Artificial Lift Systems Market
The artificial lift systems market report by Transparency Market Research provides in-depth analysis of the global artificial lift systems industry. The report divides the market on the basis of product type and region. It also provides the forecast and estimates for each product and region. The report analyzes demand and supply characteristics of the market by providing detailed forecast and analysis of revenue for the period 2014 – 2020.
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The artificial lift systems market primarily includes six types of products: electrical submersible pumps, rod lift or sucker rod pump, progressive cavity pump, hydraulic pump, gas lift and plunger lift. Electrical submersible pump is expected to be the most dominant product segment in the global artificial lift systems market by 2020. The segment accounted for the largest share of the artificial lift systems market in 2013. Rod lift is one of the oldest methods used for lifting crude oil and natural gas. This is primarily attributed to its potential to lift heavy viscous crude oil at high temperatures.
Additionally, matured reserves account for a significant percentage of crude oil production. In the present scenario, over 70.0% of the total crude oil production comes from matured reserves. Thus, matured reserves act as a key driver for the artificial lift systems market. The selection of artificial lift systems depends on various parameters such as operational cost, geographic location, flow rate, and well deviation.
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North America is projected to be the largest market for artificial lift systems by 2020. With the discovery of shale gas reserves and rise in number of drilling activities, especially in the U.S. and Canada, the market for artificial lift systems is likely to rise at a substantial rate in the region. Demand for artificial lift systems is also projected to rise at a significant rate owing to the vast discoveries of shale gas reserves in Poland, Spain and Denmark. Various types of artificial lift systems are used to extract large volumes of crude oil and natural gas in Europe. Numerous petroleum companies are installing artificial lift systems for extracting high volumes of crude oil and natural gas to maintain energy security in the respective countries.
Demand for artificial lift systems is estimated to rise in RoW owing to the discoveries of offshore reserves in countries such as Tanzania, Mozambique and Egypt. Furthermore, increase in the number of exploration and production activities in Latin America and West Africa, especially in offshore reserves, has propelled the growth of the artificial lift systems. Currently, large volumes of crude oil and natural gas are being imported from countries in the Middle East. RoW countries such as Nigeria, Angola and Venezuela have large petroleum reserves. These reserves help maintain energy security and also to a certain extent bridge the prevailing energy demand-supply gap across the globe.
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