The artificial lift systems market is estimated to rise at about 9.7 percent CAGR from 2014 to 2019. It is predicted to rise decently through the forecast period. The aforementioned phase marks the forecast period. The worldwide market is sliced further on account of three categories. These are inclusive of kinds, mechanisms and geographies. The kinds market is segmented into rod lifts, gas lifts, electrical submersible pumps, progressive cavity pumps, and others.
The artificial lift systems market, on account of mechanisms, is divided into dynamic displacement, positive displacement and gas assisted. The geographies market is inclusive of four regions, Asia Pacific, rest of the world, Europe and North America. The region of rest of the world comprises South and Central America and the Middle East and Africa. The worldwide artificial lift systems market was anticipated at about USD 10, 197 in 2013. It is expected to exceed around USD 17, 730 million by 2019.
The market is projected to observe a CAGR of around 9.7 percent during the forecast period. It is anticipated to witness increased demand in the rest of the world. This is on account of exploration of offshore resources in Tanzania, Egypt and Mozambique. Moreover, augmented manufacturing and discovery operations in West Africa and Latin America have also steered further development of the artificial lift systems market.
North America is likely to dominate the worldwide market till 2020. It is estimated to be the biggest market till the same year. With the exploration of shale gas resources and escalating drilling operations in Canada and the United States, the artificial lift systems market is predicted to augment further in the region. Demand for artificial lift systems is also rising considerably on account of vast shale gas resources explorations in Spain, Poland and Denmark.
Boosting demand for these systems in the sectors of natural gas and crude oil in Europe is also likely to further the sales of the artificial lift systems market.