Artificial lift systems used in oil and gas tanks is an artificial way used to increase the flow of fluids or production. It assists in increasing the pressure in the oil wells which helps to increase the flows of oil easily on to the surface.
In 2015, the global artificial lift systems 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 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 systems in the region over the forecasted years. CLICK TO DOWNLOAD FREE SAMPLE REPORT
On the basis of mechanism, the global artificial lift systems market can be divided into:
On the basis of types, the global artificial lift systems market is segmented as follows:
On the basis of components, the global artificial lift systems market is segmented as follows:
On the basis of region, the global artificial lift systems market is segmented as follows:
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 systems 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 systems 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 systems market.
The key players of the global artificial lift systems market are as follows:
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