Lewes, DE -- (SBWire) -- 04/01/2015 --Report forecast the Global Artificial Lift Pump market to grow at a CAGR of 8.95 percent over the period 2015-2019.
Artificial lift pumps are used in oil wells to increase the pressure within the reservoir and encourage oil to move to the surface. When the natural force of the well is not strong enough to push the oil to the surface, an artificial lift pump is employed. Globally, more than 70 percent of oil wells have lost natural pressure and are in their mature phase.
The Global Artificial Lift Pumps market includes the following major product segments: ESP Systems, Rod Lift Systems, PCP Systems, Gas Lift Systems, Plunger Lift Systems, Hydraulic Lift Systems, and Others.
According to the report, need for high crude oil production from existing fields is one key factor driving the market. Crude oil is one of the important energy resources. Hence, rapid urbanization and industrialization in developing countries have resulted in need for more energy sources. Demand for crude oil is rising every year leading to increased production.
Further, the report states that deferment of investment decisions is one key challenge hindering market growth. The price of oil has nearly halved in 2014 leading to reduced revenues and inventory write-off forcing oil exploration companies to reduce and postpone major investment decisions
Global Artificial Lift Pump Market 2015-2019, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the Americas, Europe, and the APAC and MEA regions; it also covers the Global Artificial Lift Pump market landscape and its growth prospects in the coming years. The report also includes a discussion of the key vendors operating in this market.
key players in the Global Artificial Lift Pumps Market: Baker Hughes Inc., GE Energy LLC, Schlumberger Ltd. and Weatherford International Ltd.
Other Prominent Vendors in the market are: Borets Company, Dover, JSC Alnas, National Oilwell Varco, Norris Production Solutions and Tenaris.
Key Regions
- Americas
- APAC
- Europe
- MEA
Market Driver
- Need for High Crude Oil Production from Existing Fields
- For a full, detailed list, view our report
Market Challenge
- Fluctuating Raw Materials Cost
- For a full, detailed list, view our report
Market Trend
- Advances in Technology
- For a full, detailed list, view our report
Key Questions Answered in this Report
- What will the market size be in 2019 and what will the growth rate be?
- What are the key market trends?
- What is driving this market?
- What are the challenges to market growth?
- Who are the key vendors in this market space?
- What are the market opportunities and threats faced by the key vendors?
- What are the strengths and weaknesses of the key vendors
Spanning over 75 pages and 30 Exhibits "Global Artificial Lift Pumps Market 2015-2019" report covers Executive Summary, List of Abbreviations, Scope of the Report, Market Research Methodology, Introduction, Market Landscape, Market Segmentation by Technology, Geographical Segmentation, Key Leading Countries, Buying Criteria, Market Growth Drivers, Drivers and their Impact, Market Challenges, Impact of Drivers and Challenges, Market Trends, Trends and their Impact, Vendor Landscape, Key Vendor Analysis.
For further information on this report, please visit- http://www.marketresearchreports.com/technavio/global-artificial-lift-pumps-market-2015-2019
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