Artificial Lift Systems Market outlook: Expanding oil & gas reservoirs to offer dynamic growth opportunities over 2016-2023
Growing deployment of lifts in the oil reservoirs to increase production is predicted to drive Artificial Lift Systems Market trends. Implementation of these systems will help to extract liquid at a higher flow rate, thereby increasing productivity. According to Global Market Insights, Inc., “Worldwide Artificial Lift Systems Market is anticipated to exhibit a lucrative growth rate of 8.9% over the period of 2016 to 2023.” Rapid industrialization and urbanization along with growing population will generate heavy demand for oil & gas, which in turn will influence the artificial lift systems industry size positively.Moreover, huge investment in R&D to enhance product lifecycle along with the demand for product development at optimum cost will further generate heavy growth opportunities over the coming timeline. In addition to this, surging acceptance of wireline tools and services across MEA is expected to propel artificial lift systems industry share.
Europe Artificial Lift Systems Market size, by product, 2012-2023 (USD Billion)
Taking into account the regional trends, Asia pacific artificial lift systems market is projected to account for more than 22% the total revenue share by 2023, owing to the growing consumption and high demand for oil & gas across the countries such as China, India, and Japan.
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North America artificial lift systems market led the global share by contributing a revenue of worth USD 6.36 billion in 2015 and is estimated to register an attractive growth rate over the coming six years. The attributing factors towards the regional growth are the availability of low-pressure oil wells along with the rise in shale gas production. U.S. will be the major revenue pocket for North America.
Rod lift, electrical submersible pumps, hydraulic pumps, progressive cavity pumps, and gas lift are some of the prominent product segments of the artificial lift systems industry. Electrical submersible pump market collected a revenue of more than USD 8.5 billion in 2015 and will register a CAGR of 8.9% over the period of 2013 to 2023, mainly driven by its low lifting cost coupled with its ability to lift a huge volume at once. Moreover, its features such as low space requirement, higher efficiency, and low maintenance will accelerate the product demand significantly over the coming years.
In 2015, rod lift product segment occupied about 24% of the overall revenue and will exhibit an attractive annual growth rate of 9.7% over the coming six years. The growth can be attributed to its availability in different sizes along with its capability to operate under high-temperature. Additionally, the benefits offered by rod lift such as reduced corrosion concern, simple system design, increased extraction rate of the hydrocarbon, and the lower operational cost will escalate the demand for rod lift.
Industry participants are working towards enhancing the production rates by spending heavily in technology innovations. Schlumberger, General Electric, Baker Hughes, Cameron International, Halliburton, and Weatherford International are some of the key players in artificial lift systems market.
Author Name : Sunil Hebbalkar