Market Scenario
The Global Artificial Lift Market is growing due to decline in oil reservoirs, increase in shale oil and gas production. The recent decline in oil prices is also estimated to increase the demand for production focused services such as pressure pumping, artificial lift and enhanced oil recovery in comparison to drilling services. The unconventional production has transformed the oil and gas industry in North America over the last decade. The tight oil production in U.S. has pushed its crude oil supply to over 10% of world total. There are different types of artificial lifts which include rod lift, electric submersible pumps, progressive cavity pumps, gas lift and others. The Artificial lift Market is projected to grow at a high CAGR of around 7% during the forecast period.
Increasing focus towards production optimization, and growing number of mature oil fields are major driving factors for the artificial lift market. North America held the largest share within the global Artificial Lift Market expected to be the dominant market during he forecast period as well. Electric submersible pumps contribute a major part within the Global Artificial Lift Market as compared to other lift types.
Key Players
Key players in this market are: Baker Hughes, Borets, Cameron International, Dover Corporation, GE Oil & Gas, Halliburton, John Crane, National Oilwell Varco, Schlumberger, and Weatherford. The companies in this market have adopted various strategies such as mergers and acquisitions, expansions, and new product developments to append their market share.
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Global Artificial Lift Market Segmentation
The global market for artificial lift can be segmented on the basis of Type, Mechanism, Application, and Region.
The market has been segmented into electrical submersible pump (ESP), rod lift, progressive cavity pump (PCP), gas lift, and others based on type. The rod lift market contributed a larger revenue share and is expected to be a dominant market over the forecast period. While the ESP and plunger segment is expected to show a significant growth rate in the years to come.
The market has been segmented into pump assisted which is further subdivided into positive displacement and dynamic displacement and gas assisted. Among these, the pump assisted artificial lift mechanism is projected to show the largest market share in 2018. The dynamic displacement segment is the fastest growing segment within the pump assisted segment.
The market has also been segmented into onshore and offshore based on application. Owing to the presence of a high amount of onshore oil wells, the onshore segment held a larger market share in 2017.
Intended Audience
- Submersible Pump manufacturing companies
- Oil & gas service providers
- Oil & gas industry Consultants and Investment bankers
- Government as well as Independent Regulatory Authorities
Key Findings
The key findings of the report “Global Artificial Lift Market includes:
- Increasing focus towards production optimization, and growing number of mature oil fields are major factors driving the growth of the artificial lift market
- Strict government regulations and environmental issues associated with the oil and gas production is inhibiting the growth of the artificial lift market
- Geographically, North America has the largest share in global artificial lift market and is also expected to be the fastest growing region
- Based on the type, electric submersible pumps have the largest market share in the artificial lift market.
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Artificial Lift Market Table of content
1 Report Prologue
2 Global Artificial Lift Market 2018-2027: Introduction
2.1 Definition
2.2 Scope Of The Study
2.3 Market Structure
2.4. Market Segmentation
3 Global Artificial Lift Market 2018-2027: Research Methodology
3.1 Research Process
3.3 Primary Research
3.3 Secondary Research
Continue……..
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