Global Artificial Lift Market (Size of USD 8.5 Billion in 2017) to Witness 6.3% CAGR During 2018-2023

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Global Artificial Lift Market
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Industry Overview

• Global artificial lift market was valued at USD
  8.5 billion in 2017 and reached to USD 12.2
  Billion by 2023. The increasing number of matured
  reservoirs that encompasses of huge amount of
  crude oil and extensive usage of fossil fuels are
  few factors that are driving the growth of this
  market across the globe. The artificial lift
  market is poised to grow at CAGR of 6.3 during
  the forecast period (2018-2023).
• Depleting oil reservoir and maturing oil and gas
  fields are the major factors contributing towards
  the growth of global artificial lift market.
  Artificial lifts helps he producers in attaining
  cost efficiencies, flexibility and optimizing the
  fluid control process. These factors are
  enhancing the major oil producer especially in
  regions such as Russia and Kuwait.
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  ial-lift-market

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market segmentation

• On the basis of type, the global artificial lift
  market is segmented into Rod Lift, Electric
  Submersible, Progressive Cavity Pumps, Gas Lift
  and Others types of artificial lift. Among all
  the types, rod lift is expected to witness the
  fastest growth, registering a CAGR 6.5 during
  the forecast period 20182023. The rapid growth
  of rod lift is contributed towards enhanced
  demand in U.S. and Canada for unconventional
  fabrication of oil and shale gas. Rod lifts are
  considered to be quiet economical and efficient
  alternative enabling manufacturers in developing
  consistency in several down hole equipments,
  which provides enhanced volume and higher
  deviations in production process thereby
  contributing towards the accelerating growth of
  global artificial lift market.

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Geographic Overview

• Geographically, North America is the largest
  artificial lift market as the region is observing
  pervasive demand for primary energy resources
  such as household activities, transportation and
  power generation is expanding the consumption of
  oil and gas in this region. This is persuading
  the manufacturers of oil and gas to meet this
  ever increasing demand and thereby dig deep, thus
  leading to accelerating demand for artificial
  lift in North America.
• Moreover, Asia Pacific is expected to witness
  fastest growth in artificial lift market during
  the forecast period 20172023. Countries in this
  region specifically China and India is estimated
  to swell the oil and gas demand that is expected
  to drive the demand for artificial lift market in
  this region.

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Competition among key players

• Due to increasing opportunities observed by oil
  and gas producers in artificial lift market and
  development of mature fields are encouraging the
  manufacturers to rapidly adopt this system and
  provide cost efficiency and steady performance to
  its customers. Market players in the artificial
  lift system are Baker Hughes, Schlumberger, Dover
  Corporation, Cameron International, Borets,
  Weatherford, GE Oil Gas, Halliburton, John
  Crane, and National Oilwell Varco.

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