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Artificial Lift Market Insights, Potential Business Strategies, Mergers and Acquisitions, Revenue An

United States, 22 October 2018 -- The artificial lift market is also categorized into pump-assisted and gas-assisted mechanisms.

Global artificial lift market is projected to reach $10,883.1 million by 2023. The market growth is mainly driven by the increasing demand for artificial lifts from gas and oil fields and the growing exploration and production (E&P) activities to meet the energy demand.

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Based on type, the artificial lift market is categorized into electrical submersible pump (ESP), rod lift, progressive cavity pump (PCP), gas lift, and others, where the “others” category includes plunger lift, hydraulic jet pump, and other small lifts. ESP held the largest share, accounting for more than 40.0%, in the market in 2017.

The artificial lift market is also categorized into pump-assisted and gas-assisted mechanisms. Pump-assisted mechanism is expected to be the faster-growing category, advancing at a CAGR of 5.5% in the market during the forecast period. This can be mainly attributed to its higher adoption rate in these lifts. The artificial lift market is also bifurcated into onshore and offshore applications. Onshore application held a larger share in the market in 2017, which can be mainly attributed to the presence of a large number of onshore oil wells.

North America held the largest share, of more than 45.0%, in the artificial lift market in 2017. The market growth in the region can be mainly attributed to the declining production from mature conventional fields, presence of a large number of oil reserves in onshore basins, and growing adoption of new technologies in the oil and gas sector.

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Some of the major players operating in the global artificial lift market are Baker Hughes, a GE company; Schlumberger N.V. (Schlumberger Limited); Dover Corporation; Halliburton Company; Borets International Limited; Weatherford International PLC; National Oilwell Varco Inc.; Flotek Industries Inc.; and JJ Tech.

GLOBAL ARTIFICIAL LIFT MARKET SEGMENTATION

By Type

Electrical Submersible Pump (ESP)
Rod Lift
Progressive Cavity Pump (PCP)
Gas Lift
Others
By Mechanism

Pump Assisted
Positive Displacement
Dynamic Displacement
Gas Assisted
By Application

Onshore
Offshore
By Region

North America
U.S.
Canada
Mexico
Europe
U.K.
Russia
Norway
Rest of Europe
Asia-Pacific (APAC)
China
Indonesia
India
Rest of APAC
Rest of the World (RoW)
Brazil
Venezuela
Saudi Arabia
Rest of RoW

About P&S Intelligence

P&S Intelligence, a brand of P&S Market Research, is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world.

Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

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Submitted by Jacob, P&S Market Research on Monday, 22 October 2018 at 9:11 PM
Category: Business
 
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