The global artificial lift market is
expected to reach USD 26.5 billion by 2025, according to a new report by Grand
View Research, Inc. The industry is anticipated to gain traction owing to the
increasing fossil fuel demand coupled with the rising number of mature
reserves, which hold a high volume of crude oil. Furthermore, volatile oil
prices are persuading oil companies to decrease the per barrel oil production
cost, thereby driving the demand for EOR techniques, such as artificial lift
systems, over the forecast period.
The robust
demand for crude oil and natural gas has led to the depletion of onshore
reserves. This has offered offshore deep-water opportunities for several
companies, thus catapulting the artificial lift market size. Additionally,
technological advancements have encouraged Exploration and Production (E&P)
companies to increase the production of crude oil and natural gas in offshore
reserves, which is anticipated to further propel demand over the coming years.
Lifting
systems are used in offshore applications of deepwater gas lift wells and for
subsea production to augment the productivity of wells. Thus, the rising
deepwater oil production is anticipated to spur the market growth. Owing to
rapid industrialization, conventional sources of oil & gas are depleting at
the expense of future energy demands. This has forced companies to meet the
end-user demand by focusing on unconventional gas resources. As such,
unconventional gas production is considered to act as a key opportunity for
players operating in the market.
The demand
for energy is increasing globally. The escalating demand for primary energy in
transportation, power generation, and household activities has led to increased
oil & gas consumption in major economies across the globe. This has led the
producers of oil & gas to dig deeper to meet the increasing energy demands,
thus instigating the need for artificial lift. However, the fluctuating oil
prices and impacted investments would affect market growth, owing to high
equipment and capital costs.
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Further key findings from the study suggest:
- The global artificial lift market exceeded USD 16 million in 2016 and is expected to grow at a CAGR of 5.7% from 2017 to 2025, which is primarily attributed to the increasing oil & gas production coupled with improving production efficiencies at mature fields.
- Electrical submersible pumps are anticipated to emerge as the largest product segment over the forecast period owing to the rising demand for oil worldwide and exploration of newer onshore as well as offshore reserves.
- The ever-rising population in Asia Pacific, particularly India and China, is anticipated to fuel the demand for oil & gas, which is further expected to instigate the adoption of artificial lift systems in this region.
- Key players such as GE Oil & Gas, National Oilwell Varco, Weatherford Plc, Halliburton, Dover Corp., and Schlumberger Limited dominated the market in 2016 with their emphasis on expanding the market presence through mergers and acquisitions.
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About
Grand View Research:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
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