Press release
Artificial Lift Systems Market to reach USD 27.9 Billion by 2021
In 2015, the global artificial lift system market was valued at USD 11,539.2 Million and projected to reach USD 27.9 Billion by 2021, registering a compound annual growth rate (CAGR) of 11.2% during 2015-2021.
Market Segmentation
By Mechanism
On the basis of mechanism, the global artificial lift system market can be divided into:
Positive Displacement
Dynamic Displacement
Gas assisted
By Types
On the basis of types, the global artificial lift system market is segmented as follows:
Rod Lift
Electrical Submersible Pump (ESP)
Progressive Cavity Pump (PCP)
Gas Lift
Others
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By Components
On the basis of components, the global artificial lift system market is segmented as follows:
Pump
Motor
Separator
Cable
Pump Jack
Sucker Rod
Rod Pump For ESPs and PCPs
Rod Lift System
By Region
On the basis of region, the global artificial lift system market is segmented as follows:
North America
Latin America
Western And Eastern Europe
Asia-Pacific
Middle East and Africa (MEA)
Row (Rest Of World)
Growth Drivers and challenges
Expansion in the oil and gas industry, multiphase gas-handling pumps, advanced technologies like web-based monitoring services and multiphase gas-handling pumps are the main driver for the global artificial lift system market.
Global artificial lift systems market is totally dependent upon the oil and gas sector. In recent time, international crude oil prices plunged to USD 38 per barrel and created worried situation for the oil producing countries and the overall market. Further, lacking expertise, complicated operations and huge investment are main restrains for the global artificial lift system market.
In addition to this, limited resources availability forces to put more efforts to extract the oil and gas from existing wells; shortage of skilled labor force with sound knowledge of understanding the quantity of fluid and bottom hole pressure are the major challenges faced by the artificial lift system market.
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Market Size and Forecast
In 2014, North America gained the major portion about 72% of the global artificial lift market; North America market was valued at USD 5.68 billion in 2014. On the back of rise in discovery and exploration of shale gas activities Canada and the U.S. are expected to gain top position in the North America region.
With 9.8% CARG, Asia-Pacific is expected to witness enormous gains over the period of 2015 to 2021. Factors like increased commercial activities, expanded budget allocation on infrastructure development would lead to surged demand for petroleum products which would act as the growth driver for the artificial lift system in the region over the forecasted years.
Research Nester is a global market research and consulting firm helping organizations, private entities, governments undertaking, non-legislative associations and non-profit organizations. With our decades of experience in the market research, we help our clients to gain a competitive edge over other players. Thus, helping them making strategic yet dynamic decisions for the future investments.
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