DALLAS, December 17, 2014 /PRNewswire/ --
The report "Artificial Lift Market by Mechanism (Positive displacement, Dynamic displacement & Gas assisted), & Types (Rod Lift, ESP, PCP, Gas Lift) - Global Trends & Forecasts to 2019", published by MarketsandMarkets, defines and segments the artificial lift market with analysis and forecasting of value. It also identifies the driving forces and restraining factors for the artificial lift market, highlighting the latest trends and identifying opportunities.
Browse 65 market data tables and 22 figures spread through 190 pages and in-depth TOC on "Artificial Lift Market - Global Trends & Forecasts to 2019"
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The global Artificial Lift Market was valued at $10,197.4 million in 2013 and it is projected to reach a value of $17,730.2 million by 2019 from an estimated value of $11,236.2 million in 2014 with a CAGR of 9.6% for forecast period.
Growing production in some parts of the world such as Canada and Venezuela promise the growth of artificial lifts, fields in the Middle East region are undergoing redevelopment, processes where the use of artificial lifts is inevitable. Russia is currently a successful market and also is a prospective market considering its high production from mature fields which require artificial lifts to have successful production rates. South Eastern countries which have been engaged in offshore production for decades demand these lifts to enhance production rates. The fastest growing region is expected to be South & Central America, followed by Middle East and Africa. Currently, the most active market is North America, followed by Europe, reasoned by active implementation of development strategies.
Artificial lifts are suitable for conventional crude production, unconventional crude production, deep and ultra-deep offshore production, rehabilitation of fields, redevelopment of mature fields, low API crude, early production systems, enhanced oil recovery methods, other recovery methods such as Steam Assisted Gravity Drainage (SAGD), Circulated Steam Simulation (CSS) and Cold Heavy Oil Production (CHOPS).
In 2013, North America was the largest market for artificial lifts and accounted for a market share of 45.55%.
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The Artificial Lift Market is projected to grow at a CAGR of 9.6% between 2014 and 2019 with increasing demand in the Asia-Pacific region. The increase in demand for oil & gas is the prime driver for market growth.
The leading players in artificial lift market include Baker Hughes Inc. (U.S.), Schlumberger Ltd (U.S.), Weatherford International Ltd (Switzerland), Halliburton (U.S.), National Oilwell Varco (U.S.), Borets (Russia), and Tenaris S.A. (Luxembourg) and others. The market players in artificial lift market make substantial investments in R&D to continuously introduce new and more efficient designs. The companies are expanding their markets into new geographic territories to take advantage of new opportunities in emerging economies, while simultaneously maintaining focus on developed markets.
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