The global artificial lift market is expected to reach USD 26.5 billion by 2025, according to a new report by Radiant Insights, Inc. The industry is anticipated to gain traction owing to the increasing fossil fuel demand coupled with the rising number of mature reserves, which hold a high volume of crude oil. Furthermore, volatile oil prices are persuading oil companies to decrease the per barrel oil production cost, thereby driving the demand for EOR techniques, such as artificial lift systems, over the forecast period.
The robust demand for crude oil and natural gas has led to the depletion of onshore reserves. This has offered offshore deep-water opportunities for several companies, thus catapulting the artificial lift market size. Additionally, technological advancements have encouraged Exploration and Production (E&P) companies to increase the production of crude oil and natural gas in offshore reserves, which is anticipated to further propel demand over the coming years.
Lifting systems are used in offshore applications of deepwater gas lift wells and for subsea production to augment the productivity of wells. Thus, the rising deepwater oil production is anticipated to spur the market growth. Owing to rapid industrialization, conventional sources of oil & gas are depleting at the expense of future energy demands. This has forced companies to meet the end-user demand by focusing on unconventional gas resources. As such, unconventional gas production is considered to act as a key opportunity for players operating in the market.
The demand for energy is increasing globally. The escalating demand for primary energy in transportation, power generation, and household activities has led to increased oil & gas consumption in major economies across the globe. This has led the producers of oil & gas to dig deeper to meet the increasing energy demands, thus instigating the need for artificial lift. However, the fluctuating oil prices and impacted investments would affect market growth, owing to high equipment and capital costs.
To Access Browse Full Research Report @:
http://www.radiantinsights.com/research/artificial-lift-systems-market
Further key findings from the report suggest:
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
1.3. List of Data Sources
Chapter 2. Executive Summary
Chapter 3. Artificial Lift Systems Industry Outlook
3.1. Key Regional Takeaways
3.2. Market Segmentation & Scope
3.3. Market Size and Growth Prospects, 2014 - 2025
3.4. Value Chain Analysis
3.5. Market Dynamics
3.5.1. Market Driver Analysis
3.5.1.1. Increasing deep/ ultra-deep offshore oil production activities
3.5.1.2. Increasing demand of energy across the world
3.5.1.3. Shift in trend toward developing unconventional resources
3.5.2. Market Restraint/Challenge Analysis
3.5.2.1. High cost of artificial lift equipment
3.5.2.2. High financial risks associated with fluctuating crude oil prices
3.5.3. Market Opportunity Analysis
3.5.3.1. Redevelopment of mature fields
3.6. Penetration & growth prospect mapping
To Access Request A Sample Copy Of This Report at: http://www.radiantinsights.com/research/artificial-lift-systems-market/request-sample
About Radiant Insights:
Radiant Insights is a platform for companies looking to meet their market research and business intelligence requirements. It assist and facilitate organizations and individuals procure market research reports, helping them in the decision making process. The Organization has a comprehensive collection of reports, covering over 40 key industries and a host of micro markets. In addition to over extensive database of reports, experienced research coordinators also offer a host of ancillary services such as, research partnerships/ tie-ups and customized research solutions.
Media Contact:
Company Name: Radiant Insights, Inc
Contact Person: Michelle Thoras
Email: sales@radiantinsights.com
Phone: (415) 349-0054
Address: 28 2nd Street, Suite 3036
City: San Francisco
State: California
Country: United States
For more information, Visit: http://www.radiantinsights.com
The robust demand for crude oil and natural gas has led to the depletion of onshore reserves. This has offered offshore deep-water opportunities for several companies, thus catapulting the artificial lift market size. Additionally, technological advancements have encouraged Exploration and Production (E&P) companies to increase the production of crude oil and natural gas in offshore reserves, which is anticipated to further propel demand over the coming years.
Lifting systems are used in offshore applications of deepwater gas lift wells and for subsea production to augment the productivity of wells. Thus, the rising deepwater oil production is anticipated to spur the market growth. Owing to rapid industrialization, conventional sources of oil & gas are depleting at the expense of future energy demands. This has forced companies to meet the end-user demand by focusing on unconventional gas resources. As such, unconventional gas production is considered to act as a key opportunity for players operating in the market.
The demand for energy is increasing globally. The escalating demand for primary energy in transportation, power generation, and household activities has led to increased oil & gas consumption in major economies across the globe. This has led the producers of oil & gas to dig deeper to meet the increasing energy demands, thus instigating the need for artificial lift. However, the fluctuating oil prices and impacted investments would affect market growth, owing to high equipment and capital costs.
To Access Browse Full Research Report @:
http://www.radiantinsights.com/research/artificial-lift-systems-market
Further key findings from the report suggest:
- The global artificial lift market exceeded USD 16 million in 2016 and is expected to grow at a CAGR of 5.7% from 2017 to 2025, which is primarily attributed to the increasing oil & gas production coupled with improving production efficiencies at mature fields.
- Electrical submersible pumps are anticipated to emerge as the largest product segment over the forecast period owing to the rising demand for oil worldwide and exploration of newer onshore as well as offshore reserves.
- The ever-rising population in Asia Pacific, particularly India and China, is anticipated to fuel the demand for oil & gas, which is further expected to instigate the adoption of artificial lift systems in this region.
- Key players such as GE Oil & Gas, National Oilwell Varco, Weatherford Plc, Halliburton, Dover Corp., and Schlumberger Limited dominated the market in 2016 with their emphasis on expanding the market presence through mergers and acquisitions.
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
1.3. List of Data Sources
Chapter 2. Executive Summary
Chapter 3. Artificial Lift Systems Industry Outlook
3.1. Key Regional Takeaways
3.2. Market Segmentation & Scope
3.3. Market Size and Growth Prospects, 2014 - 2025
3.4. Value Chain Analysis
3.5. Market Dynamics
3.5.1. Market Driver Analysis
3.5.1.1. Increasing deep/ ultra-deep offshore oil production activities
3.5.1.2. Increasing demand of energy across the world
3.5.1.3. Shift in trend toward developing unconventional resources
3.5.2. Market Restraint/Challenge Analysis
3.5.2.1. High cost of artificial lift equipment
3.5.2.2. High financial risks associated with fluctuating crude oil prices
3.5.3. Market Opportunity Analysis
3.5.3.1. Redevelopment of mature fields
3.6. Penetration & growth prospect mapping
To Access Request A Sample Copy Of This Report at: http://www.radiantinsights.com/research/artificial-lift-systems-market/request-sample
About Radiant Insights:
Radiant Insights is a platform for companies looking to meet their market research and business intelligence requirements. It assist and facilitate organizations and individuals procure market research reports, helping them in the decision making process. The Organization has a comprehensive collection of reports, covering over 40 key industries and a host of micro markets. In addition to over extensive database of reports, experienced research coordinators also offer a host of ancillary services such as, research partnerships/ tie-ups and customized research solutions.
Media Contact:
Company Name: Radiant Insights, Inc
Contact Person: Michelle Thoras
Email: sales@radiantinsights.com
Phone: (415) 349-0054
Address: 28 2nd Street, Suite 3036
City: San Francisco
State: California
Country: United States
For more information, Visit: http://www.radiantinsights.com
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