- Leading players are trying to penetrate the markets in developing economies and are adopting various strategies to increase their market share.
- The onshore segment led the artificial lift market and is expected to grow at the fastest rate.
- Pump assisted artificial lift mechanisms are expected to be the largest market.
The global artificial lift market is projected to grow at a CAGR of 4.91% from 2016 to 2021, to reach a market size of $9.69 Billion by 2021. This growth is attributed to increasing oil & gas production from unconventional resources such as shale gas, heavy oil, and tight oil.
To enable an in-depth understanding of the competitive landscape, the report includes profiles of some of the top players in the artificial lift market. These players include Schlumberger Limited (U.S.), Weatherford International plc (Switzerland), Baker Hughes Incorporated (U.S.), General Electric Company (U.S.), and Halliburton Company (U.S.). Leading players are trying to penetrate the markets in developing economies and are adopting various strategies to increase their market share.
The onshore segment is expected to hold the largest share of the artificial lift market, by application, during the forecast period
The onshore segment led the artificial lift market in 2015 and is expected to grow at the fastest rate during the forecast period, owing to the increasing demand for artificial lift systems across the globe. This segment is primarily driven by rising production from unconventional sources, and is expected to create new revenue pockets for the artificial lift market during the forecast period.
Pump assisted to be the largest segment in the artificial lift market
With regard to the mechanism segment, pump assisted artificial lift mechanisms are expected to be the largest market in 2016. The pumps are used to increase bottom hole pressure of the tubing string in order to lift a sufficient amount of fluid to the surface. The pump assisted mechanism is categorized into positive displacement and dynamic displacement segments. The dynamic displacement segment is the fastest growing segment within the pump assisted artificial lift market.