Artificial Lift Market Size of USD 8.5 Billion in 2017, Fast Growth Industry.

1. Artificial Lift Market

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3. Artificial Lift Market Global artificial lift market was valued at USD 8.5 billion in 2017 and reached to USD 12.2 Billion by 2023. The increasing number of matured reservoirs that encompasses of huge amount of crude oil and extensive usage of fossil fuels are few factors that are driving the growth of this market across the globe. The artificial lift market is poised to grow at CAGR of 6.3% during the forecast period (2018-2023). The increasing demand for energy and over-dependence on traditional sources of energy are increasing rapidly. However, there are several cases observed that leads to overexploitation of these energy generating resources causing depletion and thus persuading the oil & gas industry to lay emphasis upon generating eccentric resources such as shale oil & gas, natural gas and tight oil.

4. Artificial Lift Market These factors have ensured extensive consideration of eccentric reserves, which is further expected to drive the global artificial lift market demand over the forecast period. Moreover, the placement of rod pumps and in strayed manner leads to several problems such as high exertion on the reservoir, deprived liquid lift proficiencies due to intrusion of gas in down-hole pumps and huge operating costs that are some of the factors that hinder the growth of artificial lift market globally.

5. Artificial Lift Market Geographically, North American artificial lift market is estimated to become largest market by 2023. The growth of this market is attributed towards the progression in shale gas accessibility and large number oil wells that have exerts low-pressure. Moreover, U.S. is anticipated to fastest growth in this region due to availability of shale gas, increasing marginal well counts and tight oil that is further anticipated to boost the demand for artificial lifts in North America. Key players in the artificial lift system are Baker Hughes, Schlumberger, Dover Corporation, Cameron International, Borets, Weatherford, GE Oil & Gas, Halliburton, John Crane, and National Oilwell Varco.

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