Artificial Lift Market – Multiple by Mechanism and Global Forecast to 2023 | Halliburton, John Crane

Artificial Lift

Global artificial lift market was valued at USD 8.5 billion in 2017 and reached to USD 12.2 Billion by 2023. The market is witnessing significant growth owing to extensive demand for fossil fuels and escalating number of settled reserves that comprises of large amount of crude oil. Additionally, swelling production capabilities of shale gas and heavy oil is further driving the growth of artificial lift market globally.

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Industry Ecosystem
Globally industry players in artificial lift market are leveraging new and innovative artificial lift technologies consolidated with new techniques and processes that enable its users to maximize production capabilities and reduce risk and thus assist shale operators to attain competitive edge. The providers are continuously implementing low cost effective lift systems and help the users in attaining optimum production capabilities to flourish in the existing artificial lift market.

Geographic Overview
Geographically, North America is the largest artificial lift market as the region is observing pervasive demand for primary energy resources such as household activities, transportation and power generation is expanding the consumption of oil and gas in this region. This is persuading the manufacturers of oil and gas to meet this ever increasing demand and thereby dig deep, thus leading to accelerating demand for artificial lift in North America.

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Competitive Insight
Due to increasing opportunities observed by oil and gas producers in artificial lift market and development of mature fields are encouraging the manufacturers to rapidly adopt this system and provide cost efficiency and steady performance to its customers. Market 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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