The Global Artificial Lift Market is expected to grow at a CAGR of 7-8% during the forecast period from 2016 to 2022. The global artificial lift market is expected to experience an upward trend following of increasing focus on production optimization in the industry, states the MRFR Research Analyst while commenting upon the deep diving study report published by Market Research Future, presented through more than 100 market data tables and figures spread over 100 pages.
The decline in oil prices has instigated a global lockdown on exploration investments, with the majority of companies facing huge losses. Oil & Gas companies have increased their emphasis on optimizing operational field production, and increasing production efficiency to lower the costs. Such a profound change in the strategic outlook is expected to inevitably instigate an increase in demand for production optimization equipment such as artificial lift systems. However, strict government and regulations and environmental problems associated oil & gas production are inhibiting the growth of the artificial lift market.
The key findings of the report “Global Artificial Lift Market includes:
- Increasing focus towards production optimization, and growing number of mature oil fields are major factors driving the growth of the artificial lift market
- Strict government regulations and environmental issues associated with the oil and gas production is inhibiting the growth of the artificial lift market
- Geographically, North America has the largest share in global artificial lift market and is also expected to be the fastest growing region
- Based on the type, electric submersible pumps have the largest market share in the artificial lift market.
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Key players in this market are:
- Baker Hughes,
- Cameron International,
- Dover Corporation,
- GE Oil & Gas,
- John Crane,
- National Oilwell Varco,
- Schlumberger, and Weatherford.
Global Artificial Lift Market – Synopsis & Scenario
Increasing focus towards production optimization, and growing number of mature oil fields are major factors driving the growth of the artificial lift market. Strict government regulations and environmental issues associated with the oil and gas production is inhibiting the growth of the artificial lift market.
Based on the type, electric submersible pumps have the largest market share in the artificial lift market.
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Global Artificial Lift Market – Regional Analysis
North America has been dominating the Global Artificial Lift Market with the largest market share since past few years. It is expected to retain its dominance in the market with a high growth rate. Presence of large shale oil & gas reserves, as well as tight oil reserves is expected to aid the North American market for artificial lift.
The European region held the second largest share within the artificial lift market and is expected to grow at a moderate rate during the forecast period, between 2016 and 2022.
Asia-Pacific market is expected to exhibit a comparatively high growth than Europe. Increasing focus towards development of shale gas projects in countries such as China, and Indonesia is expected to be a major factor driving the Asia-pacific market.
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