Artificial Lift Systems Market worth $13.7 Billion by 2018

Tuesday 22 October 2013, Amsterdam

The report “Artificial Lift Systems Market, by Types (ESP, PCP, Rod Lift), by Component (Pump, Motor, Separator, Cable, Pump Jack, Sucker Rod), by Countries (U.S., Canada, Russia, China, Venezuela) - Trends & Forecast to 2018”, define and segment the Artificial Lift Systems Market with analysis and projection of the market revenue.

The Electric submersible pump system market of Russia, rod lift market of U.S. and progressive cavity pump market of Canada are the biggest artificial lift systems market for these lift markets respectively; and pump replacement in these markets is the biggest revenue producer for ESPs, PCPs, Rod lift component replacement market. Venezuela and China have the potential for artificial lift & its component markets. Venezuela’s progressive cavity pump market is the third biggest and fastest growing market within PCP system of top five consuming countries.

Electric Submersible Pump - Biggest Component Market of Artificial Lift

Electric submersible pump market is anticipated to be a leader within artificial lift market with respect to the market revenue. Russia and U.S. have the biggest installed base of ESP systems and component replacement market represent these countries as the biggest revenue pocket for ESP pump manufacturers. ESP pump market collectively in these two countries is estimated to grow at a CAGR of about 10.5% from 2013 to 2018.

U.S. - Largest Replacement Demand of Sucker Rods from the Installed Base of Rod Lift

U.S. rod lift market, being the biggest market world-over, accounted for about 50.8% of the global rod lift market in 2012 and is estimated to grow at a CAGR of 6.7% for the period of 2013 and 2018. U.S. is witnessing high growth in unconventional oil production such as shale oil, tight oil, and growing marginal well count, which support future demand for rod lifts and its components. The growth in rod lift installed base provides sustainability to sucker rod industry and with the biggest installed base, U.S. rod lift sucker rod market is expected to show the growth rate of 8.0% for the same period.

Increasing deep & ultra-deep offshore and heavy oil production, enhanced production requirements in mature fields, growing activities of subsea operations, coal bed methane production, and mounting installed base of artificial lifts drive the artificial lift component market. Redevelopment of the old & marginal fields and booming subsea operations promise future growth to artificial lift components manufacturers.