Global Artificial Lift Market reveals that the market is slated to register a higher CAGR over the forecast period. This is majorly attributed to the emerging demand for hydrocarbon driven by the rising consumption of oil across various sectors and the rising spending in the oil & gas industry by the organizations and government.

DUBLIN, DUBLIN -- (SBWire) -- 03/02/2021 --Artificial Lift Market Dynamics (including market size, share, trends, growth, forecast, and industry analysis)

Key Drivers

The emerging demand for hydrocarbon driven by rising consumption of oil across various sectors, such as transportation, power generation, and others, and the rising spending in the oil & gas industry by the organizations and government worldwide are the key drivers contributing to the growth of the global artificial life market size . Furthermore, the introduction of advanced technologies in artificial lift, the continuous activities for shale development, and various research and development activities will further propel the growth of the market during the forecast period. The artificial lift launch offers remarkable benefits like the capability of life high temperature & viscous oils, better efficiency, improved production of well, and enhanced flexibility. As per artificial lift market report, the growing number of mature oilfields resulting in their redevelopment will boost the market's demand. The growing exploration activities in the offshore oil field and the rising production of heavy oil are further augmenting the growth of the artificial lift market share in terms of revenue. However, the strong penetration of renewable energy and the lack of skilled personnel will hamper the growth of the market.

Artificial Lift Market's leading Manufacturers:

- Weatherford International plc
- Schlumberger
- Baker Hughes Company
- Halliburton
- Borets International Ltd.
- National Oilwell Varco
- DistributionNow
- Apergy Corporation
- OilSERV
- JJ Tech
- Innovex Downhole Solutions

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Type Segment Drivers

Based on the type, the rod lift is predicted to rise at a higher CAGR during the forecast period due to the rising demand for rod lifts driven by the growing need for corrosion handling and prevention of gas at the time of operations of artificial lift. Various features of rod lifts like decreased installation cost, better efficiency, the capability to lift high-temperature oil, and increased life will further propel the market growth.

Regional Drivers

Based on the region, North America is expected to increase at a faster CAGR over the coming years due to the strong demand for artificial lifts and the high adoption of artificial lifts driven by the increasing demand from the onshore fields in the US. Additionally, rapid technological advancements to produce artificial lift, followed by the launch of new projects and increasing the Gulf of Mexico basin, and rising development of the unconventional resources, will further energize the market growth.

Artificial Lift Market Segmentation:

Segmentation by Type:

- Electrical Submersible Pump (ESP)
- Rod Lift
- Progressive Cavity Pump
- Gas Lift
- Others

Segmentation by Mechanism:

- Gas Assisted
- Pump Assisted
o Dynamic Displacement
o Positive Displacement

Segmentation by Well Type:
- Horizontal
- Vertical

Segmentation by Application:

- Offshore
- Onshore

Segmentation by Region:

- North America

o United States of America
o Canada

- Asia Pacific

o China
o Japan
o India
o Rest of APAC

- Europe

o United Kingdom
o Germany
o France
o Spain
o Rest of Europe

- RoW

o Brazil
o South Africa
o Saudi Arabia
o UAE
o Rest of the world (remaining countries of the LAMEA region)

Our Other Relevant Reports:

1. Industrial Pumps Market
2. Industrial Filtration Market

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