Artificial Lift Market Share, Size, Trends, Industry Analysis Report, By Type (Rod Lift, Electric Submersible, Progressive Cavity, Gas Lift Systems); By Mechanism; By Well Type; By Application; By Region; Segment Forecast, 2022 - 2030
The global artificial lift market size is expected to reach USD 10.21 billion by 2030 according to a new study by Polaris Market Research. The report “Artificial Lift Market Share, Size, Trends, Industry Analysis Report, By Type (Rod Lift, Electric Submersible, Progressive Cavity, Gas Lift Systems); By Mechanism; By Well Type; By Application; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Growing production, increasing reservoir pressure, and extending the well’s production life are the factors that have driven the market.
Problems ranging from minor leaks to structural failures have steadily increased, which has led the oil and gas key drivers to focus more on safety, which has resulted in the adoption of restructuring the operations, enabling better analysis of well conditions and reducing operational costs, which have anticipated for the market’s growth.
The market growth is attributed to increased oil and gas production from unconventional sources. The conventional oil and gas sources are reducing at a fast pace, resulting in a shift of focus toward unconventional sources; due to rising global energy demand, these oil and gas reserves need artificial lifting during exploration & production activities for optimum oil production, increasing the demand for these lift over the forecast.
Several opportunities for the players operating in the market have been created due to the availability of recoverable shale gas in most parts of the world. Artificial lifting methods are utilized in horizontal shale gas-producing wells to lift the accumulated fluids in the well and assist in sustaining the good performance of the well.
Artificial Lift Market Report Highlights
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