Artificial Lift Systems Market Estimated to Rise Profitably with CAGR of 12.7% during 2018 – 2026 | Compass Oil and Gas Solutions, Flotek Industries, Halliburton Company, National Oilwell Varco, Superior Energy Services

Global Artificial Lift Systems market is accounted for $18,337.42 million in 2017 and is expected to reach $54,040.47 million by 2026 growing at a CAGR of 12.7%. Factors such as increasing oil & shale gas production, growing usage of automation and remote technology and rising number of mature fields are boosting the market growth. In addition, increase in subsea drilling activities and growing levels of exploration activities will provide ample opportunities for the market growth. However, high cost of investment and strict government policies are hindering the growth of the market.

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Artificial lifting are the technologies used to produce fluids from wells already dead or to increase the production rate from flowing wells. These fall into several categories depending on the operating principle, design and energy source. Artificial lift is needed in wells when there is insufficient pressure in the reservoir to lift the produced fluids to the surface, but often used in naturally flowing wells.

Top Players:
Some of the key players in the Global Artificial Lift Systems Market include Compass Oil and Gas Solutions ltd., Flotek Industries, Inc., Halliburton Company, National Oilwell Varco, Inc., Superior Energy Services, Inc. , Borets International Limited, Baker Hughes Incorporated, Weatherford International Ltd. , Torqueflow Sydex Ltd, Novomet, General Electric Company, Dover Corporation, Schlumberger Limited, Kudu Industries Inc., Cameron International Corporation, Dover Corporation and J&J Technical Services, LLC.

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Market Segments:
By Type, electrical submersible pump (ESP) segment registered considerable share during forecast period. The growth is due to huge demand from agriculture and wastewater treatment industries. The pump is extensively used to lift huge volumes of oil in both offshore and onshore wells. North America is the leading market for artificial lift systems followed by Europe and it is expected to continue its growth during the forecast period, due to rapidly growing production of components such as pumps, motors, controllers, and sucker rods in the region.

Types Covered:
• Electrical Submersible Pump (ESP)
• Rod Lift
• Plunger Lift
• Progressive Capacity Pump (PCP)
• Gas Lift
• Hydraulic Pumps
• Other Types

Applications Covered:
• Offshore
• Onshore

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