San Francisco, April 21, 2016 (GLOBE NEWSWIRE) -- Global artificial lift systems market has grown over the past few years owing to the recent developments in the technology. Artificial lifts are used to increase the flow of water or crude oil from production wells when there is not enough pressure in the reservoir to lift the produced fluid such as water, oil or a mix of both with gas to the surface. The artificial lift industry has experienced an increased demand due to a rise in the energy demand and oil & gas production across the globe. The market is expected to reach USD 29.61 billion by 2022
Resource allocation for various technological developments is a fast growing trend which has a positive impact on the market. Moreover, advancements in the oil field automation have reduced the downtime and have maximized the efficiency of oil production. The oil & gas sector needs resources to be extracted from complex, tight and deep formations and which has led to the increase the demand for well-engineered artificial lift systems.
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Electrical submersible pumps (ESPs) accounted for over 50% of the total revenue, thus dominating the market in 2014, owing to their ability to handle excessive downhole and surface temperatures. They are versatile systems and can handle varied flow rates and lift requirements.
Rod lifts were valued at USD 3.44 billion in 2014. Ease of operation and flexibility has resulted in their widespread use in oilfields. This product segment is expected to witness tremendous gains over the forecast period because of their rising popularity in vertical wells, especially in the U.S.
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North America market was valued at USD 5.68 billion in 2014. There will be a significant rise in the artificial lift system market especially in Canada and the U.S. due to the increase in drilling activities and discovery of shale gas in this region. High prevalence of oil rigs in the region is expected to augment the regional demand over the forecast period.
Asia Pacific is anticipated to witness tremendous gains at 10.0% CAGR from 2015 to 2022. Rising demand for petroleum products is likely to drive growth in the region over the forecast period. Petroleum companies in various parts of the world have installed artificial lift systems to extract high volumes of natural gas & crude oil to preserve energy.
Prominent players dominating the market includes Borets Company LLC, Cameron International Corporation, Baker Hughes, Inc., GE Energy, Dover Artificial Lift, Halliburton Company, Flotek Industries, Inc., Kudu Industries, Inc., Schlumberger Limited, Dover Corporation, National Oilwell Varco, Inc., Superior Energy Services, Inc., and Weatherford International Ltd.
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Grand View Research has segmented the global artificial lift systems market on the basis of product and region:
Artificial Lift Systems Product Outlook (Revenue, USD Million, 2012 – 2022)
- Rod Lifts
- Electrical Submersible Pumps
- Progressive Cavity Pumps
- Gas Lifts
- Hydraulic Pumps
Artificial Lift Systems Regional Outlook (Revenue, USD Million, 2012 – 2022)
- North America
- Asia Pacific
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