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.
Browse the full Global Artificial Lift System Market by Type and Geography - Growth, Future Prospects, Competitive Analysis, and Forecast 2016 – 2023 report at http://www.credenceresearch.com/report/artificial-lift-system-market
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.
Global artificial lift system market 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 market share by 2023.
Leading players in the market such as Weatherford, Schlumberger Limited and Baker Hughes Incorporated collectively accounts for over 50% of the revenue share in global artificial lifting market. Key players are focusing on increasing their market penetration through mergers and acquisitions of small players. Further, artificial lifting market is expected to witness development of new products as leading players in the artificial lifting market 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 Market is projected to register significant growth over the forecast period (2016-2023).
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