Global artificial lift market was valued at USD 8.5 billion in 2017 and reached to USD 12.2 Billion by 2023. The increasing number of matured reservoirs that encompasses of huge amount of crude oil and extensive usage of fossil fuels are few factors that are driving the growth of this market across the globe. The artificial lift market is poised to grow at CAGR of 6.3% during the forecast period (2018-2023).
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Geographically, North American artificial lift market is estimated to become largest market by 2023. The growth of this market is attributed towards the progression in shale gas accessibility and large number oil wells that have exerts low-pressure. Moreover, U.S. is anticipated to fastest growth in this region due to availability of shale gas, increasing marginal well counts and tight oil that is further anticipated to boost the demand for artificial lifts in North America.
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.
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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.
Global Artificial Lift Market Coverage
Type Insight and Forecast 2014-2024
Electric Submersible Pump
Progressive Cavity Pumps
Mechanism Insight and Forecast 2014-2024
Pump Assisted (Positive Displacement and Dynamic Displacement)
Application Insight and Forecast 2014-2024
Artificial Lift Market by Region
Rest of Europe
Rest of Asia Pacific
South & Central America
Rest of South & Central America
Middle East & Africa
Rest of Middle East & Africa
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