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Artificial Lift Market Is Projected Reach To Usd 9.69 Billion By 2021
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The global artificial lift market is projected to grow at a CAGR of 4.91% from 2016 to 2021, to reach a market size of USD 9.69 Billion by 2021. This growth is attributed to increasing oil & gas production from unconventional resources such as shale gas, heavy oil, and tight oil.
To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the top players in the artificial lift market. These players include Schlumberger Limited (U.S.), Weatherford International plc (Switzerland), Baker Hughes Incorporated (U.S.), General Electric Company (U.S.), and Halliburton Company (U.S.). Leading players are trying to penetrate the markets in developing economies and are adopting various strategies to increase their market share.
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Scope of the Report:
• By Type
o Electrical Submersible Pumps
o Rod Lift
o Progressive Cavity Pumps
o Gas Lift
• By Mechanism
o Pump Assisted
o Gas Assisted
• By Application
• By Region
o North America
o South & Central America
o Middle East & Africa
Browse 68 market data tables and 53 figures spread through 143 pages and in-depth TOC on “Artificial Lift Market - Global Forecasts to 2021”
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Objectives of the Study
• To define, describe, and forecast the global artificial lift market by type, mechanism, application, and region
• To provide detailed information regarding major factors influencing the growth of the artificial lift market (drivers, restraints, opportunities, and industry-specific challenges)
• To strategically analyze the artificial lift market with respect to individual growth trends, future prospects, and contribution of each segment to the market
• To strategically profile key players and comprehensively analyze their market shares and core competencies
• To track and analyze competitive developments such as contracts & agreements, expansions, new product developments, and mergers & acquisitions in the artificial lift market
The points given below explain the research methodology.
-Study of annual revenue and market developments of major players that provide artificial lift systems
-Analysis of major applications of and demand for artificial lifts for oil & gas operators
-Assessment of future trends and growth of onshore and offshore applications
-Assessment of the artificial lift market with respect to the type of artificial lift methods used for different applications
-Study of market trends in various regions/countries supported by various types of artificial lift methods used for onshore and offshore applications
-Study of contracts and developments related to the artificial lift market by key players across different regions
-Finalization of overall market sizes by triangulating the supply-side data, which includes product developments, supply chain, and annual revenues of companies manufacturing artificial lifts across the globe
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Lack of skilled labour could be a restraint for the artificial lift market. Flow assurance, equipment abrasion, and well integrity are the key challenges for the artificial lift market. So, sound knowledge of parameters such as wellbore geometry, total well depth, and bottom hole pressure is required in order to implement artificial lift techniques. Any failure can delay the production process and can impact the operator’s revenue.
North America: The leading market for artificial lift
In this report, the artificial lift market has been analyzed with respect to five regions, namely, North America, Europe, Asia-Pacific, South & Central America, and the Middle East & Africa. North America is expected to dominate the global artificial lift market, given the increasing shale gas production in U.S. and large number of mature oil fields in the region.
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