The global artificial lift systems market is expected to reach USD 29.61 billion by 2022, according to a new study by Grand View Research, Inc. The market is poised for steady growth owing to surge in technological advancements and innovations in order to provide efficient solutions. Recent developments reduce lifting costs through system components, which resists hostile environment, improve reliability, and optimize power usage. Industry players invest heavily in R&D to provide systems that can be easily used in harsh environmental conditions such as high temperature well and ultra low volume wells.
Saudi Arabia significantly pursues oil & natural gas drilling programs due to increasing domestic energy consumption. Due to increasing industrialization and construction activities in India, demand for fuel is rising at a faster pace, which is expected to drive artificial lift systems industry growth over the forecast period. African countries continue to drive oil & gas production, thereby increasing drilling activities.
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Further key findings from the study suggest:
- Electrical submersible pumps segment captured over 50% of the overall revenue generated in 2014. However, the segment may lose share over the foreseeable future owing to rise in adoption of rod lifts.
- Rod lifts segment is estimated to witness rapid growth over the forecast period. In 2014, the segment accounted for over 20% of the overall market share and it is increasingly used method for vertical wells, particularly in the U.S.
- High demand for hydraulic fracturing and horizontal drilling systems is expected to fuel over the next few years. Hydraulic fracturing activities have led to increased supply of oil & natural gas, especially in North America. Companies, thereby develop products to serve the hydraulic fracturing segment.
- In 2014, North America artificial lift systems market captured a sizeable share in terms of revenue. This may be attributed to rise in oil and water drilling activities. Further, prevalence of several oil rigs may also positively impact regional demand over the forecast period.
- On account of high demand for kerosene in local markets, Asia Pacific is estimated to witness rapid growth over the next seven years. The region accounted for over 20% of the overall revenue generated in 2014.
- The industry is consolidated in nature with the presence of few big players including Halliburton, Baker Hughes Incorporated, Cameron International Corporation, Dover Corporation, and GE Energy. Companies focus on expanding their global footprint through strategic alliances and collaborations. Expansion strategies primarily include provision of improved after-sales services, opening of new facilities, and expanding manufacturing capacity.
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About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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