Artificial Lift Market Worth $16.0 Billion by 2018

DALLAS, March 21, 2013 /PRNewswire/ --

The report "Artificial Lift Systems Market: By Types (Rod Lift, ESP, PCP, Gas Lift) and Geography - Global Trends and Forecasts To 2018" defines and segments the global artificial lift market with analysis and forecasting of the global revenue. It also identifies driving and restraining factors for the global artificial market with an analysis of trends, opportunities, burning issues, and winning imperatives. The market is segmented and revenues are forecasted on the basis of major regions such as North America, South and Central America, Europe, Middle East and Africa, and Asia-Pacific. The key countries are covered and forecasted for each region. Further, the market is segmented and revenues are forecasted on the basis of major types of lifts used in the oil and gas industry.

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When the rate of production falls due to the low reservoir pressure, new methods are adopted to increase the production. This process of increasing recovery in low margin production wells are supported by artificial lifts. Artificial lifts create a steady low pressure or reduced pressure in the well bore against the formation pressure allowing well fluids to travel through the well bore continuously to the surface. Artificial lifting is widely approached by two methods: the first is by using gas lifting where the pressure gradient of the tubing is decreased to create sufficient pressure difference to lift the crude to the surface; the second method is carried out by the use of downhole pumps.

Increasing deep and ultra-deep offshore and heavy oil production, enhanced production requirements in mature fields and growing energy demand drives the artificial lifts market. Redevelopment of fields and booming subsea operations promise the future of artificial lifts as viable opportunities.

The artificial lift market is segmented as ESP, Rod Lift, PCP, Gas Lift, and other minor types of lifts. These lifts have purpose specific demands marking the individuality in the capabilities of each lift. These lifts are found useful in conventional crude production, unconventional crude productions, stripper wells, enhanced oil recovery processes, rehabilitation of fields, low API crude, deep and ultra deep offshore production and in the early production system. These lifts result in bringing an uneconomic well to economic levels of rendering profit and addressing demand.

The global artificial lift market in terms of revenue was estimated to be $9.3 billion in 2012 and is expected to reach $16.0 billion by 2018, growing at a CAGR of 9.5% from 2013 to 2018. North America dominated the global artificial lift market, accounting for 45.5% of the global artificial lift market revenue in 2012. The European region is expected to have the second highest market revenue by 2018. The South & Central American region is expected to be the fastest growing market in the future, with a CAGR of 15.3% from 2013 to 2018, owing to the rising production in this region. The Middle East and African regions are expected to have the highest growth market growth from 2013 to 2018.

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