Expert Market Research’s new report titled “Global Artificial Elevator Market Report and Forecast 2021-2026‘, gives an in-depth analysis of the Global Artificial Lift Market, assessing the market based on its segments such as Type, Mechanism, Shaft Type, Application, and Major Regions like Asia-Pacific, Europe, North America, the Middle East and Africa and Latin America. America. The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.
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Key highlights of the report include:
Market Overview (2021-2026)
- Forecast CAGR (2021-2026): 5%
The growth of the global artificial lift market is driven by the need for fast and efficient production of oil and gas. Due to rapid industrialization and urbanization, the growing demand for fuel leads to the need to use artificial lifts by companies to boost efficient oil production. Additionally, advanced technologies for artificial lift such as multi-phase gas treatment pumps and web-based monitoring services are expected to drive growth. However, high initial investment cost, regular maintenance costs and lack of skilled labor to operate the elevator may limit the growth during the forecast period.
Industry definition and major segments
Artificial lifts are used to increase the flow of fluids when there is insufficient pressure in the reservoir to bring fluid to the surface. It is mainly used in the oil and gas industry. Lift reduces pressure in the borehole and transfers energy downhole, increasing flow to the surface.
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By Type, the market is split into:
- Progressive Cavity Pump (PCP)
- rod lift
- Electric Submersible pump (ESP)
- gas lift
- piston lift
Based on Mechanism, the market is segmented into:
- Assisted pump
- gas assisted
By Type of Wells, the market is categorized into:
Based on Application, the market is split into:
Based on regional markets, the industry is divided into:
1 North America
1.1 United States of America
2.2 United Kingdom
4 Latin America
5 Middle East and Africa
5.1 Saudi Arabia
5.2 United Arab Emirates
5.4 South Africa
Regionally, the Middle East and Africa is the major shareholder in the global artificial lift market. This can be attributed to the presence of large crude oil reserves in the region. Growing global demand for energy is expected to drive the artificial elevator market demand in countries such as Saudi Arabia, Egypt, Kuwait, and UAE. Meanwhile, Asia-Pacific is expected to experience growth due to rapid industrialization and establishment of manufacturing industries. Likewise, North America is expected to show significant growth over the forecast period owing to the recent discovery of shale oil reserves.
Main market players
Major players in the market are Baker Hughes Company, Schlumberger Limited, Halliburton Company, Weatherford International plc, Borets Company and few others. The report covers market shares, capacities, plant rotations, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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