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Artificial Lift Market Size to Reach $9.0 Billion by 2028

June 16, 2024
in General
Artificial Lift Market Size to Reach $9.0 Billion by 2028
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The global Artificial Lift Market is projected to reach USD 9.0 billion in 2028 from USD 7.3 billion in 2023 at a CAGR of 4.4% according to a new report by MarketsandMarkets™.  Artificial lift comprises techniques in the oil and gas sector to boost hydrocarbon production from wells with insufficient natural pressure. Employed when reservoir pressure is inadequate, methods like rod lift systems, electric submersible pumps, gas lift, and hydraulic pumping enhance flow rates. These mechanisms enable more efficient recovery, compensating for declining reservoir pressure and optimizing production in mature wells. The growing requirement to maximize the production potential of mature fields is one of the leading factors driving the growth of the Artificial Lift Market, as the demand for oil and gas is constantly growing. Digitalization and automation to enable better analysis of good conditions present promising opportunities for the Artificial Lift Market.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=879  

The Rod Lift System, by type, is expected to grow at the highest CAGR during the forecast period.

Based on type, the Artificial Lift Market has been split into rod lift systems, electric submersible pumps, progressive cavity pumps, gas lift systems, and others. Rod lift systems are expected to grow at the highest CAGR during the forecasted period. The most prevalent form of the artificial lift system is the rod lift. Operating through mechanisms like sucker rod pumps and beam pumps, rod lifts employ a surface power supply to operate a downhole pump assembly, constituting a method of artificial lift.

The pump-assisted segment, by mechanism, is expected to be the largest segment during the forecast period.

This report segments the Artificial Lift Market based on mechanism into two segments: pump-assisted and gas assisted. The pump-assisted segment is expected to be the largest segment during the forecast period owing to the Rise in multistage drilling operations. This segment is further categorized, by type, into positive displacement and dynamic displacement pumps. Artificial lift methods with pump assistance encompass ESPs, PCPs, plunger lifts, hydraulic systems, linear lifts, and rod lifts. These pumps elevate the bottom-hole pressure within the tubing, facilitating the upward movement of sufficient fluid to the surface.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=879

North America is expected to be the largest region in the Artificial Lift Market.

North America is expected to be the largest Artificial Lift Market during the forecast period. The North American region comprises major economies such as US, Canada, and Mexico. The Artificial Lift Market in North America is primarily fueled by the robust infrastructure and thriving oil & gas sector. An accelerated surge in both upstream and downstream operations, coupled with a buoyant outlook for the oil & gas industry, forms the core drivers propelling the regional Artificial Lift Market. Notably, the share of horizontal wells surged from 5.4% in 2011 to 18.1% in 2021. The escalating presence of unconventional reserves like tight oil and shale gas stands as a key impetus behind the escalated demand for artificial lift solutions across the United States and Canada.

Key Market Players:

Some of the major players in the Artificial Lift Market are SLB (US), Baker Hughes Company (US), Halliburton (US), Weatherford (US), and ChampionX (US). The major strategies adopted by these players include new product launches, acquisitions, contracts, agreements, collaborations, and expansions.

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : PRSync – http://prsync.com/marektsandmarkets/artificial-lift-market-size-to-reach–billion-by–4174394/

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