The global Artificial Lift Market is expected to grow from an estimated USD 8.0 billion in 2020 to USD 10.3 billion by 2025, at a CAGR of 5.0% during the forecast period. Increasing efforts by upstream companies to enhance the production from the mature fields is driving the artificial lift market.
Continuous shale development and the growing investments in the upstream oil and gas sector are driving the demand for artificial lift market. Moreover, the rising number of mature fields in Europe and the Middle East, along with new offshore oilfield discoveries, is creating an opportunity for the artificial lift market.
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The offshore segment is expected to grow at the fastest rate during the forecast period.
The offshore segment is expected to grow at the fastest rate during the forecast period. Artificial lift methods such as hydraulic pumping, gas lift, ESP, and PCP are most prominently used in offshore oil wells. The companies have been exploring the offshore locations for oil & gas production owing to the fact that offshore has huge untapped reserves. Thus, the offshore market is a more capital-intensive segment as compared to onshore. According to the IEA, between 2019 and 2040, 2,500–3,000 offshore projects are likely to undergo decommissioning, as they have attained their operational lives. The Gulf of Mexico and the North Sea have the highest number of maturing shallow fields. Thus, such maturing shallow fields have created demand opportunities for artificial lift methods in the Gulf of Mexico and the North Sea regions.
North America is expected to be the largest artificial lift market
North America, Europe, South & Central America, Asia Pacific, Middle East & Africa are the major regions considered for the study of the artificial lift market. North America is estimated to be the largest market from 2020 to 2025, driven by the redevelopment of shale reserves and growth in unconventional resources in the US and Canada. Additionally, the demand for artificial lift operations in the maturing offshore fields in the Gulf of Mexico and other onshore fields in the US is expected to drive market growth.
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The major players in the global Artificial Lift Market are Halliburton (US), Schlumberger (US), Baker Hughes Company (US), Weatherford (Switzerland), NOV (US), Borets International (Russia), Oilserv (UAE), JJ Tech (US), Apergy (US), DistributionNow (US), Novomet (Russia), AccessESP (US), and Valiant Artificial lift Solutions (US).
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