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Artificial Lift Market Expected to Reach USD 12.2 Billion By 2023

Artificial Lift.jpegGlobal artificial lift market was valued at USD 8.5 billion in 2017 and reached to USD 12.2 Billion by 2023. The market is witnessing significant growth owing to extensive demand for fossil fuels and escalating number of settled reserves that comprises of large amount of crude oil. Additionally, swelling production capabilities of shale gas and heavy oil is further driving the growth of artificial lift market globally.

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The rapid growth of rod lift is contributed towards enhanced demand in U.S. and Canada for unconventional fabrication of oil and shale gas. Rod lifts are considered to be quiet economical and efficient alternative enabling manufacturers in developing consistency in several down hole equipment’s, which provides enhanced volume and higher deviations in production process thereby contributing towards the accelerating growth of global artificial lift market.

Oil production is observed to be enhanced at a peak rate approximately in 35 countries including some of the major oil producers such as Kuwait and Russia. Moreover, artificial lifts enables the producer to have better control , optimizing unloading fluid process and performing various activities such as gas injection points without any hindrance and in an efficient manner.

This flexibility in operations achieved by artificial lift is expected to help in fulfilling the future demand for oil and gas manipulation challenges by significantly decreasing gas-lift costs for subsea wells and deep water. All these factors are excessively enhancing the demand for artificial lift market across the globe.

The placement of rod pumps and other artificial lift methods in strayed manner leads to several problems such as high exertion on the reservoir, deprived liquid lift proficiencies due to intrusion of gas in down-hole pumps and huge operating costs are some of the factors that hinder the growth of artificial lift market globally.

Asia Pacific is expected to witness fastest growth in artificial lift market during the forecast period 2017–2023. Countries in this region specifically China and India is estimated to swell the oil and gas demand that is expected to drive the demand for artificial lift market in this region.

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Market players in the artificial lift system are Baker Hughes, Schlumberger, Dover Corporation, Cameron International, Borets, Weatherford, GE Oil & Gas, Halliburton, John Crane, and National Oilwell Varco.

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