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Business Outline of Artificial Lift Market and Investment Breakdown, Insights, Scope, Forecast by 2024
Artificial Lift Market
Depleting oil reservoir and maturing oil and gas fields are the major factors contributing towards the growth of the global artificial lift market. Artificial lifts help the producers in attaining cost efficiencies, flexibility and optimizing the fluid control process.
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The increasing demand for energy and over-dependence on traditional sources of energy are increasing rapidly. However, there are several cases observed that lead to overexploitation of these energy generating resources causing depletion and thus persuading the oil & gas industry to lay emphasis upon generating eccentric resources such as shale oil & gas, natural gas, and tight oil.
North American artificial lift market is estimated to become the largest market by 2023. The growth of this market is attributed to the progression in shale gas accessibility and a large number of oil wells that have exerts low-pressure.
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The Asia Pacific is anticipated to witness enormous growth over the forecast period owing to factors such as prolonged budget allocation on infrastructure and enhancement in commercial activities are expected to increase the demand for petroleum products, thus extensively driving the growth of artificial lift systems in the region.
Key players in the artificial lift system are Baker Hughes, Schlumberger, Dover Corporation, Cameron International, Borets, Weatherford, GE Oil & Gas, Halliburton, John Crane, and National Oilwell Varco.
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