2014, North America gained the major portion about 72% of the global artificial lift market; North America market was valued at USD 5.68 billion in 2014. On the back of rise in discovery and exploration of shale gas activities Canada and the U.S. are expected to gain top position in the North America region.With 9.8% CARG, Asia-Pacific is expected to witness enormous gains over the period of 2015 to 2021. Factors like increased commercial activities, expanded budget allocation on infrastructure development would lead to surged demand for petroleum products which would act as the growth driver for the artificial lift system in the region over the forecasted years.
Artificial lift systems used in oil and gas tanks is an artificial way used to increase the flow of fluids or production. It assists in increasing the pressure in the oil wells which helps to increase the flows of oil easily on to the surface.
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Expansion in the oil and gas industry, multiphase gas-handling pumps, advanced technologies like web-based monitoring services and multiphase gas-handling pumps are the main driver for the global artificial lift system market.
Global artificial lift systems market is totally dependent upon the oil and gas sector. In recent time, international crude oil prices plunged to USD 38 per barrel and created worried situation for the oil producing countries and the overall market. Further, lacking expertise, complicated operations and huge investment are main restrains for the global artificial lift system market.
Market Segmentation
By Mechanism
On the basis of mechanism, the global artificial lift system market can be divided into:
Positive Displacement
Dynamic Displacement
Gas assisted
By Types
On the basis of types, the global artificial lift system market is segmented as follows:
Rod Lift
Electrical Submersible Pump (ESP)
Progressive Cavity Pump (PCP)
Gas Lift
Others
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key Players
The key players of the global artificial lift system market are as follows:
Baker Hughes Incorporated
Cameron International Corporation
Flotek Industries, Inc
Halliburton Company
J&J Technical Services, LLC
Dover Corporation
General Electric Company
John Crane Group
Kudu Industries, Inc
Borets Company LLC
Scope and Context
Overview of the Parent Market
Analyst View
Market Size and Growth
North America (U.S., Canada)
Latin America (Mexico, Brazil, Rest of Latin America)
Western and Eastern Europe (Germany, Italy, Spain, France, U.K, Benelux, Hungary, Rest Of Western Europe, Russia Poland, Rest of Eastern Europe)
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