Press release
Global Artificial Lift Market 2019- Baker Hughes, Borets, Cameron International, Dover Corporation, GE Oil & Gas, Halliburton
The Global Artificial Lift Market is estimated to be a lucrative market within the upstream oil & gas industry. It is projected to achieve a resilient growth of about 7% CAGR between 2016 and 2022. The upstream oil & gas sector has been experiencing persistent growth challenges; following the decline in oil prices since past two years.
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Artificial Lift Market:
The global artificial lift market is growing due to decline in oil reservoirs, increase in shale oil and gas production. The recent decline in oil prices is also estimated to increase the demand for production focused services such as pressure pumping, artificial lift and enhanced oil recovery in comparison to drilling services. The unconventional production has transformed the oil and gas industry in North America over the last decade. The tight oil production in U.S. has pushed its crude oil supply to over 10% of world total. There are different types of artificial lifts which include rod lift, electric submersible pumps, progressive cavity pumps, gas lift and others. The Artificial lift Market is projected to grow at a high CAGR of around 7% during the forecast period.
The major participants of this market are Baker Hughes, Borets, Cameron International, Dover Corporation, GE Oil & Gas, Halliburton, John Crane, National Oilwell Varco, Schlumberger, and Weatherford.
Market Research Analysis:
Increasing focus towards production optimization, and growing number of mature oil fields are major driving factors for the artificial lift market. North America held the largest share within the global Artificial Lift Market expected to be the dominant market during he forecast period as well. Electric submersible pumps contribute a major part within the global artificial lift market as compared to other lift types.
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Key Findings
.The key findings of the report “Global Artificial Lift Market includes:
Increasing focus towards production optimization, and growing number of mature oil fields are major factors driving the growth of the artificial lift market
Strict government regulations and environmental issues associated with the oil and gas production is inhibiting the growth of the artificial lift market
Geographically, North America has the largest share in global artificial lift market and is also expected to be the fastest growing region
Based on the type, electric submersible pumps have the largest market share in the artificial lift market.
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