According to a new report, Global Artificial Lift Market (2016-2022), published by KBV Research, the global artificial lift system market is expected to reach $34,078.3 million by 2022, with a CAGR of 11.7% during 2016 – 2022.
The North America market dominated the Global Artificial Lift Market in 2015, and would grow at a CAGR of 9.8% during the forecast period. The LAMEA region is expected to grow at a CAGR of 14% during 2016-2022. The Europe market is expected to reach a market size of $5793.3 million by 2022. However, Asia-Pacific market is expected to grow at CAGR of 14.5% during 2016-2022.
The Rod lift segment contributed the larger revenue share to the Global Artificial Lift Market in 2015, and would continue to be a dominant market till 2022 and is expected to grow at a CAGR of 13.7% during the forecast period. The ESP segment is expected to reach a market size of $9644.2 million by 2022. However, Plunger segment is expected to grow at CAGR of 19.5% during 2016-2022.
The report highlights the adoption of Artificial Lift market, globally. Based on the Types, the Artificial Lift Market is segmented into Rod lift, Electrical Submersible Pump (ESP), Progressive Cavity Pumps (PCP), Plunger Lift, Gas Lift and Other Artificial Lifts market. On the basis of Components, the market is bifurcated into Pump, Motor, Cable system, Drive head, Separator, Pump Jack, Sucker rod, Gas-lift valves, Gas-lift mandrels, Controller, and other segments. The market is further geographically segmented into North America, Europe, Asia Pacific and LAMEA (Latin America, Middle East and Africa) market.
Key Players profiled in the report includes Baker Hughes, GE Oil & Gas, National Oilwell Varco, Halliburton, Dover Corporation, Schlumberger NV, Superior Energy Services and Novomet.