Artificial Lift Market 2019 Share, Potential Growth, Size, Trends, Competitive Analysis and Regional Forecast To 2023
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.
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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.
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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.
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