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 help the 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.

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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.

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.

Asia Pacific is anticipated to witness enormous growth over the forecast period owing to factors such as prolonged budget allocation on infrastructure and enhancement in commercial activities are expected to increase the demand for petroleum products, thus extensively driving the growth of artificial lift systems in the region.

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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.

Source: VynZ Research