Subsea Artificial Lift Systems Market - Rising Need to Increase the Efficiency of Existing Wells Is One of the Key Drivers Stimulating Market Growth

This study researches the market size of Subsea Artificial Lift Systems in United States, European Union and China, presents the Subsea Artificial Lift Systems production, consumption, value, product price, market share and growth rate by companies, type and application, history breakdown data from 2013 to 2018, and forecast to 2025.

For top companies in United States, European Union and China, this report investigates and analyzes the production, value, price, market share and growth rate for the top manufacturers, key data from 2013 to 2018.

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Artificial lift is a process used on oil wells to increase pressure within the reservoir and encourage oil to the surface. When the natural drive energy of the reservoir is not strong enough to push the oil to the surface, artificial lift is employed to recover more production.

The rising need to increase the efficiency of existing wells is one of the key drivers stimulating growth in the market during the estimated period. The drop in global crude oil prices has severely affected the upstream oil and gas sector and the drilling market. This resulted in high rates of employee layoffs and reduced revenues in major oil and gas companies. The decline in oil price has also reduced the profit margin of the upstream exploration and production (E&P) and service provider companies. This compels the upstream E&P companies to increase the efficiency and recovery of oil from existing wells. Consequently, the demand for artificial lift techniques will increase in the forthcoming years to recover oil from existing wells, mature fields, or new wells. Furthermore, explorers are also increasingly focusing on the recovery of oil using artificial lift techniques because the recovery of oil is relatively less expensive than drilling new wells.

The increasing demand for the production of oil and gas will fuel the adoption of artificial lift systems in the Americas. The US was the major participant in the production of crude oil and liquid fuel consumption during 2017. Owing to the constant increase in the demand from countries such as the US, Canada, and Mexico, North America is the second-largest consumer of crude oil across the world. This will consequently drive the market’s growth prospects in this region during the next four years.

In 2018, the market size of Subsea Artificial Lift Systems is xx million US$ and it will reach xx million US in 2025, growing at a CAGR of xx% from 2018; while in China, the market size is valued at xx million US$ and will increase to xx million US in 2025, with a CAGR of xx% during forecast period.

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In this report, 2017 has been considered as the base year and 2018 to 2025 as the forecast period to estimate the market size for Subsea Artificial Lift Systems.

In United States, European Union and China market, the following companies are covered:

Baker Hughes

Halliburton

National Oilwell Varco

Schlumberger

Weatherford

Borets

JJ Tech

Multi-Chase Group

NOVOMET

Market Segment by Product Type

Electric Submersible Pump System

Progressive Cavity Pump System

Rod Lift

Market Segment by Application

Oil Wells

Gas Wells

Key Regions split in this report:

United States

China

European Union

Rest of World (Japan, Korea, India and Southeast Asia)

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The study objectives are:

To analyze and research the Subsea Artificial Lift Systems status and future forecast in United States, European Union and China, involving sales, value (revenue), growth rate (CAGR), market share, historical and forecast.

To present the key Subsea Artificial Lift Systems manufacturers, presenting the sales, revenue, market share, and recent development for key players.

To split the breakdown data by regions, type, companies and applications

To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.

To identify significant trends, drivers, influence factors in global and regions

To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market

In this study, the years considered to estimate the market size of Subsea Artificial Lift Systems are as follows:

History Year: 2013-2018

Base Year: 2017

Estimated Year: 2018

Forecast Year 2018 to 2025

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