Press release
Artificial Lift System Market is Increased Demand of Energy Sources and Maturing Oil Fields
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.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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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.
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.
Key findings of the Artificial Lift System Market Study
• The plunger lift system market is expected to grow rapidly at a CAGR of 18.4% during 2016-2022.
• In terms of geography, Asia-Pacific is expected to grow at the highest CAGR of 14.1% during the analysis period.
• In 2015, the artificial lift system pump segment occupied more than one-fourth share of the market.
• 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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In order to enhance capabilities, the companies are strategically acquiring industry players with the desired expertise. Key players in the market include GE Oil & Gas, National Oilwell Varco, Weatherford Plc, Halliburton, Dover Corp., Schlumberger Limited, Tenaris and J J Tech.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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