Artificial Lift Market Growth Factors Analysis | Top Key Players by Forecast to 2027: Baker Hughes a GE Company , Apergy Corporation , Halliburton , John Crane

Global Artificial Lift Market Highlights:-

The global artificial lift market is estimated to grow steadily during the forecast period. The increasing number of new well sites will be a major driver for the growth of the market. The growing number of maturing sites is another major driver for the global artificial lift market. Artificial lift systems are used by well drillers to increase the bottom hole pressure and increase the production capacity of the well. Artificial lift systems can also be used in wells with no flow pressure. Most oil wells at some point of time require artificial lift systems to increase production which is a major factor driving the growth of the market.

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Artificial Lift Market Top Key Players:-

Borets (UAE), Schlumberger Limited (US), Baker Hughes a GE Company (US), Apergy Corporation (US), Halliburton (US), John Crane (US), National Oilwell Varco Corporation (US), Weatherford (US), Flotek Industries, Inc.(US) and JJ Tech (US) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global artificial lift market.

Industry News:-
I
n July, 2018 – Halliburton announced the acquisition of Athlon Solutions, which provide chemicals and services. Both the companies together are forecasted to strengthen the chemical technology with Halliburton.

In June, 2018 – John Crane announced the completion of acquisition of Seebach GmbH, a German based company which provides filtration solutions for high end applications.

Global Artificial Lift Market Segmentation:-

The global market for artificial lift can be segmented on the basis of type, mechanism, application, and region.

The market has been segmented into electrical submersible pump (ESP), rod lift, progressive cavity pump (PCP), gas lift, and others based on type. The rod lift market contributed a larger revenue share and is expected to be a dominant market over the forecast period. While the ESP and plunger segment is expected to show a significant growth rate in the years to come.
The market has been segmented into pump assisted which is further subdivided into positive displacement and dynamic displacement and gas assisted. Among these, the pump assisted artificial lift mechanism is projected to show the largest market share in 2016. The dynamic displacement segment is the fastest growing segment within the pump assisted segment.

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Future Constraints and Drivers Affecting the Market Growth:-

The increasing production of heavy oil, increasing demand for energy across the world, improving production efficiency and increase in the production of shale gas is driving the market for artificial lift. Recoverable shale gas reserves are anticipated to provide growth opportunities to the market. Artificial lifting system is employed in horizontal shale gas-producing wells to achieve operational efficiency and lift the collected fluid in the well. Several countries are evaluating and testing production potential from shale formation besides commercially viable production techniques. Moreover, declining onshore production and increasing demand for oil and gas are pushing the operators to increase deep water activities.

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