Artificial
Lift Market Overview
The need for an artificial lift in almost
all oil & gas wells to remove water is expected to garner substantial
growth in the artificial lift market around the globe. According to the latest
MRFR report, the global artificial lift market is expected to showcase a steady
CAGR during the forecast period of 2016-2027. Furthermore, increasing
production of heavy oil, the rise in the demand for energy across the globe,
improving production efficiency and the increase in the production of shale gas
are some of the factors driving exponential growth to the global artificial
lift market during the forecast period.
Key growth opportunities are served to the
artificial
lift market due to many recoverable shale gas reserves. A decline in
onshore production and the increasing demand for oil & gas are projected to
push major operators to increase deep-water activities. Additionally, the growing number of wells
that need secondary extraction, enhanced recovery rates, and the rapid
proliferation in demand for technological advancements and energy and
petrochemicals are allowing companies to extract oil from difficult areas, further
driving artificial lift market growth. Also, rapid industrialization is causing
oil & gas sources to deplete, leading to the companies to fulfill consumer
needs by looking for unconventional gas resources, primarily driving
substantial growth to the market.
Request Free Sample Copy
with Complete TOC @ https://www.marketresearchfuture.com/sample_request/830
Segmental
Analysis
The global artificial lift market is
segmented on the basis of type, mechanism, and application. The market is
segmented into electrical submersible pump (ESP), rod lift, gas lift, and
progressive cavity pump on the basis of type. The rod lift segment is
anticipated to garner a larger revenue share and dominate the artificial lift
market. Also, the ESP and plunger segments are projected to witness
augmentation during the forecast period.
The global artificial market is segmented into
pump assisted and gas assisted. The pump assisted segment is further segmented
into positive displacement and dynamic displacement. The pump assisted segment
garnered the largest market share in 2016. The dynamic displacement sub-segment
is expected to witness the fastest market growth for artificial lift. By
application, the artificial lift market is segmented into onshore and offshore.
The onshore segment is predicted to capture a larger market share due to the
presence of a high amount of onshore oil wells.
Browse Complete Research
Report @ https://www.marketresearchfuture.com/reports/artificial-lift-market-830
Detailed
Regional Analysis
The report published by MRFR has been
studied by segmenting the artificial lift market into North America, Europe,
Asia Pacific (APAC), and Rest of the World (RoW). North America dictated the
market in 2017 and is expected to continue holding the bulkiest share during
the forecast period. The market growth in North America can be accredited to
the presence of many oil reserves in onshore basins, a decline in the
production from mature conventional fields, and an increase in the adoption of
latest technologies in the oil & gas sector. Challenges faced by North
America’s oil industry for meeting high energy demand are proliferating growth
in the market due to the rising adoption of secondary extraction techniques
like artificial lifting.
The European market is anticipated to
witness a steady growth rate during the review period. The Asia Pacific market
is estimated to project a higher growth rate than Europe due to an increasing
focus towards the development of shale gas projects in various developing
countries.
Key
Players
Prominent players in the artificial lift
market, as profiled by Market Research Future include Cameron International,
Borets, GE Oil & Gas, Dover Corporation, and Baker Hugh. Key players in the
market are focusing on enhancing their business via inorganic growth ventures.
Industry
Update
March 2019: AccessESP Rigless Wireless
Retrievable ESP technology has been chosen as the winner of the Hartenergy
E&P prestigious Meritorious Awards for Engineering Innovation (MEA) for the
Artificial Lift Category. The award will be presented on 8th May 2019.
View
More Info @ https://bit.ly/2UKzDT5
About
Market Research Future:
At Market Research Future (MRFR), we
enable our customers to unravel the complexity of various industries through
our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw
Research Reports (3R), Continuous-Feed Research (CFR), and Market Research
& Consulting Services.
Contact:
Market Research Future
+1 646 845 9312
No comments:
Post a Comment