The Artificial Lift market is expected to grow USD 11,524.74 million by 2025 at a CAGR of 5.18% from 2019 to 2025.
Artificial lift is used in oil wells to increase the pressure at intervals the reservoir to bring the oil to the surface. It is used once the natural drive energy of the reservoir is not strong enough to push the oil to the surface. Recent trend discovered Increase within the assembly from unconventional oil and gas reserves. Conventional oil and gas resources are depleting at a fast pace, leading to the shift of focus toward unconventional energy sources. While, variety of Enhanced Oil Recovery techniques are available for increasing the quantity of hydrocarbon recovery, but they are measured as tertiary recovery system. The synthetic lift system on the opposite hand may be a primary recovery technique, which provides low cost and effective means of maintaining the detailed production rate during a well. a man-made lift system is employed to beat bottom-hole pressure during the phase when natural bottom hole pressure is not enough to support the flow of hydrocarbons from reservoir to the well bore.
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The global Artificial Lift market has been segmented as below:
By Application
Offshore
Onshore
By Well Type
Vertical
Horizontal
By Mechanism
Gas Assisted
Pump Assisted
By Type
Progressive Cavity Pump
Others
Rod Lift
Eletrical Submersible Pump
Gas Lift
By Deployment Mode
On-Premises
Cloud
By Region
North America
Europe
Asia-Pacific
Rest of the World
Competitive Rivalry
Halliburton (US), Schlumberger (US), Baker Hughes Company (US), Weatherford (Switzerland), NOV (US), Borets International (Russia), Oilserv (UAE), JJ Tech (US), Apergy (US), DistributionNow (US), and others are among the major players in the global Artificial Lift market. The companies studied in terms of product strategy and various n several growth and expansion strategies to gain a competitive edge in the market. The major players not only follow value chain integration with business operations in multiple stages of the value chain.
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