ALBANY, New York --- The research report, titled "Artificial Lift Systems Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2020," provides a comprehensive analysis of the artificial lift systems market, emphasizing on the market overview, product segmentation, market drivers and barriers, market trends, geographical segments, and competitive landscape of the market. According to the research report, in 2013, the global artificial lift systems market was valued at US$13 bn and is estimated to reach a value of US$19.8 bn by the end of 2020. The market is projected to exhibit a significant 6.20% CAGR between 2014 and 2020.
The newly introduced artificial lift systems are engineered with extended Runlife, quality, and capacity. Moreover, the increasing deepwater oil production is expected to drive the global artificial lift systems market in the near future. The global market is also expected to receive assistance from the matured reserves that account for the highest percentage of crude oil production. Especially in Europe, the demand for artificial lift systems is expected to be high owing to the current discoveries of shale gas in nations such as Poland, Denmark, and Spain. The elevated offshore reserves in countries such as Tanzania and Egypt are likely to boost the RoW market to contribute significantly to the global artificial lift systems market.
There many growth opportunities, which could help overcome the restraints in the global artificial lift systems market
A. The global artificial lift systems market is expected to be hampered by fluctuations in the crude oil prices. In the past few years, the price of crude oil has decreased by 50%. This can be due to the weak demand for crude oil in many nations owing to dull economic growth. As per the U.S. Energy Information Administration (EIA), the production of oil in the U.S. shifted from 5.6 mn barrels per day in 2011 to 7.5 mn barrels per day in 2013. Even though the global artificial lift systems market has to experience unfavorable growth conditions due to the decreasing crude oil prices, unconventional gas production will act as a major growth opportunity in the near future.
Introduction of new products boost the global artificial lift systems market in the near future
Based on where the global artificial lift systems market stands today, it will be easy to say 'yes'. The introduction of new products will boost the global artificial lift systems market. For instance, Schlumberger is currently offering a wide range of artificial lift systems for longer life of the well including gas lift, sucker rod pumps, electric submersible pumps, and progressing cavity pumps. With mergers and acquisitions, which are likely to happen in the near future, manufacturing companies are expected to introduce new systems to contribute more to the global market.
Artificial lift systems are segmented into two main types: Gas systems and pump systems. Gas systems include a plunger lift and gas lift whereas pump systems comprise a sucker rod pump, progressive cavity pump, and electrical submersible pump. Parameters such as operating cost, geographical location, capital cost, and production flexibility are considered for the selection of artificial lift systems.
The global market for artificial lift systems has been divided on the basis of geography into Europe, North America, Asia Pacific, and Rest of the World. The market shares and estimates of every segment have been discussed in the scope of the research report.
Furthermore, the research study talks about the competitive landscape of the global artificial lift systems market. The profiles of major companies and their contact information, financial overview, product portfolio, business strategies, SWOT analysis, and recent developments such as major mergers and acquisitions have been discussed in the scope of the research report. Some of the prominent players operating in the global artificial lift systems market are Schlumberger Limited, Weatherford International Ltd, Borets Company LLC, Flotek Industries, Inc., National Oilwell Varco, Inc., Superior Energy Services, Inc., Dover Artificial Lift, Kudu Industries, Inc., Halliburton Company, and Baker Hughes, Inc.
Key segments of the Artificial Lift Systems market:
Artificial Lift Systems Market: Product Type Analysis
•Electrical submersible pump
•Progressive cavity pump
Artificial Lift Systems Market: Regional Analysis
•Rest of the World (RoW)
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