LONDON--(BUSINESS WIRE)-- Technavio has announced the top six leading vendors in their recent global subsea artificial lift systems market report until 2021. This research report also lists 11 other prominent vendors that are expected to impact the market during the forecast period.
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Technavio has published a new report on the global subsea artificial lift systems market from 2017-2021. (Graphic: Business Wire)
The research study by Technavio on the global subsea artificial lift systems market for 2017-2021 provides a detailed industry analysis based on the product type (pump assisted and gas assisted artificial lift systems) and geography (the Americas, EMEA, and APAC).
“The global subsea artificial lift systems market is projected to grow to USD 3.65 billion by 2021, at a CAGR of more than 2% over the forecast period. The technological innovations in artificial lift technology is currently driving the market growth,” says Thanikachalam Chandrasekaran, a lead analyst at Technavio for oil and gas research.
Competitive vendor landscape
The global subsea artificial lift systems market is characterized by the presence of well diversified international and regional vendors. The market is highly competitive with major vendors competing on the basis of price, quality, and market presence. The recent fall in the global crude oil prices impacted the upstream oil and gas industry, which resulted in the decline in investments in drilling operations.
Global oil prices are in the process of recovery, which is driving the subsea artificial lift systems market. Supported by the increased focus on deepwater exploration and the rising demand for oil and gas, vendors with an international presence see a pool of opportunities in the future.
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Top six vendors in the global subsea artificial lift systems market
Baker Hughes is a US-based industrial service provider in the supply of oilfield services, products, technology, and systems used in the oil and gas industry. The company is also involved in services and products in downstream chemicals, process, and pipeline services.
General Electric is an international conglomerate providing industrial services and financial services. It manufactures equipment for the oil and gas industry, which are used across all segments of the oil and gas value chain. The company offers subsea artificial lift systems through its Oil and Gas segment.
Halliburton is one of the world's leading service provider companies engaged in the exploration, development, and production of oil and natural gas. The company serves the major oil and natural gas companies worldwide in the upstream sector.
National Oilwell Varco
National Oilwell Varco provides components and equipment used in the oil and gas drilling industry. The company operates its business through three reportable segments, namely rig technology, petroleum services and supplies, and distribution and transmission.
Schlumberger is one of the world’s largest oilfield service companies with a variety of business units. The company provides a varied range of services, including seismic surveys, formation evaluation, drilling technologies and equipment, cementing, well construction and completion, and project management.
Weatherford provides equipment and services used in the drilling, evaluation, completion, production, and intervention of oil and natural gas wells worldwide. It is one of the largest international oil and natural gas service companies.
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Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.
Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, resellers, and end-users.
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Source: Technavio Research