The Artificial Lift market is expected to grow at a CAGR of 9.6% from 2014 to 2019. North America was the largest regional market for artificial lift in 2013, holding 45.5% share of the global market and is set to continue its dominance through to 2019. South and Central America has emerged as the fastest growing market during the forecast period of 2014 to 2019, expanding at a CAGR of 10.2%, followed by Middle East and Africa at 10.1% and Asia-Pacific at 10%.
Vancouver, WA -- (SBWIRE) -- 08/10/2015 -- The report: "Artificial Lift Market - Global Trends & Forecasts to 2019" defines and segments the artificial lift market with analysis and value forecast. It also identifies the driving forces and restraining factors of the artificial lift market, highlighting the latest trends and identifying opportunities.
Browse 91 market data tables and 62 figures spread through 228 pages and in-depth TOC on "Artificial Lift Market - Global Trends & Forecasts to 2019"
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The global artificial lift market was valued at $10,197.4 million in 2013, and it is projected to reach a value of $17,730.2 million by 2019 from an estimated value of $11,236.2 million in 2014 at a CAGR of 9.6% during the forecast period.
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Growing production in countries such as Canada and Venezuela will aid in the growth of artificial lifts; fields in the Middle East are undergoing redevelopment processes, where the use of artificial lifts is inevitable. Russia is currently a successful and prospective market, considering its high production from mature fields, which require artificial lifts to have successful production rates. South Eastern countries engaged in offshore production for decades demand these lifts to enhance production rates. The fastest growing region is expected to be South & Central America, followed by the Middle East and Africa. Currently, the most active market is North America, followed by Europe, reasoned by active implementation of development strategies.
Artificial lifts are suitable for conventional crude production, unconventional crude production, deep and ultra-deep offshore production, rehabilitation of fields, redevelopment of mature fields, low API crude, early production systems, enhanced oil recovery methods, other recovery methods such as Steam Assisted Gravity Drainage (SAGD), Circulated Steam Simulation (CSS), and Cold Heavy Oil Production (CHOPS).
In 2013, North America was the largest market for artificial lifts and accounted for a share of 45.55%.
The artificial lift market is projected to grow at a CAGR of 9.6% between 2014 and 2019, with increasing demand in the Asia-Pacific region. The increase in the demand for oil & gas is the prime driver of market growth.
The leading players in the artificial lift market include Baker Hughes Inc. (U.S.), Schlumberger Ltd (U.S.), Weatherford International Ltd. (Switzerland), Halliburton (U.S.), National Oilwell Varco (U.S.), Borets (Russia), and Tenaris S.A. (Luxembourg) among others. The market players in the artificial lift market make substantial investments in R&D to continuously introduce new and more efficient designs. The companies are expanding their markets into new geographic territories to take advantage of new opportunities in emerging economies, while simultaneously maintaining focus on developed markets.
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