Global Artificial Lift Market – Analysis and Forecast (2013-2023)

Global Artificial Lift Market Industry Overview 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.

Global Artificial Lift Market Growth Drivers The maturing oil and gas fields, accelerating deep-water or ultra-deep activities and depleting oil reservoirs are the major driving factors contributing towards the growth of global artificial lift market. Oil production is observed to be enhanced at a peak rate approximately in 35 countries including some of the major oil producers such as Kuwait and Russia. Moreover, artificial lifts enables the producer to have better control , optimizing unloading fluid process and performing various activities such as gas injection points without any hindrance and in an efficient manner.

Global 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.

Global Artificial Lift Market 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. Explore Full Report Sample at: https://www.vynzresearch.com/energy-power/artificial-lift-market

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