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(India.CityRegions.Com, March 29, 2018 ) The Global Artificial Lift Market was valued at USD 7.58 billion in 2016 and is projected to reach USD 11.65 billion by 2025, growing at a CAGR of 4.89% from 2017 to 2025.
Artificial lift refers to the use of artificial means to increase the flow of liquids, such as crude oil or water, from a production well. This is achieved by the use of a mechanical device inside the well or by decreasing the weight of the hydrostatic column by injecting gas into the liquid some distance down the well. Artificial lift can be used to generate flow from a well in which no flow is occurring or used to increase the flow from a well to produce at a higher rate.
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The major players in the market are as follows: Weatherford International PLC, General Electric Company, National Oilwell Varco, Inc., Dover Corporation, J J Tech, John Crane Group, Schlumberger Limited, Baker Hughes Incorporated, Halliburton Company, Borets International Limited, Flotek Industries, Inc.
The rise in oil exploration activities is predicted to be a key factor driving the market growth over the forecast period. When the naturally driven reservoir energy is insufficient to push the oil to the surface, artificial lift systems are employed to improve the productivity of the well.
Market Dynamics: 1. Market Drivers 1.1 Redevelopment of mature fields 1.2 Rising heavy oil production 1.3 Growing shale gas production 2. Market Restraints 2.1 Incorporation of artificial lift in horizontal wells 2.2 Lack of skilled workforce
Market Segmentation: The Global Artificial Lift Market is segmented on the basis of mechanism, type, application, and region.
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
Research Methodology: Research study on the Global Artificial Lift Market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review. The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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Source: EmailWire.Com
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