(PRWEB) May 30, 2014
The global artificial lift market is driven by an evergreen demand for energy, substantiated by the use of hydrocarbon resources. Intensive measures taken by key players in the E&P sector to improve production capacities, in both green and brown fields, support the need for artificial lifts. The applicability of these lifts in a wide range of production activities and the increase in yields make these a pivotal part in production activities. Transformer oil consumption is driven by the expanding power grids in developing countries, increasing investments and enhancement of power grids in regions like Europe and North America, and the growing transition towards other renewable sources of energy. Majority of the production capacities are present in North America, Asia-Pacific, and European regions, which also act as a driver for local markets.
Browse through the market data tables, figures and detailed TOC on the “Artificial Lift Services Market” - http://www.micromarketmonitor.com/market-report/artificial-lift-services-reports-2436341355.html.
North America Artificial Lift Services Market
North America is the biggest consumer of oil and gas in the global market, with approximately 23.1 MBOE per day. The region is characterized with continuous technical innovative applications in various segments of the oil and gas industry, with the presence of top service providers such as Schlumberger Ltd (U.S.), Halliburton Ltd (U.S.), Baker Hughes (U.S.), etc. The North American artificial lift market was valued at $4,689.4 million in 2013, to grow at a CAGR of 8.3% from 2013 to 2018.
European Artificial Lift Services Market
The European artificial lift market was estimated to be about $3,526.5million in 2013, and is expected to reach $5,376.0 million by 2018, growing at a CAGR of 8.8%. Most of the artificial lift market share of Europe is occupied by Russia, which has a slow growth rate when compared to other European markets.
Asia Pacific Artificial Lift Services Market
The Asia-Pacific region constitutes nearly 61.0% of the world’s population, which hints at an ever-increasing high demand of oil and gas. Consumption of oil and gas is approximately three times higher than the production in this region, which challenges future energy security and economic growth. Big economies in the Asia-Pacific region are China, Japan, India, Malaysia, Australia, South Korea, Indonesia, and Taiwan. Asia-Pacific is the third-biggest market of artificial lifts, with almost half of the contribution coming from China. The APAC artificial lift market is estimated to be about $1,033.3 million in 2013, and is expected to reach $1731.2 million by 2018, to grow at a CAGR of 10.8%.
Asia Pacific Transformer Oil Market
The Asia-Pacific transformer oil market is estimated to grow from $851.3 million in 2013 to $1,384.7 million in 2018, at an estimated CAGR of 10.2% for the same period. In 2013, China led the Asia-Pacific transformer oil market followed by India, Japan, South Korea, Thailand, and Vietnam.
North America Transformer Oil Market
North America is the second-largest market for transformer oil, next to Asia-Pacific in terms of revenue. The presence of many naphthenic oil producers such as Ergon (U.S.), San Joaquin Refining (U.S.), Tulstar (U.S.), Lubline (U.S.), and Cross Oil (U.S.) makes naphthenic-based transformer oils the major oil type used in oil-filled transformers and other electrical equipment in this region. Bio-based transformer oils are gaining growth mainly due to Cargill Inc. and ABB, which have their own brands of bio-based transformer oils. The North American transformer oil market is estimated to grow from $410 million in 2013 to $606.7 million in 2018, at an estimated CAGR of 8.13% for the same period.
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