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.
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.
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.
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.
Access Complete Research Report at: https://www.marketresearchfuture.com/reports/global-artificial-lift-market-961
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
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