Artificial Lift Market Expected to Grow at 10.3 Billion In Revenue by 2025

According to Market Study Report, Artificial Lift Market provides a comprehensive analysis of the Artificial Lift Market segments, including their dynamics, size, growth, regulatory requirements, competitive landscape and emerging opportunities of global industry. This report also provides market landscape and market share information in the Artificial Lift Market. An exclusive data offered in this report is collected by research and industry experts team.

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The Artificial Lift Market is projected to reach USD 10.3 Billion by 2025 from an estimated USD 8.0 Billion in 2020, at a CAGR of 5.0% during the forecast period. This report spread across 164 pages, profiling 20 companies and supported with 102 tables and 59 figures are now available in this research.

Top Key Players profiled in the Artificial Lift Market:
o Schlumberger (US)
o Baker Hughes Company (US)
o Weatherford (Switzerland)
o Halliburton (US)
o Borets International (Russia)

"The horizontal segment, by well type, is expected to be the largest and the fastest-growing market from 2020 to 2025."
The well type segment is categorized as horizontal and vertical, the two drilling methods adopted by companies. In 2018, horizontal wells accounted for about 70% of the wells drilled globally. This is majorly due to the increasing drilling activities in the Middle East and Europe, where horizontal drilling is more prominent. More artificial lift operations are required in horizontal wells as compared to the vertical wells as the wellbore faces a higher challenge of water shutoffs and wax formation.

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"The offshore segment, by application, is expected to be the fastest-growing market from 2020 to 2025."
The offshore segment is expected to grow at the fastest rate during the forecast period. Artificial lift methods such as hydraulic pumping, gas lift, ESP, and PCP are most prominently used in offshore oil wells. The companies have been exploring the offshore locations for oil & gas production owing to the fact that offshore has huge untapped reserves. Thus, the offshore market is a more capital-intensive segment as compared to onshore. According to the IEA, between 2019 and 2040, 2,500-3,000 offshore projects are likely to undergo decommissioning, as they have attained their operational lives. Th

"North America: The largest and the third fastest-growing region in the artificial lift market."
North America is expected to dominate the global artificial lift market between 2020 and 2025. The North American oil production is rising drastically, with a growth rate of 5.0% from 2020 to 2025. Moreover, the continuous shale activities in the region are driving the demand for artificial lift operations. The upstream operators, such as Total, ExxonMobil, Chevron, and Apache, also have a significant presence in North America.

Breakdown of primary participants' profile:
o By Company Type: Tier 1- 60%, Tier 2- 25%, and Tier 3- 15%
o By Designation: C-Level- 35%, Director Level- 25%, and Others- 40%
o By Region: North America- 40%, Europe- 20%, Asia Pacific- 15%, Middle East & Africa - 15%, and South & Central America- 10%

Competitive Landscape of Artificial Lift Market:
1 Overview
2 Competitive Leadership Mapping
2.1 Visionary Leaders
2.2 Innovators
2.3 Dynamic Differentiators
2.4 Emerging Companies
3 Ranking Of Players And Industry Concentration, 2019
4 Competitive Scenario
4.1 New Product Launches
4.2 Contracts & Agreements
4.3 Mergers & Acquisitions
4.4 Investments & Expansions
4.5 Partnerships, Collaborations, Alliances, And Joint Ventures

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Research Coverage:
The report defines, describes, and forecasts the artificial lift market, by type, well type, application, mechanism, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market, which include the analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the artificial lift market.

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This release was published on openPR.