Artificial Lift Market to Reach $10,883.1 Million by 2023 by Major Players- Dover Corporation, Halliburton, Borets International, Weatherford, National Oilwell Varco, Flotek Industries, Inc., JJ Tech (J&J Technical Services, LLC), Baker Hughes, a GE compa

The global artificial lift market was valued at $8,010.8 million in 2017 and is projected to reach $10,883.1 million by 2023, witnessing a CAGR of 5.3% during the forecast period. The market growth is mainly driven by the increasing number of mature oil and gas fields and growing ultra-deepwater and deepwater activities, worldwide.

Download the sample report @ https://www.psmarketresearch.com/market-analysis/artificial-lift-market/report-sample
Based on type

The artificial lift market is categorized into electrical submersible pump (ESP), rod lift, progressive cavity pump (PCP), gas lift, and others, where the “others" category includes plunger lift, hydraulic jet pump, and other small lifts. ESP held the largest share, accounting for more than 40.0%, in the market in 2017. This can be mainly attributed to its increased deployment in oils wells and high operational efficiency in environmentally conscious areas.

Get the detailed analysis @ https://www.psmarketresearch.com/market-analysis/artificial-lift-market

Based on Category

The artificial lift market is also categorized into pump-assisted and gas-assisted mechanisms. Pump-assisted mechanism is expected to be the faster-growing category, advancing at a CAGR of 5.5% in the market during the forecast period. This can be mainly attributed to its higher adoption rate in these lifts. On the basis of pump-assisted mechanism, the market is further classified into positive displacement and dynamic displacement. Positive displacement held a larger share, of more than 50.0%, in the market in 2017.

Make enquiry before purchase @ https://www.psmarketresearch.com/send-enquiry?enquiry-url=artificial-lift-market

North America is the largest market for artificial lifts

North America held the largest share, of more than 45.0%, in the artificial lift market in 2017. The market growth in the region can be mainly attributed to the declining production from mature conventional fields, presence of a large number of oil reserves in onshore basins, and growing adoption of new technologies in the oil and gas sector.

In North America, the oil industry faces a relentless challenge of meeting high energy demand. With time, the natural pressure in wells reduces, due to which the production declines. In order to maintain the production level, companies in North America are incorporating secondary techniques of extraction, such as artificial lifting. This, in turn, is driving the growth of the artificial lift market in the region.

Globally, the increasing demand for oil and gas and declining onshore production are compelling the operators to increase deepwater activities. Ultra-deepwater activities are majorly conducted in Brazil, West Africa, and the Gulf of Mexico. East Africa is also emerging as a significant deepwater frontier, with sizable discoveries in Mozambique and Tanzania. Some of the reservoirs in these countries are low-pressure reservoirs that require artificial lifting techniques for oil extraction. This, in turn, is boosting the growth of the artificial lift market.

About P&S Intelligence:

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

Contact:
P&S Intelligence
Toll-free: +1-888-778-7886 (USA/Canada)
International: +1-347-960-6455
Email: enquiry@psmarketresearch.com
Web: www.psmarketresearch.com

This release was published on openPR.