San Francisco, California, July 31, 2017 : A recent study by TMR Research has observed that there is no foreseeable end to the escalating demand for crude oil across the world, and exploration activities are in full flow too. As all oil wells need artificial lift systems to transport hydrocarbons to the surface, the demand in the global artificial lift systems market will continue to increment at a robust rate during the forecast period of 2017 to 2025. The report, titled “Artificial Lift Systems Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025,” provides comprehensive assessment of all factors that may influence the demand for artificial lifts systems in the near future, segments it in smaller aspects to gauge their potential, estimates the potential of different geographical regions, and profiles some of the major players to represent the competitive landscape.
Some of the key factors driving the demand in the global artificial lift systems market are: escalating energy demands, increasing deep and ultra-deep offshore oil production activities, shift in trend toward developing unconventional resources, and increasing demand of energy across the world, the growing need to improve production efficiency. On the other hand, the demand for artificial lift systems is challenged by considerable capital expenditure and the lack of skilled workers. Nevertheless, the redevelopment of mature fields is opening further new opportunities for the vendors operating in this market.
Based on product type, the global artificial lifts systems can be segmented into gas lift, progressive cavity pumps (PCP), electric submersible pumps (ESP), rod lift, plunger, and others, whereas on the basis of component, the market for artificial lifts systems can be bifurcated into motor, pump, separator, gas-lift valves, gas-lift mandrels, cable system, pump jack, controller, and others. Geographically, the report throws light on the potential of every important region, such as North America, Asia Pacific, Latin America, The Middle East and Africa. For each of these segments, the report provides evaluations of the current demand and estimations on the future prospects until 2025.
Currently, the global artificial lift systems market is divided mostly among some of the key players, such as General Electric, Schlumberger, Cameron International, Baker Hughes, Weatherford International, Ariel Corporation, Halliburton, Ebara Corporation, Man Diesel & Turbo SE, Solar Turbine Inc., Atlas Copco Energas GmbH, Burckhardt Compression Holding AG, Hitachi, Ltd, and Neuman & Esser Group. Most of these prominent players in the global artificial lift systems market use latest technologies such as web-based monitoring to drill deeper into the oil fields in a bid to increase the production.