Mounting demand for energy, increase in the exploration activities and increase in oil & gas production are the major drivers for artificial lift system market.
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According to Stratistics MRC, the Global Artificial Lift Systems market is accounted for $16.44 billion in 2015 and is expected to reach $38.96 billion by 2022 growing at a CAGR of 13.08%.
However, instability in oil and gas industry, high cost of investment and strict government policies are the major threats for the market growth. Increase in subsea drilling activities, rising demand of the lubricate field equipment and growing levels of exploration activities will provide ample opportunity for the market growth.
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Electric submersible pump is the leading segment in artificial lift system market and rod lift is expected to generate highest revenue during the forecast period. Being the leading market for rod lift, U.S.
accounted for more than 45% of share in global rod lift market due to increasing production of unconventional oils. The pump is extensively used to lift huge volumes of oil in both offshore and onshore wells.
North America is the leading market for artificial lift systems followed by Europe and it is expected to continue its growth during the forecast period, due to increasing usage of artificial lifts in Mexico and Canada. In Asia Pacific, the demand for artificial lifts is expected to grow at a faster rate owing to the increasing demand for energy from China and India.
Some of the key players in the global artificial lift systems market include Baker Hughes Incorporated, Borets International Limited, Cameron International Corporation, Compass Energy, Dover Corporation, Flotek Industries, Inc., General Electric Company, Gulf Coast Pump & Supply, Halliburton Company, J&J Technical Services, LLC, John Crane Group, Kudu Industries, National Oilwell Varco, Inc., Novomet, Schlumberger Limited, Superior Energy Services, Inc., Tenaris S.A., Torqueflow Sydex Ltd and Weatherford International Ltd.
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Electrical Submersible Pump (ESP)
Progressive Cavity Pump (PCP)
Gas Lift Mandrel
Gas Lift Valves
Rest of Europe
Rest of Asia Pacific
Rest of the World
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