The Worldwide Artificial Lift Industry is Expected to Reach $8.7 Billion by 2027 - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Artificial Lift Market by Type (ESP, PCP, Rod Lift, Gas Lift), Mechanism (Pump Assisted (Positive Displacement, Dynamic Displacement), Gas Assisted), Well Type (Horizontal, Vertical), Application (Onshore, Offshore) and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The artificial lift market is projected to grow from an estimated USD 6.9 billion in 2022 to USD 8.7 billion by 2027, at a CAGR of 4.8% during the forecast period.

The primary drivers of the market include rising demand for oil across the globe and the increasing need for maximizing the production potential of mature oil & gas fields.

By mechanism, the pump assisted segment is estimated to lead the market from 2022 to 2030

The artificial lift market is segmented by mechanism into pump assisted and gas assisted. The pump assisted segment is not only expected to hold a larger market share but is also projected to witness a higher growth rate during the forecast period.

This high growth rate can be attributed to the higher adoption rate of ESP and PCPs.

By well type, the horizontal segment is projected to register a higher CAGR from 2022 to 2027

By well type, the artificial lift market is segmented into horizontal and vertical wells. Although the vertical segment is estimated to hold a larger market share, the horizontal segment is projected to grow at a higher rate during the forecast period.

This growth can be attributed to large discoveries of shale reserves and increasing hydraulic fracturing in the North American region.

Market Dynamics

Drivers

• Advancements in Upstream Activities Concerning Unconventional Oil & Gas Reserves
• Growing Requirement for Maximizing Production Potential of Mature Fields
• Increase in Global Oil Demand
• Rise in Heavy Oil Production

Restraints

• Decreasing Capex of Oilfield Operators and Upstream Service Providers

Opportunities

• New Oilfield Discoveries
• Digitalization and Automation

Challenges

• Transition Toward Adoption of Renewable Energy Sources
• Application of Alms in Horizontal Wells

Companies Mentioned

• AccessESP
• Alkhorayef Petroleum
• Baker Hughes Company
• Borets
• Cairn Oil & Gas
• Camco
• Championx
• Distributionnow
• Ebara Corporation
• Halliburton
• Jj Tech
• Mrc Global Inc.
• Nov Inc.
• Novomet
• Oilserv
• Rimera Group
• Schlumberger Limited
• Tenaris
• Valiant Artificial Lift Solutions
• Weatherford

For more information about this report visit https://www.researchandmarkets.com/r/t4az0i