The global artificial lift systems market was evaluated at $15940 million for 2015 and is predicted to register CAGR of 8.9% during the forecast period. The systems have witnessed heavy demand owing to increase in demand for oil & gas production and power supply.Many kinds of these lift technologies are used to enhance production and optimize hydrocarbon recovery. Beam pumping, hydraulic submersible pumps, gas lift, progressive cavity pumps and electric submersible pumps are the key lift technologies. SPX has manufactured hydraulic submersible pumps with a brand name of Clydeunion pumps. These pumps have low operational & maintenance costs and are durable.
Oil field service providers Halliburton and Baker Hughes Incorporation announced the scrapping of their $28000 million merger a few days back. In a lawsuit filed by US justice department last month against the merger of both these giant firms was that their merger could lead to heavy prices in service sector as it would result in duopoly in industry with only NV Schlumberger as a sole competitor.
NV Schlumberger had agreed to acquire Cameron International Corporation in a deal evaluated at $14800 million last year. The deal could improve the company performance in deepwater growth and reduce its total costs. The global artificial lift systems market is segmented into key geographical regions that include North America, Asia Pacific, Europe, Latin America and MEA.
North America dominated the market in 2014 owing to substantial increase in the drilling activities in US and Canada as well as exploration of shale gas in these regions. High occurrence of oil rigs, increase in energy demand and requirement for modernized products is predicted to enhance the demand of artificial lift systems in North America during the forecast period. The region contributed more than 30% to the total revenue generated for 2014.
Asia Pacific region is predicted to experience tremendous industry growth during the forecasted period. Growing demand for petroleum items is predicted to drive the industry growth of the zone during this period. The demand for products like kerosene and gasoline is rising in China is further driving the industry growth in Asia Pacific region. Asia Pacific region is predicted to register CAGR of 9.1% during the forecast period.
Many petroleum firms in different parts of the globe have set up artificial lift systems to derive high volumes of crude oil and natural gas in order to save energy.
Heavy demand for manufacturing activities has increased the industry attractiveness significantly. Due to this, many new entrants providing maintenance services and having niche expertise technology may enter the industry. Key market players are using modern technologies to drill deep into the fields and produce more crude oil & natural gas.
Key market players profiled in the report are as follows:
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