Artificial Lift Market worth 5.10% CAGR by 2026
" COVID-19 Impact on Artificial Lift market, size, share, growth, industry analysis and forecast 2020-2026 "
Artificial Lift is an effective method employed on oil wells to grow pressure in the reservoir to increase the flow of fluids such as crude oil or water. Few reservoirs do not flow naturally; that is why artificial lift methods are used to bring the oil to the surface, not only on the mature wells but also on new wells.
The major reason for the rising demand for production-focused services such as pressure pumping over drilling services is the recent reduction in the oil prices which is estimated to increase the demand for production. Factors including a decline in oil reservoirs, an increase in shale oil & gas production, and government plans and strategies to augment crude oil production will favorably impact the artificial lift market share.
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The exploration companies are shifting towards offshore and investing majorly in deep and ultra-deep waters to explore and utilize the reserves in these areas. The upturn of oil prices has driven the companies to spend majorly on these projects to enjoy the price movement's benefits. Artificial lift methods are commonly required to produce offshore locations resources due to the long-distance between the reservoir and the production outlet. Thus, the factor mentioned above is anticipated to provide new opportunities to the artificial lift market.
The Artificial Lift Market research report titled “Artificial Lift Market by Type, Mechanism, and Geography – Global Forecast up to 2026.”
The top-notch companies of the market are Burckhardt Compression Holding AG, Mitsubishi Heavy Industries Compressor Corporation, Atlas Copco Energas GmbH, General Electric Company, and Man Diesel & Turbo SE.
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The North America region is having a lead role in the market growth. On the other hand, the Asia Pacific region has recorded the highest growth rate in the coming years. This is due to the reasons such as increasing population in few countries and rising efforts to improve the lifestyle and urbanization.
The report consists of 76 Tables and 46 charts depicting the in-depth market study and the impact analysis of COVID-19 by Vendor name. View detailed TOC here.
Artificial Lift Market based on Type
- Gas Lift
- Rod lift
- Others (hydraulic pumping systems and plunger lift)
Artificial Lift Market based on Mechanism
- Pump Assisted
- Positive Displacement
- Dynamic Displacement
Artificial Lift Market based on Geography
- North America
- Asia Pacific
- Rest of the World