Transparency Market Research, a global market intelligence firm, has recently made an announcement regarding the publication of a new market research report made available on the company website. The research report, titled “Artificial Lift Systems Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2020,” provides a comprehensive analysis of the artificial lift systems market, emphasizing on the market overview, product segmentation, market drivers and barriers, market trends, geographical segments, and competitive landscape of the market.According to the research report, in 2013, the global artificial lift systems market was valued at US$13 bn and is estimated to reach a value of US$19.8 bn by the end of 2020. The market is projected to exhibit a significant 6.20% CAGR between 2014 and 2020.
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Artificial lifts comprise the usage of artificial means to enable the flow of liquids such as water or crude oil from a production well. An artificial lift is required in wells when there is inadequate pressure in the reservoir in order to lift the manufactured fluids to the surface; however, many times, it is used in naturally flowing wells to escalate the flow rate beyond what would be flowing naturally. The manufactured fluid can be water, oil, or even a combination of water and oil, characteristically mixed with some quantity of gas.
The rapid growth of the global artificial lift systems market can be attributed to the rising deepwater oil production and growing presence of matured reserves, which hold a high volume of crude oil. In addition, unconventional production of gas is considered as a major opportunity for the major players in the global artificial lift systems market. On the other hand, the decreasing cost of crude oil is the major factor that is hampering the growth of the global market.
By product, the global artificial lift systems market has been classified into hydraulic pumps, progressive cavity pumps, plunger lifts, gas lifts, electrical submersible pumps, and rod lifts. Currently, the electrical submersible pump segment accounts for the largest market share in the global market due to its low operational costs and high extraction rate. On the other hand, high efficiency and longer lifespan are the key factors that are estimated to propel the demand for gas lifts, resulting in steady overall growth of the global artificial lift systems market.
The global market for artificial lift systems has been divided on the basis of geography into Europe, North America, Asia Pacific, and Rest of the World. The market shares and estimates of every segment have been discussed in the scope of the research report.
Furthermore, the research study talks about the competitive landscape of the global artificial lift systems market. The profiles of major companies and their contact information, financial overview, product portfolio, business strategies, SWOT analysis, and recent developments such as major mergers and acquisitions have been discussed in the scope of the research report. Some of the prominent players operating in the global artificial lift systems market are Schlumberger Limited, Weatherford International Ltd, Borets Company LLC, Flotek Industries, Inc., National Oilwell Varco, Inc., Superior Energy Services, Inc., Dover Artificial Lift, Kudu Industries, Inc., Halliburton Company, and Baker Hughes, Inc.
Key segments of the Artificial Lift Systems market:
Artificial Lift Systems Market: Product Type Analysis
-Electrical submersible pump
-Progressive cavity pump
Browse the full Artificial Lift Systems Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2020 report at http://www.transparencymarketresearch.com/artificial-lift-system-market.html
Artificial Lift Systems Market: Regional Analysis
-Rest of the World (RoW)
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