Artificial Lift Systems Market to hit US$ 12.3 Bn by 2027
The global artificial lift systems market was valued at ~US$ 8.1 Bn in 2018 and is anticipated to expand at a CAGR of ~5% during the forecast period. In terms of component, the hardware segment accounted for a prominent share of the artificial lift systems market in 2018, due to the high cost of hardware components in artificial lift systems, along with rising demand for artificial lift systems in mature oil and gas fields. Based on system, the electrical submersible pumping (ESP) segment held a major share of the artificial lift systems market in 2018. This can be ascribed to the high demand for ESP systems due to lower operational costs and flexibility in production output. The artificial lift systems market in Middle East & Africa is likely to expand at a substantial pace in the near future, led by the increase in number of mature fields in the region.
Download PDF Brochure - https://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=1954
Key Drivers of Artificial Lift Systems Market
Rise in number of mature fields and aging oil & gas wells is estimated to boost the demand for artificial lift systems during the forecast period. Oil & gas production has been increasing in aging fields across the globe. As a result, the production output of these fields is gradually decreasing, owing to the decline in reservoir pressure. Artificial lift systems are deployed in these fields to ramp up the production output. These systems not only help increase reservoir production, but also improve the recovery rate of crude oil and natural gas from these reservoirs.
Growth in investments in the upstream oil & gas sector is also anticipated to drive the demand for artificial lift systems during the forecast period. Increase in investments in the upstream oil & gas sector enables discovery of new fields and drilling of new wells to exploit underlying reserves. However, currently, more than 90% of oil and gas fields require artificial lift systems for production. Thus, increase in investments in the upstream oil & gas sector is estimated to boost the demand for artificial lift systems in the near future. However, volatility in prices of oil and rise in shift toward environment-friendly technologies such as electric vehicles are likely to restrain the artificial lift systems market during the forecast period. Volatility in oil prices can significantly affect investments in the upstream sector of the industry. This, in turn, is projected to hamper the demand for artificial lift systems.
More Trending Reports by Transparency Market Research - https://www.prnewswire.com/news-releases/increasing-demand-for-power-to-drive-global-underground-mining-market-to-valuation-of-us-25-bn-by-2027–transparency-market-research-301008293.html
North America Dominates Artificial Lift Systems Market
North America was the prominent region of the global artificial lift systems market in 2018. The region is anticipated to maintain its dominance during the forecast period. This can be ascribed to the high demand for artificial lift systems, especially in the U.S., due to the increase in production of shale oil and gas in the region. Growth in investments in unconventional resource exploration and production and rise in number of aging fields in Middle East & Africa are driving the demand for artificial lift systems in the region.
Artificial Lift Systems Market – Key Developments
In May 2019, Apergy Corporation announced that Apergy’s UNBRIDLED ESP Systems had successfully installed an electrical submersible pumping (ESP) system in association with Houston-based Reynolds Lift Technologies. The ESP system utilizes a modular permanent magnet motor (PMM), which is powered by the company’s variable speed drive (VSD) SMARTEN for Life. This setup was installed for a mid-continent region customer by both the companies. The VSD employed sought no additional adjustments to its standard configuration, ensuring that the SMARTEN control software and hardware effectively operates for permanent magnet and induction motors.
In May 2018, Weatherford International plc announced it had signed a Memorandum of Understanding (MOU) with Valiant Artificial Lift Solutions in order to jointly promote, commercialize, and service ESP systems. The MOU would help the company expedite the commercialization of its ESP systems powered by Valiant. These systems are optimized to handle large range of flow applications. Weatherford International plc designed the pumps for reliable, durable, and efficient productivity in abrasive, harsh, corrosive, and challenging downhole environment.
Buy now - https://www.transparencymarketresearch.com/checkout.php?rep_id=1954
The global artificial lift systems market is led by multinational players operating across the globe. Increase in adoption of automation and software in artificial lift systems; large number of technological collaborations; and significant capital investment are some of the key features of the global artificial lift systems market. Major players operating in the global artificial lift systems market include Schlumberger Limited, Weatherford International Plc, Baker Hughes, a GE Company, Apergy Corporation, Borets International Limited, Superior Energy Services, Inc, National Oilwell Varco, Halliburton Inc., Occidental Petroleum Corporation, Flowco Production Solutions, Novomet, and OiLSERV.
Request for covid19 Impact Analysis - https://www.transparencymarketresearch.com/sample/sample.php?flag=covid19&rep_id=1954
Transparency Market Research,
90 Sate Street, Suite 700,
Albany, NY 12207
USA - Canada Toll Free: 866-552-3453
Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather, and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.
This release was published on openPR.
