Artificial Lift Market to rise At 7% growth rate by 2023, according Global Artificial Lift Market 2019 Industry Forecast To 2023 Research Report published by Market Research Future.
— Global Artificial Lift Market is segmented by Type (Electric Submersible Pump, Rod Lift, Progressive Cavity Pumps, Gas Lifts, and others), and Region.
Global Artificial Lift Market Highlights:
Global Artificial Lift Market Growth is attributed to factors such as rising Oil & Gas companies have increased their emphasis on optimizing operational field production and increasing production efficiency to lower the costs. Such a profound change in the strategic outlook is expected to inevitably instigate an increase in demand for production optimization equipment such as artificial lift systems.
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Artificial Lift Market Key Players Studied In Report:
Baker Hughes, Borets, Cameron International, Dover Corporation, GE Oil & Gas, Halliburton, John Crane, National Oilwell Varco, Schlumberger, and Weatherford.
However, strict government and regulations and environmental problems associated oil & gas production are inhibiting the growth of the artificial lift market. The global artificial lift market is expected to grow at a CAGR of 7-8% during the forecast period from 2016 to 2022.
The Global Artificial Lift Market is estimated to be a lucrative market within the upstream oil & gas industry. It is projected to achieve a resilient growth of about 7% CAGR between 2016 and 2022. The upstream oil & gas sector has been experiencing persistent growth challenges; following the decline in oil prices since past two years.
The global artificial lift market is growing due to decline in oil reservoirs, increase in shale oil and gas production. The recent decline in oil prices is also estimated to increase the demand for production focused services such as pressure pumping, artificial lift and enhanced oil recovery in comparison to drilling services. The unconventional production has transformed the oil and gas industry in North America over the last decade. The tight oil production in U.S. has pushed its crude oil supply to over 10% of world total. There are different types of artificial lifts which include rod lift, electric submersible pumps, progressive cavity pumps, gas lift and others. the forecast period.
Market Segment Analysis:
Global Artificial Lift Market Information by Type (Electric Submersible Pump, Rod Lift, Progressive Cavity Pumps, Gas Lifts, and others), and Region - Forecast to 2022
North America dominated the Global Artificial Lift Market with the largest market share in 2015. It is expected to retain its dominance in the market with a high growth rate. Presence of large shale oil & gas reserves, as well as tight oil reserves is expected to aid the North American market for artificial lift. The European region held the second largest share within the artificial lift market is expected to grow at a moderate rate during the forecast period, between 2016 and 2022. Asia-Pacific market is expected to exhibit a comparatively high growth than Europe. Increasing focus towards development of shale gas projects in countries such as China, and Indonesia is expected to be a major factor driving the Asia-pacific market.
Table Of Contents:
1 Executive Summary
2 Scope Of The Report
2.1 Market Definition
2.2 Scope Of The Study
2.2.2 Research Objective
2.3 Research Process
2.3.1 Primary Research
2.3.2 Secondary Research
2.4 Market Size Estimation
2.5 Forecast Model
3 Market Landscape
3.1 Porter’s Five Forces Analysis
3.1.1 Threat Of New Entrants
3.1.2 Bargaining Power Of Buyers
3.1.3 Threat Of Substitutes
3.1.4 Segment Rivalry
3.1.5 Bargaining Power Of Buyers
3.2 Value Chain/Supply Chain Analysis
4 Market Dynamics
4.2 Market Drivers
4.3 Market Restraints
4.4 Market Opportunities
4.5 Market Trends
List Of Tables:
Table 1 Global Artificial Lift Market: By Region, 2017-2023
Table 2 North America Artificial Lift Market: By Country, 2017-2023
Table 3 Europe Artificial Lift Market: By Country, 2017-2023
Table 4 Asia Pacific Artificial Lift Market: By Country, 2017-2023
Table 5 RoW Artificial Lift Market: By Country, 2017-2023
List Of Figures:
FIGURE 1 RESEARCH PROCESS OF MRFR
FIGURE 2 TOP-DOWN & BOTTOM-UP APPROACH
FIGURE 3 MARKET DYNAMICS
FIGURE 4 IMPACT ANALYSIS: MARKET DRIVERS
FIGURE 5 IMPACT ANALYSIS: MARKET RESTRAINTS
FIGURE 6 PORTER'S FIVE FORCES ANALYSIS
FIGURE 7 VALUE CHAIN ANALYSIS
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