The Artificial Lift Systems market is expected to grow at a CAGR of over 4% over the forecast period. Artificial lift is a method used to achieve higher production rates in wells by lowering the bottom hole pressure (BHP) generated in the formation. It helps oil and gas move up when natural drive (primary recovery) is not enough to push oil to the surface. As of 2018, mature fields account for more than 70% of global oil and gas production. These mature fields require a pumping system-an artificial lift system. The need for improved recovery rates, increased wells in need of extraction pressure support, increased demand for energy and petrochemical products, and technological advances that enable companies to economically extract petroleum from challenging areas are some of the factors driving the growth of the artificial industry. is. Drive up the system market. However, advances in smart water flooding and various IOR technologies are expected to hinder market growth during the forecast period.
A full report of Artificial Lift Market is available at: https://www.orionmarketreports.com/artificial-lift-market/46080/
Artificial Lift Market Segmentations
Based on type
• ESP
• PCP
• Gas Lift
• Rod lift
• Others (hydraulic pumping systems and plunger lift)
Based on mechanism
• Pump Assisted
• Positive Displacement
• Dynamic Displacement
• Gas-Assisted
Based on the well type
• Horizontal
• Vertical
Based on application
• Onshore
• Offshore
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