Market Research Future (MRFR), in its new the global artificial lift market 2020 report reveals the impact of SARS-CoV-2 and lockdown on the market. As per MRFR findings, the artificial lift global market can rise at 5.63% CAGR in the review period.
Artificial Lift is gaining high popularity due to the growing awareness of its benefits to increase flow of liquids such as, water or crude oil in oilfields. The issues with reservoirs that do not flow naturally is rising, thus boosting the need for artificial lift. These factors are expected to improve the expansion of the world market of artificial lift in the years to come.
Artificial lift method curbs maintenance cost and risk, rise in ROI by balancing flow rates, and boost life-of-well productivity. These can promote the market expansion as well.
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MRFR registered major players in the artificial lift global market.
- Schlumberger (US)
- Halliburton (US)
- National Oilwell Varco, Inc. (US)
- Weatherford (US)
- Borets International Limited (UAE)
- GE Oil & Gas (US)
- Flotek Industries, Inc. (US)
- AccessESP (US)
- John Crane Group (US)
- JJ Tech (US)
- Dover Corporation (US)
- OILSERV (UAE)
The segment study of the artificial lift market is based on type, application, and mechanism.
The type based, artificial lift market are PCP, gas lift, rod lift, ESP, and others. Hydraulic pumping and plunger lift other types of artificial lift. The rod lift segment can gain high revenue for the market across the review period as the rate of adoption of artificial lift is high. In addition, the application of artificial lift that suits a wide range of operating conditions is boosting the production rates of rod lifts, thus boost market growth.
The artificial lift market segments based on mechanism are gas assisted and pump assisted. The expansion of the artificial market can be attributed to the rise in the application of Pump assisted artificial lift. This segment is estimated to secure the largest share of the world market as they are used in PCP pumping systems, rod lift, and ESP.
The application based, the artificial lift market segments are onshore and offshore. The onshore segment of the market is expected to contribute largely to the expansion of the global artificial lift market.
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COVID-19 impact on the artificial lift market across major economies, Asia Pacific, North America, and Europe, along with South America and the Middle East & Africa is studied thoroughly by the MRFR. The artificial lift market in North America can secure the forefront position in the growth curve of the world market across the forecast period. It is due to increase in mature oilfields count across the region. The high shale gas production can also bolster the expansion of North America artificial lift market. The US holds numerous growth scope for the regional artificial market. The rise in demand for artificial lift due to high production of energy from unconventional sources can boost the expansion of the artificial lift market in North America. In Europe, the high utility of rod lift is likely to cause the expansion of the regional artificial lift market. The artificial lift market in the Middle East & Africa is likely to exhibit a steady growth in across the study period. The presence of huge number of reservoirs in the MEA can boost the steady expansion of the market across the review period. The existence of mature fields can boost the rise of the artificial lift market in the region.