Artificial lift system is a method which is used to reduce the bottom hole pressure (BHP) which is formed in order to obtain a higher production rate from the production well. The global artificial lift system market is expected to rise at a CAGR 4.91 % during the forecast period 2016-2023. Artificial lift systems are being extensively used by industrial sector and commercial sector due to its advantages. Some of them includes simple system design, analyzable, can be deployed in offshore platforms etc. The increasing demand of energy across the world, increasing heavy oil production, increasing shale gas production, improving production efficiencies is driving the global artificial lift system market.
North America is the largest market region for global artificial lift system market and had accounted for largest market revenue share in 2016. The key factor driving the growth in North America is the ongoing advancements in the fields of shale gas recovery and availability of low pressure oil production wells in the North America. Furthermore, the United States is expected to witness massive growth in the consumption of unconventional resources such as tight oil, shale oil, etc. which would lead to the increased demand for artificial lifts system in North America. However, Asia Pacific is expected to emerge as the fastest growing market region with a CAGR of 6% during the forecast period. This is due to the increasing number of commercial activities in APAC region along with increased expenditure on infrastructure development, which is expected to result in an increased demand for petroleum products, thereby driving the market growth in APAC.
The growth in global artificial lift system market is influenced by presence of the leading market players such as GE oil and gas, National oil Varco, Baker Hughes, Halliburton, Dover Corporation and others. Product launches, joint ventures, mergers and acquisitions are some of the crucial strategies adopted by the key market players to gain competitive advantage.
Global artificial lift system market report covers segmentation analysis of type, components and mechanisms. Report further covers segments of type which includes rod lift, electric submersible pump (ESP), progressive cavity pump (PCP) and plunger lift. ESP is the leading type segment due to its higher operating volume, motor driven operation and fair gas handling. Moreover, ESP is easy to install. Report further covers segments of components which include pump, motor, cable system, drive head, separators, pump jack and sucker rods. Pump is the leading component segment as they are being extensively used due to their high operating volume and efficient performance. Report further covers segments of mechanism which includes pump assisted positive displacement, pump assisted dynamic displacement and gas assisted displacement. The pump assisted displacement segment is expected to dominate the artificial lift market.