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Global Artificial Lift Market (Size of USD 8.5 Billion in 2017) to Witness 6.3% CAGR During 2018-2023

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).<br><br>Depleting oil reservoir and maturing oil and gas fields are the major factors contributing towards the growth of global artificial lift market. Artificial lifts helps he producers in attaining cost efficiencies, flexibility and optimizing the fluid control process. These factors are enhancing the major oil producer especially in regions such as Russia and Kuwait. Additionally, large proportion of the global oil and gas production are generated from the settled oil and gas fields.

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Global Artificial Lift Market (Size of USD 8.5 Billion in 2017) to Witness 6.3% CAGR During 2018-2023

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  1. Global Artificial Lift Market enquiry@vynzresearch.com www.vynzresearch.com

  2. Industry Overview • 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). • Depleting oil reservoir and maturing oil and gas fields are the major factors contributing towards the growth of global artificial lift market. Artificial lifts helps he producers in attaining cost efficiencies, flexibility and optimizing the fluid control process. These factors are enhancing the major oil producer especially in regions such as Russia and Kuwait. • Explore Full Report Description at: https://www.vynzresearch.com/press-release/artificial-lift-market

  3. market segmentation • On the basis of type, the global artificial lift market is segmented into Rod Lift, Electric Submersible, Progressive Cavity Pumps, Gas Lift and Others types of artificial lift. Among all the types, rod lift is expected to witness the fastest growth, registering a CAGR 6.5% during the forecast period 2018–2023. The rapid growth of rod lift is contributed towards enhanced demand in U.S. and Canada for unconventional fabrication of oil and shale gas. Rod lifts are considered to be quiet economical and efficient alternative enabling manufacturers in developing consistency in several down hole equipment’s, which provides enhanced volume and higher deviations in production process thereby contributing towards the accelerating growth of global artificial lift market.

  4. Geographic Overview • Geographically, North America is the largest artificial lift market as the region is observing pervasive demand for primary energy resources such as household activities, transportation and power generation is expanding the consumption of oil and gas in this region. This is persuading the manufacturers of oil and gas to meet this ever increasing demand and thereby dig deep, thus leading to accelerating demand for artificial lift in North America. • Moreover, Asia Pacific is expected to witness fastest growth in artificial lift market during the forecast period 2017–2023. Countries in this region specifically China and India is estimated to swell the oil and gas demand that is expected to drive the demand for artificial lift market in this region.

  5. Competition among keyplayers • Due to increasing opportunities observed by oil and gas producers in artificial lift market and development of mature fields are encouraging the manufacturers to rapidly adopt this system and provide cost efficiency and steady performance to its customers. Market 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.

  6. THANK YOU! https://www.vynzresearch.com/energy-power/artificial-lift-market/request-sample enquiry@vynzresearch.com www.vynzresearch.com US/Canada Toll-Free: 1-888-253-3960

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