Artificial Lift Systems Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2020
Albany, NY -- (SBWIRE) -- 04/15/2015 -- The need and demand for artificial lift systems market will only continue to rise over the next five years, indicates a recent market study in the U.S. In terms of revenue, the global market for artificial lift systems stood at US$13,000.0 million in 2013. The phenomenal growth in this market can be attributed to several factors including emerging influences, maturing oil fields, and more complex environments of unconventional endeavors.
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Artificial systems and techniques are being incessantly applied in offshore, onshore, and ultra-deep oil fields where heavy oil development, production, and enhanced oil recovery are performed. The same market study predicts that the global artificial lift systems market is anticipated to reach US$19,806.8 million by the end of 2020, expanding at a 6.20% CAGR between 2014 and 2020.
Types of Products Boosting Demand for Artificial Lift Systems
Existing artificial lift methodologies and technologies are being used to maximize oil production and overcome the challenges faced during oil and gas productions on fields. Some of the existing product segments within this market are rod lift, hydraulic pump, gas lift, progressive cavity pump, electrical submersible pump, and plunger lift.
Electrical submersible pumps are one of the oldest types of artificial lift systems in the market and are used in onshore, offshore, deepwater, and subsea applications. Electrical submersible pumps are used for lifting large volumes of crude oil in various industry wells and oil fields. These pumps are widely popular due to high extraction rate and low operational costs. Electrical submersible pumps are available in different sizes to meet various oil field requirements. Due to their simpler design and greater potential, these pumps can work efficiently in wells and on fields even with deviated holes. This segment accounted for 42% of the shares in 2013 and is likely to continue its dominance in the global artificial lift systems market by 2020.
Rod lift pump is another illustration under the conventional types of products in the market. Rod lift pumps also have the potential to extract and lift heavy and viscous crude oil at high temperatures. The market for rod lift pumps is considerably in demand due to their low-operational expenditures. Rod lift pumps find applications in multiple industries and down-hole pressure wells. As the demand for offshore reserves rises especially in North America, the demand for rod lift pumps or sucker rod pumps is expected to increase at a significant rate in the next five years.
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The gas lift pumps market segment will expand due to longer life span, low operational costs, and high efficiency by the year 2020.
The global artificial lift systems market is now beginning to witness new offerings pertaining to beam and rod pumping. Improvement in materials that allow for safer and simpler functionalities is another reason why this market has been experiencing a positive growth in demand.
Remarkable Growth in Latin America, the Middle East, and Africa
With the advent of shale gas discoveries and increasing rise in on-shore applications, the global demand for artificial lift systems is set to rise at a substantial rate in North America in the coming years. However, when it comes to being the fastest growing regional segment, there is stiff competition among countries in Latin America, the Middle East, and Africa. Among these, the Middle East is identified to be the strongest contender owing to the fact that this region has the highest number of oil reservoirs. This is in turn accelerating the growth of the global artificial lift systems market.
Some of the most leading names in the artificial lift systems market are Superior Energy Services, Inc., Dover Artificial Lift, Baker Hughes, Inc., Weatherford International Ltd., Borets Company LLC, Schlumberger Limited, Flotek Industries, Inc., National Oilwell Varco, Inc., Halliburton Company, and Kudu Industries, Inc.
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