November 20, 2019
According to the latest study titled ‘Global Artificial Lift Market: By Lift Technology (Beam Lift, Plunger, Gas Lift, Electric Pump, Hydraulic Pump, Progressive Cavity Pump, Others), By Mechanism, By Application, By Region, By Country (2018 Edition): Forecast to 2023-- By Mechanism (Pump Assisted, Gas Assisted), By Application (Onshore, Offshore), By Country (USA, Canada, Mexico, Argentina, Brazil, Russia, Norway, United Kingdom, China, India, Indonesia, Saudi Arabia, Oman, Algeria)’ available at MarketStudyReport.com, the global artificial lift market is estimated to grow with a CAGR of 4.6% through the year 2023.
Artificial lift is used to increase the flow from a well and improve the production of oil. Factors such as rising number of rigs across the globe and increasing activities for well completion in non-conventional and conventional fields are driving the growth of artificial lift market. Moreover, rising price and demand of hydrocarbons in tandem with the development in upstream sector will drive the oilfield services industry resulting in the expansion of artificial lift market.
The study encompasses details about market size based on revenue shares and growth opportunities for individual segments. It analyses the competitive landscape of artificial lift market using SWOT analysis and Porter’s Five Force analysis methods. Information about the market dynamics covering drivers and restraints is also outlined in the report.
Based on type, artificial lift market is classified into progressive cavity pump, electric submersible pump, plunger, beam/rod type, hydraulic pump, gas lift, and others. While speaking of mechanism, the industry is split into pump assisted and gas assisted. In terms of application spectrum, the artificial lift market is bifurcated into onshore and offshore.
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Considering the geographical landscape, the global artificial lift market is fragmented into regions, namely, North America, Latin America, APAC, Europe, Middle East and North Africa. As per the report, North America dominated the artificial lift market in 2018 and is presumed to display lead position in the upcoming years. Moreover, APAC is slated to experience strong growth over the forecast period, owing to ever-increasing demand of hydrocarbon and rising investments in exploitation of conventional and non-conventional resources in the regions of China and India.
Some of the vendors that operate in artificial lift market are Schlumberger, Weatherford, Baker Hughes, Dover Corporation, Borets International ltd., National Oil Varco, Halliburton, and Novomet.
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