The artificial lift systems market produced around USD 13, 000 million in 2013. It is anticipated to attain a size of about USD 19, 807 million by 2020. The market would rise at a CAGR of nearly 6.3 percent during the forecast period (2014 to 2020). It may be hindered by reduction in the costs of crude oil.
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Crude oil costs have reduced by about 50 percent in the last few years. This could be credited to poor demand for crude oil in various nations owing to more production of oil and weak fiscal conditions in the United States. Production of deepwater oil worldwide should also steer the artificial lift systems market.
Additionally, matured resources occupy a significant chunk of crude oil production. This is predicted to propel market incomes. The market has also experienced expansion due to demand for gas, oil, and energy. Moreover, advanced technologies like web-based surveillance services and their equivalents will steer market sales in the forecast period.
Breakdowns due to shortage of experienced or qualified technicians could result in production postponement and huge functional costs. Additionally, high maintenance and capital costs of these systems increase the functional costs further. Both these factors adversely affect the artificial lift systems market.
The market is bifurcated on the basis of products and geographies. In terms of products, rod lifts captured more than 20 percent of the total incomes in 2014. This segment would observe huge demand in the forthcoming years. Rod lifts are highly effective and generally preferred for secondary and primary waterfloods.
Electrical submersible pumps occupied the biggest share in the products market in 2014. They can tolerate extreme downhole and surface temperatures. Innovations in sensor technology assist workers to adjust the performance of wells, pumps, and reservoirs. Considering geographies, the North American artificial lift systems market is propelled by oil explorations.
The region held over 35 percent of the global revenues in 2014. It experienced stable expansion in 2013 due to decreased oil & gas drilling operations in the United States. Demand for state-of-the-art products will raise regional sales. Huge oil demand has considerably driven Asia Pacific. This region would flourish in the future.
Key participants of the global artificial lift systems market promote their products and enter submarkets to grow their businesses.
Information Source: Grand View Research