This is the Best Things About Artificial Lift Market with Forecast to 2021
The report "Artificial Lift Market by Type (Electrical Submersible Pumps, Rod Lift,
Progressive Cavity Pumps, Gas Lift, and Others), Mechanism (Pump Assisted and Gas
Assisted), Application (Onshore and Offshore), and Region - Global Forecasts to 2021", The
artificial lift market is expected to grow from an estimated USD 7.62 Billion in 2016 to USD 9.69
Billion by 2021, at a CAGR of 4.91%. The global market is set to witness significant growth, due to
the increasing production of heavy oil and shale gas. Increasing shale gas production is due to
huge shale gas reserves in the Americas and the Asia-Pacific.
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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.
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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.
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 Schlu mberger 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.
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