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Global Artificial Lift Market is Estimated to Reach $36.4 Billion By 2024, Says Variant Market Research
Published By: Variant Market Research Publishing Date: 15 October 2017

Global Artificial Lift Market Report, published by Variant Market Research, forecast that the global market is expected to reach $36.4 billion by 2024 from $16.2 billion in 2016; growing at a CAGR of 10.7% from 2016 to 2024. The retrieval of hydrocarbon resources from the pool or its reservoir occurs either due to natural bottom hole pressure or by producing artificial pressure using artificial lift. Though, a number of Enhanced Oil Recovery (EOR) techniques are accessible for increasing the quantity of hydrocarbon recovery, but they are considered as tertiary recovery techniques. The artificial lift, on the other hand is a primary recovery or retrieval technique, which is low cost and effective means of continuing the desired production rate in a well. An artificial lift is applied to overcome bottom-hole pressure when natural bottom-hole pressure is not adequate to support the movement or flow of hydrocarbons from reservoir to the well. The artificial lift system allows to overcome downhole pressure in order to preserve the desired `manufacture rate from a producing well.

"Artificial Lift Market (By Type: Rod Lift, Electric Submersible Pump (ESP), Progressive Cavity Pump (PCP), Gas Lift, and Others; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 - 2024"

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Increasing demand and consumption of oil & gas to drive the artificial lift market

Some of the factors driving the growth of global artificial lift market includes industry’s inclination and efforts to optimize upstream resources which is considered as one of the vital drivers for the global artificial lift market. Additionally, the retrieval in crude oil price after recent plunging is also likely to drive investments in global artificial lift market. The desire to sustain the production rate in a well in count to the cost efficiency, an artificial lift system delivers as compared to tertiary retrieval techniques, the artificial lift market is expected to witness improved revenue in years to come.

Market Segmentation

Type, and geography are the major segments of global artificial lift market. Type segment is further categorized into rod lift, electric submersible pump, progressive cavity pump (PCP), gas lift and others. Based on geography, the global artificial lift market has been segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). Country wise analysis of all the regions have been also included in the report.

Rod Lift accounted for the largest market share in the type segment

Rod Lift accounted for the largest market share in 2016, and is expected to continue its dominance during the forecast period 2016 – 2024.  Simple design, and less cost to transfer to other wells, easy operability and no requirement of skilled workforce, and the capability of pumping well down to identical low pressure are considered to be the major factors for the market growth of this segment.

Artificial Lift Market By Type
Global Artificial Lift Market Report, published by Variant Market Research, forecast that the global market is expected to reach $36.4 billion by 2024 from $16.2 billion in 2016; growing at a CAGR of 10.7% from 2016 to 2024.

North America is anticipated to grow at a fastest CAGR over the forecast period

North America is expected to attain the fastest CAGR of 11.1% during the forecast period 2016 - 2024, driven by the expanding needs for oil and gas in various industry. The region also held the largest market share of 47.8% in 2016, owning to well-developed economy and increasing demand at highest pace in the country.


GLOBAL ARTIFICIAL LIFT MARKET SHARE BY GEOGRAPHY, 2016

 INDUSTRY SEGMENT CATEGORIES      Semiconductor & Electronics     Consumer Electronics     Automotive     Consumer Goods     Food & Beverages     Pharmaceuticals     Medical Devices     Chemicals & Materials     Energy & Mining     Automation     Defense & Aerospace     Information & Communication Technology     Life Sciences      PR Description     Request Sample     Ask For Customization  Global Artificial Lift Market Report, published by Variant Market Research, forecast that the global market is expected to reach $36.4 billion by 2024 from $16.2 billion in 2016; growing at a CAGR of 10.7% from 2016 to 2024.

Competitive Landscape

The major market players focus on R&D to provide modified solutions specific to the well and customer needs requirements while coming up with effective and modest methods for improving the extraction of hydrocarbons. Major players use modern technologies such as web-based monitoring or nursing and robotic services to drill deep into the fields and to optimize production. Moreover, the companies object at attaining a competitive advantage by collaborations and acquisitions. In, October 2014, Dover Corporation acquired Accelerated Companies LLC, a supplier of fluid handling and artificial lift products and solutions to oil & gas industry. The acquisition was intended at solidifying its market presence.

