HYDERABAD, India, February 17, 2016 /PRNewswire/ --
Baker Hughes and Schlumberger Looking for Expansion Into Latin American Markets
Mordor Intelligence announces the publication of their research report on the global market for artificial lift systems. The report titled "Global Artificial Lift Systems Market Outlook to 2020 - Market Analysis by Country, Type of Installation, Competitive Landscape, Key Company Information - Growth Trends and Forecasts" explains in detail the current landscape and future outlook of the market.
The global artificial lift systems market, estimated at USD 12.21 billion in 2015, is projected to reach USD 17.55 billion by 2020, with a compound annual growth rate (CAGR) of 3.37 percent during the forecast period 2015-2020.
Artificial lift systems are used in oil wells to increase pressure within the reservoir and bring up oil to the surface. It is employed when the natural drive energy of the reservoir is not strong enough. While some wells contain enough pressure for oil to rise to the surface without any stimuli, most do not, thereby requiring an artificial lift. In fact, 96% of the oil wells in the US require artificial lifts from the very beginning of production process. Even the pressure of those wells that initially possess a natural flow deplete over time, thereby necessitating artificial lifts.
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Artificial lift system is a growing, technically important segment in the oil & gas industry. It is recognized as a valuable tool for extending the life of mature assets and increasing production. Almost every oil well uses artificial lift systems at some point or the other during the production process. In addition, with the increase in shale resources, the use artificial lift system is on the rise and the market is expected to show significant growth during the forecast period.
North America led the global artificial lift systems market in 2015 with the highest market share. Latin America is one of the fastest growing markets and presents a significant opportunity, followed by Asia-Pacific, and Middle East & Africa. The increase in exploration and drilling activity across Latin America, especially in Mexico and Brazil provides huge opportunities for artificial lifts in shallow, deep and ultra-deep waters.
Factors affecting the market are rowing oil & gas demand, the immediate need to enhance production levels from existing wells, a rebound in drilling activity, and the need to develop new reserves to maintain target production levels are driving the growth of artificial lift systems the market. On the other hand, volatile oil & gas prices, geo-political unrest, and difficulties in horizontal wells are restraining the market growth.
Electric submersible pumps form the leading segment in the artificial lift systems market, and rod-lift pumps are expected to generate the highest revenue during the forecast period.
Some of the major players in the artificial lift systems market for oil & gas industry include Weatherford, Schlumberger, GE Oil & Gas, Baker Hughes and Dover Artificial Lift.
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SOURCE Mordor Intelligence LLP