Study Objectives of Artificial Lift Market
- To provide detailed analysis of the market structure along with forecast for the next 5 years of the various segments and sub-segments of the Global Artificial Lift Market
- To provide insights about factors affecting the market growth
- To Analyze the Global Artificial Lift Market based on various factors- price analysis, supply chain analysis, porters five force analysis etc.
- To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, and Rest of the World (RoW)
- To provide country level analysis of the market with respect to the current market size and future prospective
- To provide country level analysis of the market for segments by type, and by region
- To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market
- To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the Global Artificial Lift Market.
Market Synopsis of Artificial Lift Market
The global artificial lift market is facing an upward trend due to decline in oil reservoirs, increase in shale oil and gas production. However, strict government and regulations and environmental problems associated oil and gas production are inhibiting the growth of the artificial lift market. The decline in oil prices has instigated a global lockdown on exploration investments, with the majority of companies facing huge losses. 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. The global artificial lift market is expected to grow at a CAGR of 7-8% during the forecast period from 2016 to 2021.
The key findings of the report “Global Artificial Lift Market include:
- Depleting oil reservoirs, and increasing number of mature oil fields are major factors driving the growth of the artificial lift market
- Strict government regulations and environmental issues associated with the oil and gas production is inhibiting the growth of the artificial lift market
- Geographically, North America has the largest share in global artificial lift market and is also expected to be the fastest growing region
- Based on the type, electric submersible pumps have the largest market share in the artificial lift market.
Segmentation for Artificial Lift Market involves the following types such as rod lift, electric submersible pump (ESP), progressive cavity pumps (PCP), gas lift, and others. Other types used include plunger lift, and hydraulic jet pumps which have a small contribution within the artificial lift market.
Regional Analysis of Artificial Lift
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 2021. 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.
Some of the key players for this market are: Baker Hughes, Borets, Cameron International, Dover Corporation, GE Oil & Gas, Halliburton, John Crane, National Oilwell Varco, Schlumberger, and Weatherford.
- North America
- Rest of Europe
- Rest of Asia
Rest of the World
The report for Global Artificial Lift Market of Market Research Future comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain the deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value and volume, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.