Press release
Artificial Lift Systems Market Major participants in artificial lift systems market are General Electric, Cameron International, Schlumberger, Weatherford International, Baker Hughes and Halliburton
Artificial Lift Systems Market
Unlocking of offshore deep-water activities subject to depletion of onshore hydrocarbon reserves coupled with rising demand for natural gas and crude oil will drive the artificial lift system market. Technological advancements have stimulated the oil majors to increase the production resulting in the rise in demand for artificial lift systems.
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Flow restrictions in oil wells, varying conditions of oil reservoirs, excessive production of sand, operational failures, and imperfect space on drilling platforms will drive the industry growth. Shift in focus of gulf operators towards innovative ways to increase production will provide a significant business growth.
Adoption of artificial lift system is increasing subject to their capability to produce oil and natural gas from aging brown fields. Demand for sustainable production requires the maintenance of oil wells that makes the use of these services essential. Demand for cost efficient artificial lift systems is increased by a significant gap of 25%-40% in recovery rates of subsea and platform wells.
Volatility in crude oil prices show a negative impact on the industry growth owing to high capital and equipment cost. High operating costs subject to failure of lift pump will hinder the business growth.
The U.S. artificial lift systems market was valued over USD 6 billion in 2015 and will dominate the industry outlook. Increasing shale gas production and availability of low pressure oil will propel the industry growth in the country.
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Middle East and Africa will witness substantial growth owing to higher installations of artificial lift systems. Rapidly maturing oil fields subject to continuous extraction of hydrocarbons will augment the industry growth.
Increasing drilling activities in China subject to rising mature fields will boost the industry growth. China accounts for largest number of aging brown fields that requires the adoption of artificial lift systems. Higher number of mature fields in China complemented the increase in drilling resulting in higher growth of the industry.
Report Content
Chapter 1 Methodology & Scope
1.1 Methodology
1.2 Market definitions
1.3 Market estimation & forecast parameters
1.4 Data Sources
1.4.1 Primary
1.4.2 Secondary
1.4.2.1 Paid Sources
1.4.2.2 Public Sources
Chapter 2 Executive Summary
2.1 Artificial lift systems industry 3600 synopsis, 2013 - 2024
2.1.1 Business trends
2.1.2 Technology trends
2.1.3 Application trends
2.1.4 Regional trends
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