As per the analysis by Market Research Future Reports (MRFR), the global artificial lift market is estimated to expand at a CAGR of 5.63% during the review period. The global artificial market 2020 is expanding because of the rise in shale oil and gas production and a decline in oil reservoirs. The rising inclination towards optimization and an increasing number of mature oil fields are estimated to be key factors of expansion. Besides, the decline in the price of oil is also likely to increase the demand for production-based services such as artificial lift, pressure pumping, and better oil recovery in comparison to drilling services. Moreover, re-development of mature oilfields and growing offshore oil and gas discoveries are other factors that are estimated to present business opportunities to the global artificial lift market. However, lack of expertise and stagnant cost of oil are the factors that may restrict the expansion of the market.
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The sudden outbreak of COVID-19 has brought a significant change in market dynamics. We will provide COVID-19 impact analysis with report.
Covid-19 Impact on Artificial Lift Market key players are – Halliburton (US), Schlumberger (US), Weatherford (US), GE Oil & Gas (US), National Oilwell Varco, Inc. (US), Borets International Limited (UAE), Dover Corporation (US), Flotek Industries, Inc. (US), JJ Tech (US), John Crane Group (US), and AccessESP (US), and OILSERV (UAE), among others.
The global artificial lift market can be segregated on the basis of application, type, mechanism, and region.
- On the basis of application, the global artificial lift market can be segregated into offshore and onshore. The onshore government is estimated to lead the global artificial lift market.
- On the basis of type, the global artificial lift market can be segregated into ESP, gas lift, PCP, rod lift, and others.
- On the basis of mechanism, the global artificial lift market can be segregated into gas-assisted and pump assisted. Pump assisted segment is likely to acquire the largest share.
- On the basis region, the global artificial lift market can be segregated into North America, Asia-Pacific, Europe, the Middle East & Africa, and South America.
The geographical analysis of North America, Asia-Pacific, Europe, the Middle East & Africa, and South America has been conducted. As per the analysis, North America is estimated to acquire the largest market share during the forecast period. The market in the region is propelling due to the increasing number of mature oilfields and the rising shale gas production in the region. In the North American market, the U.S. plays a key role in regional expansion. The production of oil in the U.S is supplying crude oil to more than 10% of the world. In North America, rod lift is estimated to lead the artificial lift market.
On the other hand, the Middle East & Africa is estimated to expand at the fastest rate during the review period. The region is propelling due to the presence of a large number is reservoirs in the Middle East & Africa region. Additionally, there is also the presence of mature fields that are likely to influence the expansion of the artificial lift market in the Middle East & Africa.
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Baker Hughes, the U.S. based company, has announced to sell its Lufkin rod lift solutions business to the U.S. based company, KPS Capital Partners. By the mid of 2020, assets of the Lufkin rod lift business will transfer to an affiliate of KPS, including personnel. Lufkin’s power transmission business will remain part of the Baker Hughes Portfolio.
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