'Largest artificial lift market' presentation slideshows

Global artificial lift market was valued at USD 8.5 billion in 2017 and reached to USD 12.2 Billion by 2023. The market is witnessing significant growth owing to extensive demand for fossil fuels and escalating number of settled reserves that comprises of large amount of crude oil. Additionally, swelling production capabilities of shale gas and heavy oil is further driving the growth of artificial lift market globally.

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Global Artificial Lift Market (Size of USD 8.5 Billion in 2017) to Witness 6.3% CAGR During 2018-2023

Global artificial lift market was valued at USD 8.5 billion in 2017 and reached to USD 12.2 Billion by 2023. The increasing number of matured reservoirs that encompasses of huge amount of crude oil and extensive usage of fossil fuels are few factors that are driving the growth of this market across the globe. The artificial lift market is poised to grow at CAGR of 6.3% during the forecast period (2018-2023). Depleting oil reservoir and maturing oil and gas fields are the major factors contributing towards the growth of global artificial lift market. Artificial lifts helps he producers in attaining cost efficiencies, flexibility and optimizing the fluid control process. These factors are enhancing the major oil producer especially in regions such as Russia and Kuwait. Additionally, large proportion of the global oil and gas production are generated from the settled oil and gas fields.

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