Market Overview:
The Global Artificial Lift Market is facing an upward trend due to decline in oil reservoirs, increase in shale oil and gas production and increase in deep water and ultra-deep activities. However, strict government and regulations and environmental problems associated oil and gas production are inhibiting the growth of the artificial lift market.
Hence it is expected that the market for global artificial lift market is expected to grow at a substantial CAGR from 2016 to 2027
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Study Objectives of Biodiesel:
•To provide detailed analysis of the market structure along with forecast for the next 10 years of the various segments and sub-segments of the Global Artificial Lift Market.
•To provide insights about factors affecting the market growth.
•To Analyze the Global Artificial Lift Market based on various factors- price analysis, supply chain analysis, porters five force analysis etc.
•To provide historical and forecast revenue of the market segments and sub-segments with respect to four main geographies and their countries- North America, Europe, Asia, and Rest of the World (RoW).
•To provide country level analysis of the market with respect to the current market size and future prospective.
•To provide country level analysis of the market for segments by type, by region and sub-segments.
•To provide strategic profiling of key players in the market, comprehensively analyzing their core competencies, and drawing a competitive landscape for the market.
•To track and analyze competitive developments such as joint ventures, strategic alliances, mergers and acquisitions, new product developments, and research and developments in the Global Artificial Lift Market.
Regional Analysis:
The North America held the largest share in artificial lift market in 2017. In this region, the market growth can be attributed to the presence of a large number of oil reserves in onshore basins, declining production from mature conventional fields, and increasing adoption of latest technologies in gas and oil sector. The oil industry in North America faces challenges of meeting high energy demand. The natural pressure in wells reduces with time. To maintain the level of production, the North American companies are incorporating secondary extraction techniques which include artificial lifting which is, in turn, driving the market in this region.
However, the European market held the second largest share and is expected to show a moderate growth rate over the forecast period. The Asia Pacific market is expected to showcase a higher growth rate than Europe, owing to the increase in focus towards developing shale gas projects in countries like Indonesia and China.
Market Segmentation
The Global Artificial Lift Market can be segmented on the basis of type, mechanism, application, and region.
The market has been segmented into electrical submersible pump (ESP), rod lift, and progressive cavity pump (PCP), gas lift, and others based on type. The rod lift market contributed a larger revenue share and is expected to be a dominant market over the forecast period. While the ESP and plunger segment is expected to show a significant growth rate in the years to come.
The market has been segmented into pump assisted which is further subdivided into positive displacement and dynamic displacement and gas assisted. Among these, the pump assisted artificial lift mechanism is projected to show the largest market share in 2016. The dynamic displacement segment is the fastest growing segment within the pump assisted segment.
The market has also been segmented into onshore and offshore based on application. Owing to the presence of a high amount of onshore oil wells, the onshore segment held a larger market share in 2017.
Global Key Players:
Some of the key players available in this Global Artificial Lift Market are; Baker Hughes, Borets, Cameron International, Dover Corporation, GE Oil & Gas, Halliburton, John Crane, National Oilwell Varco, Schlumberger, and Weatherford.
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