Need for Efficient Operation drives the growth for Global Artificial Lift Market

Allied Market Research published a report titled "Global Artificial Lift Market - Size, Industry Analysis, Trends, Opportunities, Growth and Forecast, 2013 – 2020."

 

 The report expects the market to reach a size of 27.3 billion by the year 2020 with a CAGR of 10.5% during the period 2014-2020. The oil industry is compelled to optimize spending by increasing the efficiency. This is done by installing artificial lift, which boosting the growth for the global artificial lift market.

 

As a consequence of geopolitical results, oil costs have declined radically in recent year. The oil costs have arrived at beneath the 50% of the worth they had around a year prior, accordingly, influencing productivity of oil extraction and manufacturing organizations. With an end goal to meet business focuses with financial requirements, organizations are controlling themselves from putting resources into new undertakings.

 

The main practical option to build generation would be accomplished by expanding yield effectiveness. Artificial lift is rising as an answer for this issue, which guarantees the most extreme effectiveness and ideal use of oilfield assets.

 

Among the distinctive sorts of artificial lifts, the rod lifts are the most favored ones, because of their economic execution while separating oil from ultra-profound oil fields. Plunger lift innovation is picking up an expanding footing in the business sector due to its low cost of maintenance and capability to work with a blended extents of oil and gas. North America drives the business sector because of the developing need of artificial lifts to concentrate oil from low-weight oil wells in the district.

 

Plunger lifts segment would witness a CAGR of 18.2% during the study period. Asia Pacific is expected to grow rapidly with a CAGR of 13.2%.

 

Key companies profiled in the report are:

 

• Halliburton
• Weatherford
• GE Energy
• National Oilwell Verco
• Dover Corp.
• Tenaris.

 

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