The global artificial lift market is projected to grow at a CAGR of 4.91% from 2016 to 2021, to reach a market size of USD 9.69 Billion by 2021.
Northrook, IL -- (SBWIRE) -- 11/25/2019 -- The artificial lift market is expected to grow from an estimated USD 7.62 Billion in 2016 to USD 9.69 Billion by 2021, at a CAGR of 4.91%. The global market is set to witness significant growth, due to the increasing production of heavy oil and shale gas. Increasing shale gas production is due to huge shale gas reserves in the Americas and the Asia-Pacific.
The report segments the artificial lift market based on application into onshore and offshore. The onshore segment is expected to grow at the fastest rate during the forecast period, owing to rising oil & gas production from unconventional resources. In offshore applications, the artificial lift methods are used for subsea production and deepwater gas lift wells in order to enhance the productivity of well. This segment is expected to create new revenue pockets for the artificial lifts market during the forecast period.
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North America: The leading market for artificial lift
The artificial lift market has been analysed with respect to five regions, namely, North America, Europe, Asia-Pacific, South & Central America, and the Middle East & Africa. North America is expected to dominate the global artificial lifts market during the forecast period, owing to the increasing use of artificial lift systems for shale gas production. In the North America region, increasing shale gas production in U.S. and large number of mature oil fields. The Middle East & Africa market is projected to grow at the highest CAGR from 2016 to 2021 due to the presence of natural gas reserves and mature fields. Nigeria, Angola, Oman, and Kuwait are expected to drive the artificial lifts market in the Middle East & Africa region.
Leading players in the artificial lift market include Schlumberger Limited (U.S.), Weatherford International plc (Switzerland), Baker Hughes Incorporated (U.S.), General Electric Company (U.S.), and Halliburton Company (U.S.).
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