Global Artificial Lift Market is estimated to reach $36.4 Billion by 2024 with CAGR of 10.7% between 2016 and 2024. Artificial lifts are primarily used in the oil & gas industry to lift oil production in reservoirs. When the naturally determined reservoir, energy is inadequate to push the oil to the surface, these artificial systems are employed to recover the productivity of the well. The market is expected to witness considerable growth, which is attributed to the increase in heavy oil & shale gas production worldwide.
Global Artificial Lift Market Size and Forecast, 2015 - 2024 (US$ Billion)
The major factors supporting growth of the global artificial lift market are rise in oil exploration activities which are predicted to be a crucial factor driving the market development over the forecast period. Other factors such as attempts to increase production from established fields are anticipated to create a vast demand for artificial lift in the coming years. Similarly, increased exploration of unconventional reserve is also expected to increase the demand for these artificial lift systems in the coming years. While strict government rules and regulations for the usage of natural resources and for unconventional reserves are expected to restrict the market growth. Mergers and acquisitions of the giant players and expansion in developing countries are expected to create several opportunities in the market.
The Global Artificial Lift market has been segmented by type, and geography. By type segment, the market is categorized into rod lift, electric submersible pump, PCP, gas lift, and others.
By geography, the global artificial lift market is segmented into North America, Europe, Asia-Pacific, and Rest of the world (RoW). The U.S., Canada, and Mexico are covered under North America wherein Europe covers UK, Norway, Russia, and others. Asia-Pacific covers China, India, Indonesia, and others. Rest of the World covers Brazil, Venezuela, Saudi Arabia and others.
Artificial Lift MARKET Regional Revenue % (2016 Vs 2024)
Key players in the global artificial lift 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., Kudu Industries, among others.
The key takeaways from the report
- The report will provide a detailed analysis of Global Artificial Lift Market with respect to major segments such as type and geography
- The report will include the qualitative and quantitative analysis with market estimation over 2015 – 2024 and compound annual growth rate (CAGR) between 2016 and 2024
- Comprehensive analysis of market dynamics including factors and opportunities will be provided in the report
- An exhaustive regional analysis of Global Artificial Lift Market from 2015 to 2024 has been included in the report
- Profile of the key players in the Global Artificial Lift Market will be provided, which include key financials, product & services, new developments and business strategies
Scope of the Global Artificial Lift Market
- Rod Lift
- Electric Submersible Pump (ESP)
- Progressive Cavity Pump (PCP)
- Gas Lift
- North America
- Asia Pacific
- Saudi Arabia
Primary Interviews by Geography