Global Artificial Lift System Market Size and Segmentation

According to a new report, Global Artificial Lift Market (2016-2022), published by KBV Research, the global artificial lift system market is expected to reach $34,078.3 million by 2022, with a CAGR of 11.7% during 2016 – 2022.

The global artificial lift system market is expected to reach $34,078.3 million by 2022, with a CAGR of 11.7% during 2016 – 2022. Artificial lift market has tremendous potential, as crude oil prices have hit all-time bottom. Due to crude oil prices falling steadily, the oil extraction companies are forced to optimize their spending. Falling oil prices have affected the profitability of the company. To ensure financial stability, the companies are working towards slashing their operation costs, of which drilling is an integral part. Artificial lifts is a cost efficient alternative for oil companies to remain profitable and the technology would be adopted by companies to improve efficiency. Gas lift would be rapidly adopted among other types, as it?s the gas life is cost effective and not highly complicated.

Global Artificial Lift Market Highlights

The report highlights the adoption of Artificial Lift market, globally. Based on the Types, the Artificial Lift Market is segmented into Rod lift, Electrical Submersible Pump (ESP), Progressive Cavity Pumps (PCP), Plunger Lift, Gas Lift and Other Artificial Lifts market. On the basis of Components, the market is bifurcated into Pump, Motor, Cable system, Drive head, Separator, Pump Jack, Sucker rod, Gas-lift valves, Gas-lift mandrels, Controller, and other segments. The market is further geographically segmented into North America, Europe, Asia Pacific and LAMEA (Latin America, Middle East and Africa) market.

The North America market dominated the Global Artificial Lift Market in 2015, and would grow at a CAGR of 9.8% during the forecast period. The LAMEA region is expected to grow at a CAGR of 14% during 2016-2022. The Europe market is expected to reach a market size of $5793.3 million by 2022. However, Asia-Pacific market is expected to grow at CAGR of 14.5% during 2016-2022.

The Rod lift segment contributed the larger revenue share to the Global Artificial Lift Market in 2015, and would continue to be a dominant market till 2022 and is expected to grow at a CAGR of 13.7% during the forecast period. The ESP segment is expected to reach a market size of $9644.2 million by 2022. However, Plunger segment is expected to grow at CAGR of 19.5% during 2016-2022.

The report highlights the adoption of Artificial Lift market, globally. Based on the Types, the Artificial Lift Market is segmented into Rod lift, Electrical Submersible Pump (ESP), Progressive Cavity Pumps (PCP), Plunger Lift, Gas Lift and Other Artificial Lifts market. On the basis of Components, the market is bifurcated into Pump, Motor, Cable system, Drive head, Separator, Pump Jack, Sucker rod, Gas-lift valves, Gas-lift mandrels, Controller, and other segments. The market is further geographically segmented into North America, Europe, Asia Pacific and LAMEA (Latin America, Middle East and Africa) market.

Key Players profiled in the report includes Baker Hughes, GE Oil & Gas, National Oilwell Varco, Halliburton, Dover Corporation, Schlumberger NV, Superior Energy Services and Novomet.

Full report: https://kbvresearch.com/reportDetail.php?content_id=global-artificial-lift-market

Research Scope

The market is segmented based on Type, Component and Geography.

Global Artificial Lift Market, by Type

  • Rod Lift
  • Electrical Submersible Pump (ESP)
  • Progressive Cavity Pumps (PCP)
  • Plunger Lift
  • Gas Lift
  • Others

Global Artificial Lift Market, by Component

  • Pump
  • Motor
  • Cable System
  • Drivehead
  • Separators
  • Pump Jack
  • Sucker Rods
  • Gas-Lift Valves
  • Gas-Lift Mandrel
  • Controller
  • Others

Global Artificial Lift Market, by Geography

  • North America
  • Europe
  • Asia Pacific
  • LAMEA

Report Report –

North America Artificial Lift Market

Asia Pacific Artificial Lift Market

Europe Artificial Lift Market

Lamea Artificial Lift Market

I am digital marketing expert working in research firm KBV Research Knowledge Based Value Research is a global brand and consulting firm serving all kinds of business verticals, government and non-governmental organizations, and not-for-profit organizations.Our motto is to extend our services that will have a lasting impact on our clients who trust us with their business goals.

Author: Shivani

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