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

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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 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. Additionally, large proportion of the global oil and gas production are generated from the settled oil and gas fields. – PowerPoint PPT presentation

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


1
Global Artificial Lift Market
enquiry_at_vynzresearch.com
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2
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.
  • Explore Full Report Description at
    https//www.vynzresearch.com/press-release/artific
    ial-lift-market

3
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.

4
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.

5
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.

6

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