Artificial Lift Market Size of USD 8.5 Billion in 2017

Global artificial lift market was valued at USD 8.5 billion in 2017 and reached to USD 12.2 Billion by 2023. The increasing number of matured reservoirs that encompasses of huge amount of crude oil and extensive usage of fossil fuels are few factors that are driving the growth of this market across the globe. The artificial lift market is poised to grow at CAGR of 6.3% during the forecast period (2018-2023).

Geographically, North American artificial lift market is estimated to become largest market by 2023. The growth of this market is attributed towards the progression in shale gas accessibility and large number oil wells that have exerts low-pressure. Moreover, U.S. is anticipated to fastest growth in this region due to availability of shale gas, increasing marginal well counts and tight oil that is further anticipated to boost the demand for artificial lifts in North America.

Asia Pacific is anticipated to witness enormous growth over the forecast period owing to factors such as prolonged budget allocation on infrastructure and enhancement in commercial activities are expected to increase the demand for petroleum products, thus extensively driving the growth of artificial lift systems in the region.

Key players in the artificial lift system are Baker Hughes, Schlumberger, Dover Corporation, Cameron International, Borets, Weatherford, GE Oil & Gas, Halliburton, John Crane, and National Oilwell Varco.

 Global Artificial Lift Market Coverage

Rod Lift

Electric Submersible Pump

Progressive Cavity Pumps

Gas Lift

Others

Pump Assisted (Positive Displacement and Dynamic Displacement)

Gas Assisted

Onshore

Offshore

Geographical Segmentation

Artificial Lift Market by Region

North America

U.S.

Canada

Europe

Russia

U.K.

Norway

Rest of Europe

Asia Pacific

Indonesia

China

India

Malaysia

Rest of Asia Pacific

South & Central America

Brazil

Colombia

Ecuador

Venezuela

Mexico

Rest of South & Central America

Middle East & Africa

Nigeria

Oman

Angola

Saudi Arabia

Kuwait

UAE

Rest of Middle East & Africa

VynZ Research is a global market intelligence company providing research reports, industry intelligence and business advisory services to companies and institutions across the globe. We have a recognized trajectory record and our research database is used by many renowned companies and institutions in the world to strategize and revolutionize business opportunities.

Report this Page