Artificial Lift System Market Expected to Exhibit a 11.4% CAGR by 2022
Global Artificial Lift System Market stood at $16,449 million in 2015 and is expected to reach $34,569 million by 2022, registering a CAGR of 11.4% during 2016 -2022, according to a new report published by Allied Market Research. North America held two-fifth share in the world artificial lift system market in 2015, and is expected to grow at a CAGR of 9.6% during the analysis period.
The market for artificial lifts is primarily driven by increased demand of energy sources and maturing oil fields. Other factors that drive the market are increasing deep/ ultra-deep offshore oil production activities. However, some of the restraints associated with its business attractiveness are a higher project cost as compared to conventional systems and a lack of skilled workforces.
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The commonly used technologies in the market are rod lift, ESP, PCP, plunger, gas lift and others. The other technologies include hydraulic lift and foam lift. Among these types, ESPs account for a larger market size by value due to higher operating volume, fair gas handling and motor driven operation which is convenient to install. Its market is expected to reach to about $9,940 million in size by 2022 growing at CAGR of 6.4%.
Key findings of Artificial Lift System Market Study
o The plunger lift system market is expected to grow rapidly at a CAGR of 18.4% during 2016-2022.
o In terms of geography, Asia-Pacific is expected to grow at a highest CAGR of 14.1% during the analysis period.
o In 2015, the artificial lift system pump segment occupied more than one-fourth share of the market.
o In North America, the gas-lift mandrels component segment is expected to grow at a highest CAGR of 14.6% during the analysis period.
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Top Leading Key Players:
Key players in the market include GE Oil & Gas, National Oilwell Varco, Weatherford Plc, Halliburton, Dover Corp., Schlumberger Limited, Tenaris and J J Tech.
Middle East and Africa constitute for a majority of the oil fields in the world. The countries in this region such as Saudi Arabia, Syria and Brazil hold plenty of oil reserves. With increase in consumption of oil, the discoveries of new reserves are ongoing. The exploration activities in this region are building a conducive environment for the demand of artificial lifts.
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