Artificial lift is a process used on oil wells to increase pressure within the reservoir and encourage oil to the surface. When the natural drive energy of the reservoir is not strong enough to push the oil to the surface, artificial lift is employed to recover more production.
The rising need to increase the efficiency of existing wells is one of the key drivers stimulating growth in the market during the estimated period. The drop in global crude oil prices has severely affected the upstream oil and gas sector and the drilling market. This resulted in high rates of employee layoffs and reduced revenues in major oil and gas companies. The decline in oil price has also reduced the profit margin of the upstream exploration and production (E&P) and service provider companies. This compels the upstream E&P companies to increase the efficiency and recovery of oil from existing wells. Consequently, the demand for artificial lift techniques will increase in the forthcoming years to recover oil from existing wells, mature fields, or new wells. Furthermore, explorers are also increasingly focusing on the recovery of oil using artificial lift techniques because the recovery of oil is relatively less expensive than drilling new wells.
The increasing demand for the production of oil and gas will fuel the adoption of artificial lift systems in the Americas. The US was the major participant in the production of crude oil and liquid fuel consumption during 2017. Owing to the constant increase in the demand from countries such as the US, Canada, and Mexico, North America is the second-largest consumer of crude oil across the world. This will consequently drive the market’s growth prospects in this region during the next four years.
In 2019, the market size of Subsea Artificial Lift Systems is xx million US$ and it will reach xx million US$ in 2025, growing at a CAGR of xx% from 2019; while in China, the market size is valued at xx million US$ and will increase to xx million US$ in 2025, with a CAGR of xx% during forecast period.
In this report, 2018 has been considered as the base year and 2019 to 2025 as the forecast period to estimate the market size for Subsea Artificial Lift Systems.
This report studies the global market size of Subsea Artificial Lift Systems, especially focuses on the key regions like United States, European Union, China, and other regions (Japan, Korea, India and Southeast Asia).
This study presents the Subsea Artificial Lift Systems production, revenue, market share and growth rate for each key company, and also covers the breakdown data (production, consumption, revenue and market share) by regions, type and applications. history breakdown data from 2014 to 2019, and forecast to 2025.
For top companies in United States, European Union and China, this report investigates and analyzes the production, value, price, market share and growth rate for the top manufacturers, key data from 2014 to 2019.
In global market, the following companies are covered:
Baker Hughes
Halliburton
National Oilwell Varco
Schlumberger
Weatherford
Borets
JJ Tech
Multi-Chase Group
NOVOMET
Market Segment by Product Type
Electric Submersible Pump System
Progressive Cavity Pump System
Rod Lift
Market Segment by Application
Oil Wells
Gas Wells
Key Regions split in this report: breakdown data for each region.
United States
China
European Union
Rest of World (Japan, Korea, India and Southeast Asia)
The study objectives are:
To analyze and research the Subsea Artificial Lift Systems status and future forecast in United States, European Union and China, involving sales, value (revenue), growth rate (CAGR), market share, historical and forecast.
To present the key Subsea Artificial Lift Systems manufacturers, presenting the sales, revenue, market share, and recent development for key players.
To split the breakdown data by regions, type, companies and applications
To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
To identify significant trends, drivers, influence factors in global and regions
To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
In this study, the years considered to estimate the market size of Subsea Artificial Lift Systems are as follows:
History Year: 2014-2018
Base Year: 2018
Estimated Year: 2019
Forecast Year 2019 to 2025
Summary:
Get latest Market Research Reports on Subsea Artificial Lift Systems . Industry analysis & Market Report on Subsea Artificial Lift Systems is a syndicated market report, published as Global (United States, European Union and China) Subsea Artificial Lift Systems Market Research Report 2019-2025. It is complete Research Study and Industry Analysis of Subsea Artificial Lift Systems market, to understand, Market Demand, Growth, trends analysis and Factor Influencing market.