Dublin, April 24, 2015 (GLOBE NEWSWIRE) -- Research and Markets (http://www.researchandmarkets.com/research/s76xcm/global_artificial) has announced the addition of the "Global Artificial Lift Pumps Market 2015-2019" report to their offering.
The Global Artificial Lift Pump market to grow at a CAGR of 8.95% 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.
Advances in technologies are the important trend emerging in the market. Incorporation of new technology in artificial lift pumps through continuous R&D will help the market to grow in the future. New technologies such as WRESP and High GLR ESP are field tested to overcome existing defects in artificial lift pumps.
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
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.
Key Vendors
- Baker Hughes
- GE Energy
- Schlumberger
- Weatherford International
Other Prominent Vendors
- Borets
- Dover
- Jsc Alnas
- National Oilwell Varco
- Norris Production Solutions
- Tenaris
Key Topics Covered:
- 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 more information visit http://www.researchandmarkets.com/research/s76xcm/global_artificial