Artificial Lift Market: Current Analysis and Forecast (2021-2027)

Artificial Lift Market: Current Analysis and Forecast (2021-2027)

The Global Artificial Lift is valued at around 9.5 bn in 2021 and is expected to grow at a CAGR of more than 6% during the forecast period (2021-2027). The Artificial Lift market demand is increasing at propelling rate over the years and is expected to witness influential growth during the forecasted period as well. Factors that are positively accentuating its market size such as soaring energy demand has encouraged producers to search for the method to improve production and economies for oil wells. In addition, the production of oil requires energy to lift the fluids from the reservoir to the surface. Hence, escalating the market demand for the artificial lift to increase reservoir pressure and encourage crude oil to the surface.

Moreover, in emerging economies production activities increasingly focus on mature oilfields, and new and innovative artificial lift technologies combined with the latest techniques are leading the way to maximize production to enable operators to remain competitive accentuating the market demand for artificial lift market in coming years as well. General Electric Company, Man Diesel & Turbo SE, Ebara Corporation, Mitsubishi Heavy Industries Compressor Corporation, Atlas Copco Energas GmbH, Solar Turbine Inc., Burckhardt Compression Holding AG, Ariel Corporation, Neuman & Esser Group, Hitachi, Ltd. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report
"Amongst Type, rod lifts segment holds the major share”

Based on type, the artificial lift market is segmented into ESP, PCP, Gas lift, Rod lift, and others. The rod lift segment caters to extensive market share in the artificial lift market and is expected to grow at an influential rate during the forecasted period. Rod lifts have high salvage value for downhole equipment and can handle gas and corrosion efficiently during the artificial lift process. Such benefits are expected to boost the demand for artificial lifts in the coming years. Thus, the rising need to prevent gas & corrosion handling during artificial lift operations is driving the rod lift segment.
"Amongst well type, horizontal segment holds the major share”

Based on well type, the artificial lift market is bifurcated into horizontal and vertical. The horizontal well segment caters to a considerable share of the artificial lift market and is expected to witness high growth during the forecasted period. It is mainly due to the difference in the production rates and horizontal wells becoming increasingly common and productive in the recent years, which would dominate its position in the forecasted period.
"Amongst application, offshore segment holds the major share”

Based on application, the artificial lift market is classified into onshore and offshore. The offshore segment caters to a considerable share of the artificial lift market and is expected to witness high growth during the forecasted period. The growth of this segment is primarily driven by the cost reduction and digitalization of the oil & gas offshore projects. This would ultimately create new opportunities for the w artificial lift market during the forecast period. In addition, new oilfield discoveries in offshore regions are expected to increase the drilling operations. Such developments offshore are driving the artificial lift market.
"Middle East & Africa represents one of the extensive market shares of global Artificial Lift Market”

For a better understanding of the market dynamics of global drilling waste management. The Middle East and Africa acquired an extensive market share in the artificial lift market and is expected to grow at an extensive rate mainly owing to the majority of oil field constitute by this region and coupled with increasing consumption of oil, the discoveries of new reserves are ongoing in many countries in MEA region.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
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• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.