The Global Artificial Lift Market is projected to grow at a CAGR of 4.91% from 2016 to 2021, to reach a market size of USD 9.69 Billion by 2021. This growth is attributed to increasing oil & gas production from unconventional resources such as shale gas, heavy oil, and tight oil.
The artificial lift market is segmented based on type into electrical submersible pumps, rod lift, progressive cavity pumps, gas lift, and others. Others include hydraulic pumping systems and plunger lift. The electrical submersible pumps sub-segment accounted for the largest market share in 2015 and is expected to grow at the highest CAGR during the forecast period. These pumps are being increasingly adopted due to their sustained performance and high operating volume.
The Middle East & Africa market is projected to grow at the highest CAGR from 2016 to 2021 due to the presence of natural gas reserves and mature fields. Nigeria, Angola, Oman, and Kuwait are expected to drive the artificial lift market in the Middle East & Africa region.

The report segments the artificial lift market based on application into onshore and offshore. The onshore segment is expected to grow at the fastest rate during the forecast period, owing to rising oil & gas production from unconventional resources. In offshore applications, the artificial lift methods are used for subsea production and deep water gas lift wells in order to enhance the productivity of well. This segment is expected to create new revenue pockets for the artificial lift market during the forecast period.

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Objectives of the study:
• To define, describe, and forecast the global artificial lift market by type, mechanism, application, and region
• To provide detailed information regarding major factors influencing the growth of the artificial lift market (drivers, restraints, opportunities, and industry-specific challenges)
• To strategically analyze the artificial lift market with respect to individual growth trends, future prospects, and contribution of each segment to the market
• To strategically profile key players and comprehensively analyze their market shares and core competencies
• To track and analyze competitive developments such as contracts & agreements, expansions, new product developments, and mergers & acquisitions in the artificial lift market

Key Player Analysis:
The Leading players in the artificial lift market include Schlumberger Limited (U.S.), Weatherford International plc (Switzerland), Baker Hughes Incorporated (U.S.), General Electric Company (U.S.), and Halliburton Company (U.S.).

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Scope of the report:
In this report, the artificial lift market has been analyzed with respect to five regions, namely, North America, Europe, Asia-Pacific, South & Central America, and the Middle East & Africa. North America is expected to dominate the global artificial lift market during the forecast period, owing to the increasing use of artificial lift systems for shale gas production.

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