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Market research future published a cooked research report on Global Artificial Lift Market. Artificial Lift market is expected to grow with the CAGR of about 7% from 2016 to 2022. For the Global Artificial Lift market drivers are increased unconventional oil & gas production, declining reservoirs, and growing number of mature fields. However, strict government regulations environmental concerns are constraining the growth of the artificial lift market. The recent decline in oil prices is estimated to increase the demand for production focused services such as pressure pumping, artificial lift and enhanced oil recovery; as the focus has shifted entirely towards production optimization as comparison to drilling services. Consequently, artificial lifts are expected to experience a rise in demand from owner-operators, independent E&P companies, and other industry stakeholders.

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Future Constraints and Drivers Affecting the Market Growth

The increasing production of heavy oil, increasing demand for energy across the world, improving production efficiency and increase in the production of shale gas is driving the market for artificial lift. Recoverable shale gas reserves are anticipated to provide growth opportunities to the market. Artificial lifting system is employed in horizontal shale gas-producing wells to achieve operational efficiency and lift the collected fluid in the well. Several countries are evaluating and testing production potential from shale formation besides commercially viable production techniques. Moreover, declining onshore production and increasing demand for oil and gas are pushing the operators to increase deepwater activities.

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Industry Overview

The major types of artificial lifts employed in the oil field includes electric submersible pump (ESP), rod lift, progressive cavity pumps (PSP), and gas lifts. Other types used include plunger lift, and hydraulic jet pumps which have a small contribution within the artificial lift market. Electric submersible pump is a multistage centrifugal pump used to lift moderate to high volumes of fluids from wellbores. Its advantages include wide range of operating flexibility , capability to lift extremely high volumes in shallow wells, and also the cost of lifting high volumes is low as compared to other methods. These advantages have contributed towards the immense popularity of ESPs in the artificial lift market, resulting towards its major share in this market.

North America and Europe regions dominated the Artificial Lift Market in 2015

Geographically, North America accounts for the largest share in the artificial lift market in 2015. It is also expected to provide immense growth potential due to the presence of recoverable shale oil and gas resources in this region. Also, the increase in tight oil production is boosting the demand for artificial lift in the region. European region held the second largest share within the artificial lift market, and is expected to grow at a moderate pace due to large number of offshore wells. Asia-Pacific region is projected to be the second fastest growing market.

Prominent Players:

This report includes a study of strategies, of major market players. It includes the product portfolios, developments of leading major players such as Baker Hughes, Cameron International, Halliburton, Weatherford, Natonal Oilwell Varco, and others.

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