North America Artificial Lift Systems market to lead the global landscape over 2016-2023, U.S. to prominently drive the regional demand

Artificial lift systems market will collect a remarkable revenue owing to the high demand for oil & gas from growing construction activities and rapid industrialization across the globe. Increasing ongoing investment in R&D activities to improve the productivity and reduce the operating costs pertaining to the oil & gas systems is expected to further stimulate global artificial lift systems industry over the coming time frame. As per the report by Global Market Insights, Inc., “Artificial Lift Systems Market collected a revenue of more than USD 15.9 billion in 2015 and will exhibit an annual growth rate of 8.9% over the period of 2016 -2023.”

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Below is the in-depth analysis of artificial lift systems market based on products, regions, and market players over 2016-2023

• Electrical submersible pump product segment is predicted to record an annual growth rate of 8.9% over the period of 2016-2023. The growth prospect can be attributed to the surging demand of the product due to its low processing price and high volume carrying capacity. Gas lift, progressive cavity pumps, hydraulic pumps, and rod lift are the other notable products predominant in the artificial lift systems market.

Rod lift covered around 24% of the total market in 2015 and is slated to grow lucratively at an annual growth rate of 9.7% over the forecast span. Beneficial features such as easy operation ability, cost effectivity, and sophisticated design is fueling its large-scale adoption in varied application platforms. Moreover, it’s pumping ability to carry the fluid at very low pressure will further stimulate the industry growth considerably.

• MEA artificial lift systems industry is set to witness a lucrative growth trajectory in years ahead, owing to the growing adoption of wireline service and tools. In addition, increasing exploration and excavation activity across the oil & gas sector will also favor the regional market growth over the coming six years.

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• North America artificial lift systems market having had a revenue of USD 6.36 billion in 2015, is anticipated to register the highest annual growth rate over the forecast timespan. U.S. will contribute majorly toward the regional industry growth owing to the increasing production of shale gas in U.S.

The market participants are readily incorporating new technologies to increase the productivity, as the consumer base is growing. Prominent industry players operating in artificial lift systems industry include Schlumberger, General Electric, Baker Hughes, Cameron International, Halliburton, and Weatherford International.

To access sample pages or view this report titled, “Artificial Lift Systems Market Size By Product (Progressive Cavity Pumps, Electrical Submersible Pumps, Gas Lift, Rod Lift, Hydraulic Pumps), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2016 - 2023” in detail along with the table of contents, please click on the link below:

https://www.gminsights.com/industry-analysis/artificial-lift-systems-market

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