The major key players operating in the market are Baker Hughes Incorporated, GE Energy, Halliburton Company, LLC., Dover Corporation, National Oilwell Varco, Inc., Schlumberger Limited and Weatherford International Ltd., Cameron International, Flotek Industries Inc., and Kudu Industries, among others.

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Chapter 1 Prefix
    1.1 Market Scope
    1.2 Report Description
    1.3 Research Methodology
          1.3.1 Primary Research
          1.3.2 Secondary Research
          1.3.3 In-house Data Modeling
Chapter 2 Executive Summary
Chapter 3 Market Outline
    3.1 Market Inclination, Trend, Outlook and Viewpoint
    3.2 Market Share Analysis: Company’s Competitive Scenario
    3.3 Market Dynamics
          3.3.1 Drivers
                   3.3.1.1 Impact Analysis
          3.3.2 Restraints
                   3.3.2.1 Impact Analysis
          3.3.3 Opportunities
Chapter 4 Global Artificial Lift Market by Type: Market Size and Forecast, 2015 – 2024
    4.1 Overview
    4.2 Rod Lift
          4.2.1 Current Trend and Analysis
          4.2.2 Market Size and Forecast
    4.3 Electrical Submersible Pump (ESP)
          4.3.1 Current Trend and Analysis
          4.3.2 Market Size and Forecast
    4.4 Progressive Cavity Pump (PCP)
          4.4.1 Current Trend and Analysis
          4.4.2 Market Size and Forecast
    4.5 Gas Lift
          4.5.1 Current Trend and Analysis
          4.5.2 Market Size and Forecast
    4.6 Others
          4.6.1 Current Trend and Analysis
          4.6.2 Market Size and Forecast
Chapter 5 Global Artificial Lift Market by Geography: Market Size and Forecast, 2015 – 2024
    5.1 Overview
    5.2 North America
          5.2.1 Current Trend and Analysis
          5.2.2 Market Size and Forecast
          5.2.3 US
                   5.2.3.1 Market Size and Forecast
          5.2.4 Canada
                   5.2.4.1 Market Size and Forecast
          5.2.5 Mexico
                   5.2.5.1 Market Size and Forecast
    5.3 Europe
          5.3.1 Current Trend and Analysis
          5.3.2 Market Size and Forecast
          5.3.3 Russia
                   5.3.3.1 Market Size and Forecast
          5.3.4 Norway
                   5.3.4.1 Market Size and Forecast
          5.3.5 United Kingdom
                   5.3.5.1 Market Size and Forecast
          5.3.6 Others
                   5.3.6.1 Market Size and Forecast
    5.4 Asia-Pacific
          5.4.1 Current Trend and Analysis
          5.4.2 Market Size and Forecast
          5.4.3 China
                   5.4.3.1 Market Size and Forecast
          5.4.4 India
                   5.4.4.1 Market Size and Forecast
          5.4.5 Indonesia
                   5.4.5.1 Market Size and Forecast
          5.4.6 South Korea
                   5.4.6.1 Market Size and Forecast
          5.4.7 Others
                   5.4.7.1 Market Size and Forecast
    5.5 RoW
          5.5.1 Current Trend and Analysis
          5.5.2 Market Size and Forecast
          5.5.3 Brazil
                   5.5.3.1 Market Size and Forecast
          5.5.4 Venezuela
                   5.5.4.1 Market Size and Forecast
          5.5.5 Saudi Arabia
                   5.5.5.1 Market Size and Forecast
          5.5.6 Others
                   5.5.6.1 Market Size and Forecast
Chapter 6 Company Profiles
    6.1 Baker Hughes Incorporated
    6.2 Cameron International
    6.3 Dover Corporation
    6.4 Flotek Industries, Inc.
    6.5 GE Energy
    6.6 Halliburton Company, LLC.
    6.7 Kudu Industries
    6.8 National Oilwell Varco, Inc.
    6.9 Schlumberger Limited
    6.10 Weatherford International Ltd.

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