The growing energy demand across globe is leading to rise the need for oil and natural gas. The requirement is more visible in the developing countries like India and China. The increase in demand for oil and natural gas is also heavily driven by transportation needs and increase in global population. Most of the developing countries such as India, China, Mexico, and Brazil are heavily dependent on oil and gas resources, in turn providing ample opportunities for companies who manufacture and deliver Artificial Lift Systems.
The Artificial Lift Market is expected to reach USD XXX Billion by 2025. One of the major factors driving the market is that increasing number of mature oil and gas fields along with growing ultra-Deepwater activities.
The Artificial Lift Market is segmented on the basis of four types Electrical Submersible Pumps, Rod Lift, Progressive Cavity Pumps, Gas Lift with Electrical Submersible Pumps holding the largest market share in 2018.
The Global Artificial Lift Market by application is segmented as Oil & Gas, Agriculture, Firefighting, Construction, Mining of which Oil & Gas holds the largest market share in 2018. Artificial Lift Market by Mechanism is divided into Pump Assisted and Gas Assisted types.
Key companies having global presence are General Electric Company, National Oilwell Varco, Weatherford Plc, Halliburton, Dover Corp, Schlumberger Limited, Tenaris, J J Tech, Grundfos Pumps Corporation, and Borets.
Lack of skilled labor to handle these systems is appearing as the major restraint for the growth of this market. Environmental issues associated with unconventional oil and gas production include air emissions caused by pollutants, groundwater contamination due to uncontrolled gas, fluid flows because of blowouts or spills, leakage of fracturing fluid, and uncontrolled discharge of waste water. In order to deal with growing environment concerns related to artificial lifting, governments of various countries have imposed several regulations, which, in turn, are hindering the growth of the market.
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