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.
The global artificial lift systems market is segmented by types including rod lift, electrical submersible pump (ESP), progressive cavity pump (PCP), gas lift and others. Among these segments, electrical submersible pump segment is expected to showcase great potential during the forecast period.
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These pumps are electrically powered and good for high rate wells. Moreover, advantages of electrical submersible pumps such as electricity operated, low noise, good obtrusiveness and others are fuelling the growth of this segment during the forecast period.
The global artificial lift systems market will register a CAGR of 10% by 2027. The market was valued at USD 13 Billion market in the year 2017. The increasing demand from oil and natural gas industry will be one of the key factors that will determine the growth of this market in the upcoming years. Rising demand and consumption for natural gas and crude oils are increasing the need to maximize production in high pressure oil & gas wells as well as low pressure oil & gas wells. Moreover, lack of natural pressure at some of the natural reservoirs is fuelling the demand for artificial lift systems to augment production.
The North America captured around 70% 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 petroleum and natural gas in 2016. Moreover, U.S. accounted for 15% share of world total oil production (14.85 Million barrels per day) in 2016.
Rising Offshore and Ultra-Deep Offshore Oil Production
According to U.S. Energy Information Administration, global offshore oil production from deep water reached 9.3 Million barrels per day. Further, increasing deep water offshore oil production (including lease condensate and hydrocarbon gas liquids) due to increasing consumption and demand of energy is anticipated to increase the demand for artificial lift systems in near future.
Growing Need to Improve Production Efficiency
Increasing consumption of energy is a major concern which is fuelling the need to increase the production of natural resources. Further, demand for artificial lift systems is anticipated to rise in near future due to growing need to increase the natural pressure at oil & gas wells in order to increase the production.
Although, limited resources availability to put more efforts to extract oil and gas from existing wells and shortage of skilled labor force are likely to inhibit the growth of the artificial lift systems market in the near future.
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.
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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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