With 9.8% CARG, Asia-Pacific is expected to witness enormous gains over the period of 2015 to 2021. Factors like increased commercial activities, expanded budget allocation on infrastructure development would lead to surged demand for petroleum products which would act as the growth driver for the artificial lift system in the region over the forecasted years.
Artificial lift systems used in oil and gas tanks is an artificial way used to increase the flow of fluids or production. It assists in increasing the pressure in the oil wells which helps to increase the flows of oil easily on to the surface.
In 2015, the global artificial lift system market was valued at USD 11,539.2 Million and projected to reach USD 27.9 Billion by 2021, registering a compound annual growth rate (CAGR) of 11.2% during 2015-2021.
On the basis of mechanism, the global artificial lift system market can be divided into:
On the basis of types, the global artificial lift system market is segmented as follows:
Electrical Submersible Pump (ESP)
Progressive Cavity Pump (PCP)
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On the basis of components, the global artificial lift system market is segmented as follows:
Rod Pump For ESPs and PCPs
Rod Lift System
On the basis of region, the global artificial lift system market is segmented as follows:
Western And Eastern Europe
Middle East and Africa (MEA)
Row (Rest Of World)
Growth Drivers and challenges
Expansion in the oil and gas industry, multiphase gas-handling pumps, advanced technologies like web-based monitoring services and multiphase gas-handling pumps are the main driver for the global artificial lift system market.
Further, lacking expertise, complicated operations and huge investment are main restrains for the global artificial lift system market.
In addition to this, limited resources availability forces to put more efforts to extract the oil and gas from existing wells; shortage of skilled labor force with sound knowledge of understanding the quantity of fluid and bottom hole pressure are the major challenges faced by the artificial lift system market.
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Market Size and Forecast
In 2014, North America gained the major portion about 72% of the global artificial lift market; North America market was valued at USD 5.68 billion in 2014. On the back of rise in discovery and exploration of shale gas activities Canada and the U.S. are expected to gain top position in the North America region.
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