NEW YORK, Nov. 7, 2016 /PRNewswire/ -- "The artificial lift market is projected to grow at a CAGR of 4.91% from 2016 to 2021"
The artificial lift market is projected to reach USD 9.69 billion by 2021, growing at a CAGR of 4.91% from 2016 to 2021. Artificial lift systems are used in onshore and offshore applications. Production activities in oil rich countries and increasing shale gas production in North America and the Asia-Pacific regions are expected to drive the artificial lift market. The lack of skilled labour is likely to hinder market growth of artificial lift systems, as implementation of artificial lift methods require knowledge of various parameters such as well bore geometry, bottom hole pressure, and so on.
"The electrical submersible pumps segment is expected to grow at the highest CAGR from 2016 to 2021"
Based on type of artificial lift systems, the electrical submersible pumps segment is estimated to be the fastest growing market from 2016 to 2021. These pumps are used in low-sand oilfields, low-carbonate reservoirs, and highly deviated wells. Also, these pumps are usually used for offshore applications due to their ability to handle high-volume wells. The production efficiency of ESP is sustained even at depths of about 4,000 m. Its sustained performance and high operating volumes provides it a competitive edge over the other pumps.
"North America: The largest market for artificial lift"
North America is currently the largest market for artificial lifts, followed by Europe and the Asia-Pacific. The North American market is driven by presence of large number of mature oilfields and increasing shale gas production in the region. The market in the North American region is projected to grow at a moderate rate, with the U.S. expected to dominate the market. The rod lift method is the major artificial lift method used in North America because of its onshore production capabilities.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1- 60%, Tier 2- 30%, Tier 3- 10%
By Designation: C-Level- 30%, D-Level- 60%, Others- 10%
By Region: North America- 30%, Asia-Pacific- 40%, Europe- 10%, Rest of the World- 20%
Note: The tier of the companies has been defined on the basis of their total revenue; as of 2015: Tier 1 = >USD 10 billion, Tier 2 = USD 1 billion to USD 10 billion, and Tier 3 = The leading players in the artificial lift market include Schlumberger Limited (U.S.), Weatherford International plc (U.S.), Baker Hughes Incorporated (U.S.), General Electric Company (U.S.), and Halliburton Company (U.S.).
Scope of the Report:
The artificial lift market has been segmented based on type into electrical submersible pumps, rod lift, progressive cavity pumps, gas lift, and others. Others include hydraulic pumping systems and plunger lift.
The artificial lift market has been segmented based on mechanism into pump assisted and gas assisted. The pump assisted segment further includes positive displacement and dynamic displacement.
The artificial lift market has been segmented based on application into onshore and offshore
The global artificial lift market is analyzed with respect to five regions, namely, North America, Europe, Asia-Pacific, South & Central America, and the Middle East & Africa.
Why buy this report?
1. The report identifies and addresses key markets for artificial lift, which would help suppliers review the growth in the demand for the product.
2. The report helps solution providers understand the pulse of the market, and provides insights into drivers, restraints, and challenges.
3. The report will help key players understand the strategies of their competitors better, and will help in making strategic decisions.
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