The market growth is mainly driven by the increasing demand for artificial lifts from gas and oil fields and the growing exploration and production (E&P) activities to meet the energy demand.
New York, NY -- (SBWIRE) -- 08/17/2018 -- Artificial lift is a method which is used on oil wells to increase the pressure within the reservoir, to encourage the oil to the surface. It is employed to recover more production, where the natural drive energy of the reservoir is not strong enough to push the oil to the surface. According to a research report published by P&S Intelligence, the artificial lift market was valued at $8,010.8 million in 2017 and is projected to reach $10,883.1 million by 2023, witnessing a CAGR of 5.3% during the forecast period. The market growth is mainly driven by the increasing demand for artificial lifts from gas and oil fields and the growing exploration and production (E&P) activities to meet the energy demand.
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A major trend witnessed in the global artificial lift market is the increasing adoption of smart artificial lift systems for maximum oil and gas recovery. The innovation in the lifting systems has transformed the marginal wells into profitable and reliable producers. In order to further increase the revenue and enhance the oil and gas recovery, operators are developing and are also adopting smart artificial lift systems/technologies. For example, Direct Drive-Head developed a Smart Pumper, that billed as a universal platform which is capable of controlling any pumping device by using electric or hydraulic motors from 5 horsepower (hp) to 1,000 horsepower (hp). This serves as a master controller and monitoring device for ESP, PCP, pumpjacks, and other pump devices including their facilities.
Most of the players in the global artificial lift market serve customers in more than 7 countries; moreover, leading players offer a wide range of products to varied industries. Baker Hughes, Schlumberger Limited, and Halliburton Company are the major players operating in the market in terms of sales, with a strong headcount base and wide range of artificial lift product portfolio. Besides, these companies also enjoy a prominent global presence.
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Schlumberger Limited offers a wide range of artificial lift and has presence in more than 85 countries. Baker Hughes offers artificial lift, namely ESP, PCP, and gas lift, and has presence in more than 120 countries. Halliburton Company offers ESP and PCP products and has presence in more than 70 countries.
Some of the major players operating in the global artificial lift market are Baker Hughes, a GE company; Schlumberger N.V. (Schlumberger Limited); Dover Corporation; Halliburton Company; Borets International Limited; Weatherford International PLC; National Oilwell Varco Inc.; Flotek Industries Inc.; and JJ Tech.
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