Permanent link to this press release:
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Artificial Lift Systems Market to hit US$ 12.3 Bn by 2027 here
News-ID: 2456232 • Views: 286
More Releases from Transparency Market Research - Energy & Mining
Wastewater Treatment Services Market – Notable Developments and Geographical O …
Albany, NY - Wastewater Treatment Services Market- Overview Large amount of wastewater is produced from households and industries that can be successfully treated for reuse and also for discharging it into the environment. Many regions in the world are going through water crisis. Wastewater treatment services can provide significant solutions to handle this situation. Rapid urbanization brought by industrialization and unprecedented population rise are inducing high demand for clean drinking
Key Drivers of Europe Distribution Transformer Market
Albany, NY - Europe Distribution Transformer Market: Introduction The distribution transformer market in Europe was valued at US$ 3.5 Bn in 2019 and is anticipated to expand at a CAGR of 6.5% during the forecast period. Based on insulation, the liquid segment held dominant share of the distribution transformer market in Europe in 2019. In terms of insulation type, the replacement segment accounted for a larger share of the distribution transformer market in Europe in 2019. Power failures have been rising due to
Customized Peptide Generation Market Drivers, Restraints and Notable Development …
Albany, NY - Global Customized Peptide Generation Market: Overview Mechanical developments, expanding research exercises in the field of engineered science, developing weight of malignancy and irresistible illnesses, and expanding ventures and subsidizing for protein-based inquire about are the central point driving the customized peptide generation market development. Peptide usage in the pharmaceutical business has experienced an enormous change lately because of mechanical improvements. Prior, peptide generation was completed with the assistance of common sources,
Hybrid And Full Electric Marine Propulsion Market To Hit US$7,516.7 Mn By 2026
Albany, NY - The global hybrid and full electric marine propulsion market bears a fairly fragmented vendor landscape, says Transparency Market Research (TMR) in a recently published report. This is solely because of the existence of large, medium, and small scale players in the market. BAE Systems, Wartsilla Corporation, AB Volvo Penta, Niigata Power Systems, and Fairbanks Morse Engine are the leading companies in the global hybrid and full electric marine propulsion
More Releases for ESP
Colombia Power Market Outlook Report- Growth Opportunities and Major Generating …
Colombia Power Market Report study provides detailed information to understand the imperative market parts that align with the business decision related to raw materials, demand, and production capacity. In addition, Colombia Power Market analysis provides demands for the future, besides the available opportunities for the individuals. Colombia Power Market helps manufacturers and clients understand the past trends and analyze the future trend. Get FREE PDF Sample of the Report @ https://www.reportsnreports.com/contacts/requestsample.aspx?name=4487604 Colombia
Automotive ESP Market Size, Share, Development by 2024
Market Research Report Store offers a latest published report on Automotive ESP Market Analysis and Forecast 2019-2025 delivering key insights and providing a competitive advantage to clients through a detailed report. According to this study, over the next five years the Automotive ESP market will register a xx% CAGR in terms of revenue, the global market size will reach US$ xx million by 2024, from US$ xx million in 2019. In
Electric Submersible Cables (ESP) Market by Cable Type (ESP Round Power Cable, E …
Industry Outlook and Trend Analysis The Electric Submersible Cables Market was worth USD 2.93 billion in 2014 and is expected to reach approximately USD 4.31 billion by 2023, while registering itself at a compound annual growth rate (CAGR) of 4.37% during the forecast period. Electrical submersible pump (ESP) cables are exceptionally created to supply power from the transformer to pump motor in deepened oil and water wells, even in high temperature
Global Electrical Submersible Pump (ESP) Cables Market : Depleting Oil Reserves …
The presence of a large pool of equally-placed participants, such as Schlumberger, Weatherford, and Baker Hughes, determines the degree of competition in the global electrical submersible pump (ESP) cables market, finds Transparency Market Research in a recent study. At present, the market is fragmented and the degree of competition is likely to shift from medium to high over the next few years. To withstand this rivalry, leading participants are increasingly
Automotive ESP Market 2017- Bosch, Continental, Denso
Electronic stability control (ESC), also referred to as electronic stability program (ESP) or dynamic stability control (DSC), is a computerized technology that improves a vehicle's stability by detecting and reducing loss of traction (skidding). When ESC detects loss of steering control, it automatically applies the brakes to help "steer" the vehicle where the driver intends to go. Braking is automatically applied to wheels individually, such as the outer front wheel
Global Automotive ESP Market Research Growth Report
A Report on Automotive ESP For the Safety purpose of Human while Riding on Bigmarketresearch.com This report studies Automotive ESP in Global market, especially in North America, Europe, China, Japan, Korea and Taiwan, focuses on top manufacturers in global market, with capacity, production, price, revenue and market share for each manufacturer, covering Bosch Continental TRW Denso AISIN Delphi Hyundai Mobis Ford MANDO Nissin Kogyo Get Sample Copy of Report: https://goo.gl/U6Pbjl Market Segment by Regions, this report splits Global into several key Regions, with