Artificial Lift Market Worth $16.0 Billion By 2018
Increasing deep and ultra-deep offshore and heavy oil production, enhanced production requirements in mature fields and growing energy demand drives the artificial lifts market. Redevelopment of fields and booming subsea operations promise the future of artificial lifts as viable opportunities.
The artificial lift market is segmented as ESP, Rod Lift, PCP, Gas Lift, and other minor types of lifts. These lifts have purpose specific demands marking the individuality in the capabilities of each lift. These lifts are found useful in conventional crude production, unconventional crude productions, stripper wells, enhanced oil recovery processes, rehabilitation of fields, low API crude, deep and ultra deep offshore production and in the early production system. These lifts result in bringing an uneconomic well to economic levels of rendering profit and addressing demand.
The global artificial lift market in terms of revenue was estimated to be $9.3 billion in 2012 and is expected to reach $16.0 billion by 2018, growing at a CAGR of 9.5% from 2013 to 2018. North America dominated the global artificial lift market, accounting for 45.5% of the global artificial lift market revenue in 2012. The European region is expected to have the second highest market revenue by 2018. The South & Central American region is expected to be the fastest growing market in the future, with a CAGR of 15.3% from 2013 to 2018, owing to the rising production in this region. The Middle East and African regions are expected to have the highest growth market growth from 2013 to 2018.
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