Increasing demand for energy, increasing production of heavy oil and shale gas, and increase in the exploration activities are the major drivers for artificial lift system market. However, instability in oil and gas industry and stringent government regulations are the major threats for the market growth. The opportunity for the market lies in increasing levels of exploration activities and rising demand of the oil field equipment.
Electric submersible pump is the leading segment in artificial lift system market and rod lift is expected to generate highest revenue during the forecast period. Being the leading market for rod lift, U.S. accounted for more than 45% of share in global rod lift market due to increasing production of unconventional oils. The pump is extensively used to lift huge volumes of oil in both offshore and onshore wells. North America is the leading market for artificial lift systems followed by Europe and it is expected to continue its growth during the forecast period, due to increasing usage of artificial lifts in Mexico and Canada. In Asia Pacific, the demand for artificial lifts is expected to grow at a faster rate owing to the increasing demand for energy by China and India.
The key players of the market include, General Electric Company, Schlumberger Limited, Halliburton Company, Weatherford International Ltd., J&J Technical Services, LLC, Borets International Ltd., Flotek Industries, Inc., Baker Hughes Incorporated and Dover Corp.
o New Zealand
o Rest of Asia
o Middle East
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