Market Research Future Published a Cooked Research Report on Artificial Lift market. The global market for Artificial Lift is expected to grow at a CAGR of about 7% between 2016 and 2022.

Key Players:

The key players of global artificial lift market are Halliburton (US), Schlumberger (US), Weatherford (US), GE Oil & Gas (US), National Oilwell Varco, Inc. (US), Borets International Limited (UAE), Dover Corporation (US), Flotek Industries, Inc. (US), JJ Tech (US), John Crane Group (US), and AccessESP (US), and OILSERV (UAE), among others.

Market Highlights

The Global Artificial Lift Market is estimated to be a lucrative market within the upstream oil & gas industry. It is projected to achieve a resilient growth of about 7% CAGR between 2016 and 2022. The upstream oil & gas sector has been experiencing persistent growth challenges; following the decline in oil prices since past two years.

Market Research Analysis:

Increasing focus towards production optimization, and growing number of mature oil fields are major driving factors for the artificial lift market. North America held the largest share within the global Artificial Lift Market expected to be the dominant market during he forecast period as well. Electric submersible pumps contribute a major part within the global artificial lift market as compared to other lift types.

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

Artificial lift market has been segmented on the basis of type, mechanism, application, and region. Based on type, the market is classified into rod lift, ESP, PCP, gas lift, and others. Others include plunger lift and hydraulic pumping. Among these, rod lift segment is expected to dominate the market as it can be used for wide range of operating conditions and production rates. Also, it is easy to operate, and it find application majorly in inclined, deep, and horizontal wells. The artificial lift market by mechanism is segmented into pump assisted and gas assisted. Pump assisted is estimated to hold the largest share owing to major deployment of rod lift, ESP, and PCP pumping systems. Based on application, the artificial lift market is segmented into onshore and offshore. Onshore segment is expected to dominate the global artificial lift market. Offshore segment is expected to grow at fastest rate owing to rising investments in offshore sector globally and due to offshore discoveries in African region.

Artificial lift market by region is segmented into Asia Pacific, North America, Europe, the Middle East & Africa, and South America. North America is expected to hold the largest share during the forecast period due to rising number of mature oilfields in the region and increasing shale gas production in the region. US is the key country in the North America region for artificial lift due to rising production from unconventional sources. In North America, rod lift is expected to dominate the artificial lift market based on type segment. The Middle East & Africa is projected to grow at fastest rate during the forecast period owing to presence of large number of reservoirs in the Middle East and Africa region. In addition to this, presence of mature fields is further expected to drive the artificial lift market in the Middle East & Africa.
The global artificial lift market is expected to expand at ~5.63% CAGR during the forecast period.

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https://www.marketwatch.com/press-release/artificial-lift-market---2019-size-share-growth-trends-competitive-analysis-regional-and-global-forecast-to-2023-2019-07-26