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.
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"Artificial Lift Market by Type (Electrical Submersible Pumps, Rod Lift, Progressive Cavity Pumps, Gas Lift, and Others), Mechanism (Pump Assisted and Gas Assisted), Application (Onshore and Offshore), and Region - Global Forecasts to 2021"
The artificial lift market is expected to grow from an estimated USD 7.62 Billion in 2016 to USD 9.69 Billion by 2021, at a CAGR of 4.91%. The global market is set to witness significant growth, due to the increasing production of heavy oil and shale gas.
Increasing shale gas production is due to huge shale gas reserves in the Americas and the Asia-Pacific.
Browse 68 market data tables and 53 figures spread through 143 pages and in-depth TOC on “Artificial Lift Market"
The onshore segment is expected to hold the largest share of the artificial lift market, by application, during the forecast period
The onshore segment led the artificial lift market in 2015 and is expected to grow at the fastest rate during the forecast period, owing to the increasing demand for artificial lift systems across the globe.
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Pump assisted to be the largest segment in the artificial lift market
With regard to the mechanism segment, pump assisted artificial lift mechanisms are expected to be the largest market in 2016. The pumps are used to increase bottom hole pressure of the tubing string in order to lift a sufficient amount of fluid to the surface.
The pump assisted mechanism is categorized into positive displacement and dynamic displacement segments. The dynamic displacement segment is the fastest growing segment within the pump assisted artificial lift market.
North America: The leading market for artificial lift
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, given the increasing shale gas production in U.S.
and large number of mature oil fields in the region.
To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the top players in the artificial lift market. These players include Schlumberger Limited (U.S.), Weatherford International plc (Switzerland), Baker Hughes Incorporated (U.S.), General Electric Company (U.S.), and Halliburton Company (U.S.).
Leading players are trying to penetrate the markets in developing economies, and are adopting various strategies to increase their market share.
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