DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Artificial Lift Systems Market Analysis By Product (Rod Lifts, Electrical Submersible Pumps, Progressive Cavity Pumps, Gas Lift, Hydraulic Pumps), By Region, And Segment Forecasts, 2014 - 2025" report to their offering.
The global artificial lift market is expected to reach USD 26.5 billion by 2025.
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.
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.
- Baker Hughes Incorporated
- Borets Company LLC
- Dover Corporation
- GE Energy (GE Power)
- Halliburton Company, LLC
- J&J Technical Services, LLC
- National Oilwell Varco, Inc.
- Schlumberger Limited
- Tenaris S.A.
- Torqueflow-Sydex Ltd.
Weatherford International Ltd
Key Topics Covered:
1. Methodology and Scope
2. Executive Summary
3. Artificial Lift Systems Industry Outlook
4. Artificial Lift Systems Market: Product Outlook
5. Artificial Lift Systems Market: Regional Outlook
6. Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/research/jppq6m/artificial_lift