Artificial Lift System Market Volume Forecast and Value Chain Analysis 2016-2024Posted by Robson Tolson on March 27th, 2017 In a new industry report published by Credence Research “Global Artificial Lift System industry - Growth, Future Prospects, Competitive Analysis, and Forecast 2016 - 2023,” the Global Artificial Lift System industry is expected to reach US$ 19.8 Bn by 2023, expanding at a CAGR of 4.7% during the forecast period 2016 to 2023. Browse the Artificial Lift System– Growth, Share, Opportunities & Competitive Analysis, 2016 – 2024 report at http://www.credenceresearch.com/report/artificial-lift-system-market Industry Insights Artificial lift system in oil & gas industry refers to use of artificial means to increase to flow of the crude oil from the well. Artificial lift system is a kind of enhanced oil recovery technique widely used to improve the well productivity especially for matured reserves as well as reserves with high viscosity crude oil. Artificial lift system is low cost conventional enhanced oil recovery technique used to improve production from oil well. It is done through various methods such as increasing extraction rate using submersible pumps which is the most popular artificial lifting method. Other methods such as rod lift, gas lift and progressive cavity pumps are expected to gain traction over the forecast period. Artificial lift system industry is expected to gain impulse with growing demand for fossil fuel coupled with increasing number of mature reserves across the globe expected to drive the demand of artificial lift system. Further, volatile oil prices influencing oil companies to reduce their per barrel cost of oil production. Thus, demand for enhanced oil techniques such as artificial lift system is expected to increase during the forecast period. Moreover, growing number of matured reserves and increasing exploration of non-conventional reserves are expected to fuel the demand for artificial lift system over the forecast period (2016-2023). However, high initial installation cost and lack of skilled labour for artificial lifting are expected to hamper the growth of artificial lift system industry during the forecast period (2016-2023). Competitive Insights: Global artificial lift system industry is segmented on the basis of type and geography. By type, electrical submersible pumps segment is projected to be the most dominant segment with due to high adoption of submersible pumps in artificial lifting of hydrocarbons from the oil well. Followed by it, rod lift is expected to be the fastest growing segment due to increasing adoption of the method as it is cost effective and considered as most of efficient method to extract hydrocarbons. The segment is anticipated to gain significant industry share by 2023. Leading players in the industry such as Weatherford, Schlumberger Limited and Baker Hughes Incorporated collectively accounts for over 50% of the revenue share in global artificial lifting industry. Key players are focusing on increasing their industry penetration through mergers and acquisitions of small players. Further, artificial lifting industry is expected to witness development of new products as leading players in the artificial lifting industry are investing significant amount in research and development to develop for efficient methods to increase the extraction rate of hydrocarbons. Overall, global Artificial Lift System industry is projected to register significant growth over the forecast period (2016-2023). Key Trends: • Merger & Acquisition • Investment in research and development • New techniques development Browse the Artificial Lift System– Growth, Share, Opportunities & Competitive Analysis, 2016 – 2024 report at http://www.credenceresearch.com/report/artificial-lift-system-market ToC: 1. Preface 2. Executive Summary 3. Market Dynamics 4. Global Artificial Lift System Market Size , By Type, 2013 – 2023 5. Global Fire Protection System Size Market for Oil & Gas Industry, By Geography, 2013 – 2023 Request Sample: http://www.credenceresearch.com/sample-request/58256 About Us: Credence Research is a worldwide market research and counseling firm that serves driving organizations, governments, non-legislative associations, and not-for-benefits. We offer our customers some assistance with making enduring enhancements to their execution and understand their most imperative objectives. Over almost a century, we’ve manufactured a firm extraordinarily prepared to this task. Quora: https://www.quora.com/What-will-the-upcoming-tends-in-the-artificial-lift-system-market-be Media Contact Name: Chris Smith Address: 105 N 1st ST #429, SAN JOSE, CA 95103 US E-mail: sales@credenceresearch.com Ph: 1-800-361-8290 Like it? Share it! More by this author |