Artificial Lift System Market to 2023 (11.4% CAGR Expected) Top Player Profiles - GE Oil & Gas, National Oilwell Varco, Weatherford Plc, Halliburton, Dover Corp. and More

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.

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Artificial lift system market holds promising growth potential, with crude oil prices fluctuating drastically the oil extraction companies are forced to optimize their spending. The fluctuations in oil prices affected the profitability of the company. Hence, in order to ensure the financial targets in position, the companies are cutting their operation costs, of which drilling is integral part. Using artificial lifts in order to achieve oil production targets is a cost efficient alternative against the prospect of drilling a new well. The trend of modernizing the oil wells with artificial lift systems would grow in the coming year or two as a measure to improve the efficiency of operating companies.

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. This results in a limited impact due to the ability of increasing extraction by artificial lift systems. Additionally, rising subsea drilling activities should contribute to artificial lift adoption in a greater sense.

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%. This rapid growth is supplemented by its excellent corrosion resistance, higher operating temperature and operation based on wells natural energy.

Key benefits
o The report provides an extensive analysis of the factors that drive as well as restrain the growth of the world artificial lift system market.
o The market projections from 2014 to 2022 along with the impacting factors are mentioned in the report.
o The report also provides quantitative as well as qualitative trends to assist the stakeholders understand the market scenario.
o 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.
o Competitive intelligence highlights the business practices adopted by the leading market players across various geographies.
o Key market segments

BY TYPE
o Rod lift
o ESP
o PCP
o Plunger
o Gas lift
o Others

BY COMPONENT
o Pump
o Motor
o Cable System
o Drive Head
o Separator
o Pump Jack
o Sucker Rod
o Gas-lift Valves
o Gas-lift Mandrels
o Controller
o Others

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Market Segment by Manufacturers, this report covers -GE Oil & Gas, National Oilwell Varco, Weatherford Plc, Halliburton, Dover Corp., Schlumberger Limited, Tenaris, J J Tech, General Electric Company, Man Diesel & Turbo SE, Ebara Corporation, Mitsubishi Heavy Industries Compressor Corporation, Atlas Copco Energas GmbH, Solar Turbine Inc., Burckhardt Compression Holding AG, Ariel Corporation, Neuman & Esser Group, Hitachi Ltd

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This release was published on openPR.