July 07,2021/IndustryNewsGlobal/ The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Artificial Lift Systems Market.
Artificial Lift Systems Market is likely to witness an impressive CAGR of 8.0% during the forecast period. Increasing investment towards exploration of subsea areas along with shifting trends towards unconventional reserves is likely to propel the market growth.
Artificial Lift is a process that is used on oil wells to increase pressure within the reservoir and boost oil to the surface. The market is segmented as by technology type into progressive cavity pumps, electrical submersible pumps, gas lift, rod lift, hydraulic pumps, and others and by application type into onshore and offshore.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
Based on the technology type, the market is segmented as progressive cavity pumps, electrical submersible pumps, gas lift, rod lift, hydraulic pumps, and others. Electrical submersible pumps are likely to dominate the market owing to their ability to operate in highly deviated and subsea deepwater wells.
Based on the application type, the market is segmented as offshore and onshore. Onshore application is likely to dominate the market in 2020 and is expected to remain the major application type during the forecast period.
In terms of regions, North America is estimated to be the largest market driven by large scale production from shale reserves and low oil prices. Further, wide availability of aging and matured wells along with large potential across the offshore areas will boost the dominance of the North American region.
Key Players:
• Schlumberger
• Halliburton
• Weatherford
• Borets
• General Electric
• National Oilwell Varco
• JJ Tech
• Aker Solutions
• NOVOMET
• BCP Group
• Occidental Petroleum
• Shengli Oilfield
• Canadian Advanced ESP
• PCM
• Elkam
• APC
• Petrolift
• Rimera Group
• ChampionX.
Features of the Report
This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools.
The Artificial Lift Systems Market analysis report discusses the following heads in great detail:
• Market structure: Overview, industry life cycle analysis, supply chain analysis
• COVID-19 Impact Assessment
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
• Market trend and forecast analysis
• Market segment trend and forecast
• Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
• Attractive market segments and associated growth opportunities
• Emerging trends
• Strategic growth opportunities for the existing and new players
• Key success factors
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