Global Artificial Lift Market (Size of $14,214.6 Million in 2014) to Witness 10% CAGR duri
The global artificial lift market is expected to increase from $14,214.6 million in 2014, and reach up to $25,268.3 million in 2020, with a growing CAGR of 10.2%, during 2015 - 2020.
The global artificial lift market is expected to increase from $14,214.6 million in 2014, and reach up to $25,268.3 million in 2020, with a growing CAGR of 10.2%, during 2015 - 2020. The global artificial lift is mainly driven by the increasing shale oil and gas production. The key drivers for the artificial lift market include depleting oil reservoirs, increasing ultradeep and deepwater activities, and maturing oil and gas fields.
North America led the global artificial lift market in 2014, and is expected to maintain its dominance during the forecast period. The dominance of North American artificial lift market over other regions is due to the presence of recoverable shale oil and gas resources, in the region. The North American artificial lift market is expected to grow with the fastest rate of 11.1%, during the period 2015 - 2020.
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The increasing number of declining reservoirs is boosting the demand for artificial lift in other regions. The growth of the artificial lift market is attributed to the oil production, which has peaked in 33 countries out of 48(including some major producers such as Russia, Mexico and Kuwait), along with the upsurge in demand of artificial lifts, during the production.
The information and data in the publication “Global Artificial Lift Market Size, Share, Development, Growth and Demand Forecast to 2020” represent the research and analysis of data, from various primary and secondary sources. A bottom-up approach has been used to calculate the global artificial lift market. P&S Market Research analysts and consultants interact with leading companies of the concerned domain, to substantiate every value of data presented in this report. The company bases its primary research on discussions with prominent professionals and analysts in the industry, which is followed by informed and detailed, online and offline research.
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ARTIFICIAL LIFT MARKET SEGMENTATION
Artificial Lift by Type
Electric Submersible Pumps
Progressing Cavity Pumps
Artificial Lift Market by Region
Rest of Europe
Rest of Asia Pacific
Rest of the World (ROW)
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Nov 07, 2016