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Artificial Lift Market worth $8.7 Billion by 2027

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Artificial Lift Market worth $8.7 Billion by 2027

September 17
14:57 2022
Artificial Lift Market worth $8.7 Billion by 2027
The global 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 global Artificial Lift Market is projected to grow from USD 6.9 billion in 2022 to USD 8.7 billion by 2027, at a CAGR of 4.8% according to a new report by MarketsandMarkets™. The market has promising growth potential due to the rising global oil demand and the increasing demand to maximize production from maturing oil & gas fields and new discoveries, especially in the North American region.

The rod lift segment is expected to dominate the Artificial Lift Market during the forecast period.

By type, the rod lift segment is estimated to lead the Artificial Lift Market and is also expected to register the highest CAGR during the forecast period owing to developments pertaining to unconventional oil & gas resources.

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The offshore segment is expected to register the highest CAGR during the forecast period.

The Artificial Lift Market is divided based on application into onshore and offshore. Though the onshore application segment is estimated to hold a larger market share, the offshore segment is expected to grow at a faster rate during the forecast period. This high growth rate of the offshore segment can be attributed to the increasing investment by upstream oil & gas service providers and operators concerning deepwater and ultra-deepwater exploration and production activities.

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North America is expected to be the largest artificial lift market

In this report, the Artificial Lift Market has been analyzed for five regions, namely, North America, South America, Europe, Asia Pacific, and Middle East & Africa. North America is a significant contributor to the Artificial Lift Market in the current scenario owing to the presence of a large number of key global players in the region, especially in the US. Further, the advancements in the upstream sector concerning unconventional oil & gas resources such as shale oil and shale gas are expected to further drive the Artificial Lift Market in the region.

To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Artificial Lift Market.

Some of the key market players are Schlumberger Limited (US), Halliburton (US), Baker Hughes Company (US), NOV Inc. (US), and Weatherford (US). These leading players adopt various strategies to increase their share in the Artificial Lift Market.

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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Mr. Aashish Mehra

MarketsandMarkets™ INC.

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Northbrook, IL 60062

USA: +1-888-600-6441

Email: [email protected]

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Website: https://www.marketsandmarkets.com/Market-Reports/artificial-lift-systems-market-879.html