Artificial Lift Systems Market is expected to reach USD 19,806.8 Million by 2020 : Transparency Market Research
Albany,NY (PRWEB) February 27, 2015 -- Transparency Market Research has released a new market report titled Artificial Lift Systems Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2020. The report defines and segments the artificial lift systems market, providing analysis and forecast of the global revenue. According to the report, the global market for artificial lift systems was valued at USD 13,000.0 million in 2013 and is likely to reach USD 19,806.8 million by 2020, expanding at a CAGR of 6.20% between 2014 and 2020.
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Product segments analyzed in this study include electrical submersible pump, rod lift, progressive cavity pump, hydraulic pump, gas lift and plunger lift. Electrical submersible pump is expected to be the dominant product segment in the global artificial lift systems market by 2020. The segment accounted for the largest share of the artificial lift systems market in 2013. Electrical submersible pumps held over 42.0% share of the global artificial lift systems market in 2013. These pumps are one of the most widely used artificial lift systems for lifting large volumes of crude oil in both offshore and onshore wells. The selection of artificial lift systems depends on various parameters such as operational cost, flow rate, and geographical location.
According to estimates, North America is anticipated be the dominant market for artificial lift systems by 2020. With the discovery of shale gas reserves in North American countries such as the U.S. and Canada, demand for artificial lift systems is expected to rise at a substantial rate. It is projected that North America would account for over 30.0% of the total artificial lift systems market by 2020. Demand for artificial lift systems is estimated to rise in Europe owing to the vast discoveries of shale gas in Poland, Spain and Denmark. Poland is projected to be a net exporter of natural gas in the near future due to the discovery of shale gas reserves in the country. The RoW region has contributed significantly to the overall demand for artificial lift systems owing to increase in offshore reserves in countries such as Tanzania, Egypt and Mozambique. In addition, rise in the number of exploration and production activities, especially in the offshore reserves, has augmented the market for artificial lift systems. Many petroleum companies are employing artificial lift systems at offshore reserves to ensure a continuous and optimal production process. Significant investments are made to extract high volumes of crude oil and natural gas from these reserves. At present, a large volume of crude oil is exported to customers across the globe by the countries in the Middle East.
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Demand for artificial lift systems is anticipated to rise in Asia Pacific owing to the increasing energy demand from developing countries such as India and China. Other countries such as Australia, Malaysia, Indonesia, and Myanmar are deploying artificial lift systems at their producing wells in order to extract higher volumes of crude oil and natural gas. Increasing investments and growing population are the key factors driving the high demand for energy in Asia Pacific.
Additionally, North America and Europe are also projected to be lucrative markets for artificial lift systems in the near future. These regions are likely to offer significant opportunities to artificial lift systems in the next few years. Thus, the global market for artificial lift systems is estimated to grow at a substantial rate during the forecast period.
Companies such as Baker Hughes, Inc., Borets Company LLC, Dover Artificial Lift, Flotek Industries, Inc., Halliburton Company, Kudu Industries, Inc., National Oilwell Varco, Inc., Schlumberger Limited, Superior Energy Services, Inc., and Weatherford International Ltd. are expected to dominate the market in the near future.
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