Sep 22, 2020 3:07 AM ET
iCrowd Newswire – Sep 22, 2020
Artificial Lift Market 2020
Artificial Lift is basically a method used on oil wells in order to increase pressure within the reservoir so that the flow of liquids such as crude oil or water can be increased. Though some reservoirs do not flow naturally and hence artificial lift methods are used to lift the oil to the surface. Artificial lift method can be used on both mature and new wells to maximize and maintain production from well.
A new report added to the online inventory of Wise Guys Reports (WGR) reveals that the artificial lift market is set to capture a compound annual growth rate (CAGR) of 5.32% between 2019 and 2026. By 2026, the artificial lift market is expected to reach USD 12,707.4 million by 2026.
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Artificial lift method is useful in reducing the maintenance and risk, along with enhancing the overall productivity as well. Also, the increasing demand for hydrocarbon will boost the demand of global Artificial Lift System in the future.
The benefits offered by artificial lift are also studied in the report. However, lack of skilled labour and stagnant oil prices restraint the global artificial lift market.
The report will help in understanding market developments of major players and current and future trends in an enhanced way. Some of the key players for this market are:
GE Oil & Gas,
National Oilwell Varco,
Artificial Lift Market: Segmental Analysis
The segmental analysis of the market has been conducted based on type, application and region.
By type, the market has been divided into rod lift, electric submersible pump (ESP), progressive cavity pumps (PCP), gas lift, and others.
Artificial Lift Market: Regional Analysis
On the basis of region, the artificial lift market has been divided into North America, Europe, Asia Pacific (APAC), Latin America, and Rest of the World (RoW). In North America, countries like U.S and Canada are covered while in Europe, countries such as UK and Germany are covered. In APAC, countries such as Japan, China and India are covered. In Latin America, countries such as Brazil and Mexico are covered. In terms of revenue, North America dominates the global Artificial Lift Market and is expected to retain its dominance in the nest coming years as well. Presence of large shale oil & gas reserves and tight oil reserves in the region is expected to fuel the artificial lift market. US is the key country in the North America region that holds the largest artificial lift marker which is mainly due to rising production from unconventional source. The European countries are also expected to grow at a moderate rate during the forecasted time period. Meanwhile, Asia-Pacific market will hold a significant market share of artificial life. Increased development of shale gas projects in countries such as China, and Indonesia is projected to be a major factor driving the Asia-pacific market. Large number of reservoirs is also present especially in the Middle East & Africa countries which are driving the artificial lift market rapidly.
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