The increasing global oil exploration activities and decreasing pressure of oil wells are fueling the market growth. Owing to which, the market for artificial lift system reached $16,449 million in 2015, which is expected to grow further to touch $34,569 million through 2022, registering a CAGR of 11.4% during analysis period.
Artificial lift is a system used to increase the oil production from the oil reservoirs. Artificial lift comprises of the various components such as pump, motor, pump jack, drivehead etc.
The integration of its components forms the artificial lift system. These are used to extract the oil from lowest depths of the reservoir to the surface level.Depleted oil reserves, maturing oil wells and declining oil reservoirs around the world are the major drivers for adoption of the artificial lift in the oil and gas industry. The artificial lift system generates a high pressure to lift the oil from deep oil wells to the surface area.
However, stringent government regulations and volatility in the oil and gas industry are major threats for the market. Growing demand of the oil field equipment and rising levels of exploration activities would provide the better opportunities to the market.
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The key player in the market are introducing efficient and reliable artificial lift systems to minimize the operational cost. The market is segmented based on the type, components and geography.
The type segment comprises of the ESP, PCP, rod lift, plunger lift, gas lift and others. The oil producing companies select artificial lift types based on surface, reservoir, fluid and operational conditions.
ESP is a system used for lifting moderate to high volumes of fluids from wellbores. Gas lift is suitable for use for extracting fluids in wells, which have a large presence of gas.
The component segment is classified into pump, motor, sucker rods, separators, pump jack, cable system, drivehead, control system, gas-lift mandrel, gas lift valves and others. The market is highlighted across various geographical region such as North America, Europe, Asia-Pacific and LAMEA in order to gain the competitive insights.
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KEY BENEFITS FOR STAKEHOLDERS
- The report provides an extensive analysis of the factors that drive as well as restrain the growth of the world artificial lift system market.
- The market projections from 2014 to 2022 along with the impacting factors are mentioned in the report.
- The report also provides quantitative as well as qualitative trends to assist the stakeholders understand the market scenario.
- In-depth analyses of the key segments of the market demonstrate the consumption of artificial lift system market in different applications across different end-user industries.
- Competitive intelligence highlights the business practices adopted by the leading market players across various geographies.
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