Artificial Lift Systems Market research report provides complete insights on industry scope, trends, regional estimates, key application, competitive landscape and financial performance of prominent players. It also offers ready data-driven answers to several industry-level questions. This study enables numerous opportunities for the market players to invest in research and development.
Market Overview:
The global artificial lift systems market is expected to gain a moderate growth during the forecast period. Artificial lift systems are used to enhance fluid production and transportation from the reservoir to the endpoint. Based on the nature of use, the artificial lift systems are categorized on their operating principle, energy source and design. The primary aim of artificial lift systems is to lessen the weight of hydrostatic column by reducing the density of fluid column resulting into overall lessening of drawdown on reservoir ultimately, so that the formation can exhibit desired reservoir fluid.
Key Players:
- Baker Hughes Incorporated
- Borets Company LLC
- Dover Corporation
- GE Energy (GE Power)
- Halliburton Company, LLC
- J&J Technical Services, LLC
- National Oilwell Varco, Inc.
- Schlumberger Limited
- Tenaris S.A.
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Growth Drivers:
Artificial lift systems industry is driven by factors such as rising production of shale gas and oil production and increase in oil reserves and oil production capacities all across the globe. However, the market is less efficient in terms of investments since it lacks ease of technology, yet strategic alliances enable the mitigation of risk factors based on market predictor variables.
Product Outlook:
- Rod Lifts
- Electrical Submersible Pumps
- Progressive Cavity Pumps
- Gas Lift
- Hydraulic Pumps
Mechanism Outlook
- Pump Assisted
- Gas Assisted
Application Segment:
- Offshore
- Onshore
Onshore segment accounts for a greater CAGR during the forecast period. Factors such as rise in demand for artificial lift systems and increase in manufacture of innovative products.
Component Segment:
- Sucker Rod
- Pump Jack
- Cable and Separator
- Controller and Gas Mandrels
Pump jack accounts for a larger market segment owing to rise in deployment in manufacture and construction sector across the globe.
Regional Outlook:
Geographical segmentation for artificial lift systems industry includes North America, Latin America, Europe, Asia-Pacific, Middle East and Africa. North America artificial lift systems market account for a significant share in the global market. Rise in use of rod installed enables a sustainable use in the industry allows the market to expand further. Market developments in APAC and MEA sector display similar trends due to factors like rise in offshore & onshore oil production and improved conditions for requirements in saturated fields. Rise in subsea and coal-mining operations are expected to bolster the APAC market growth.
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