The global artificial lift market size is expected to reach USD 10,984.71 million by 2032, according to a new study by Polaris Market Research. The report “Artificial Lift Market Share, Size, Trends, Industry Analysis Report, By Type (Stable and Portable); By Application; By Shape; By Distribution Channel; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The artificial lift market is poised for substantial growth, driven by the global increase in heavy oil and shale gas production. Regions such as Asia Pacific and the Americas, known for their significant shale gas reserves, are expected to contribute to the market's healthy growth in the coming years.
Efforts to boost production from mature oil fields will significantly drive the demand for artificial lift systems. Many existing reservoirs worldwide are in the mature phase and lack sufficient natural pressure to extract oil and gas. As a result, efficient artificial lift systems are necessary to optimize production and offset the decline rates of these mature reserves.
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The growing demand and reliance on conventional energy sources have led to a shift towards developing unconventional resources such as natural gas, shale oil and gas, and tight oil. The exploration of these unconventional reserves is increasing, creating a strong demand for artificial lift systems in the market.
Artificial Lift Market Report Highlights
Polaris Market Research has segmented the Artificial Lift market report based on type, mechanism, well type, application, and region.:
Artificial Lift, Type Outlook (Revenue - USD Million, 2019 - 2032)
Artificial Lift, Mechanism Outlook (Revenue - USD Million, 2019 - 2032)
Artificial Lift, Well Type Outlook (Revenue - USD Million, 2019 - 2032)
Artificial Lift, Application Outlook (Revenue - USD Million, 2019 - 2032)
Artificial Lift, Regional Outlook (Revenue - USD Million, 2019 - 2032)