Global Artificial Lift System Market Size study, by Type (EPS, PCB and Rod Lift), Components (Pump, Motor, Separator, Cable, and Pump Jack and Sucker rod) and Regional Forecasts 2019-2026
Published by Bizwit Research and Consulting on 18th November 2019 | Ref: 1464071 | This Product Is In Stock
Global Artificial Lift System market is valued approximately USD 22,617 Million in 2018 and is anticipated to grow with a growth rate of more than 11.2% over the forecast period 2019-2026.
Artificial lift is a process that is applicable in oil wells to create pressure within the reservoir and uplift oil to the surface. Moreover, if the naturally drive energy oil reservoir is failed to push the oil to the surface, at that time artificial lift system is used to recover more production. The factors driving the growth of global artificial lift system market over the forecast years are rising deep, Ultra-deep Offshore and heavy oil production and increasing product requirement in mature field. Lack of industry professionals is hampering the growth of market over the upcoming years. Whereas, booming subsea operation is the lucrative growth opportunity for the market. For instance: According to the International Energy Association, the offshore oil production by scenario in 2017 accounts for 26.4 mboed and expected to grow till 2040 with New policy scenario and Sustainable Development scenario, 27.4 mboed and 18.7 mboed respectively. Thus, the rising offshore oil production across the globe will propel the growth of market over the forecast years.
The regional analysis of global Artificial Lift System market is considered for the key regions such as Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is accounts for the largest market share in the global artificial lift system market due to the rising use of artificial lift system for shale gas production. Whereas, Asia Pacific is the fastest growing region in the global artificial lift system market over the forecast years owing to the rising population of emerging economies such as India and China and fueling the requirement of oil and gas in these economies.
