Research Nester has recently announced its latest research on “Artificial Lift Market : Global Demand Analysis & Opportunity Outlook 2023”, after studying the market situation and anticipating the future trends, the research provides a concrete platform for the existing and new players looking to enter into the market. The study provides information about market scenario of forecast period by analyzing the current situation.
Artificial lift systems used in oil and gas tanks is an artificial way used to increase the flow of fluids or production. It assists in increasing the pressure in the oil wells which helps to increase the flows of oil easily on to the surface.
In 2015, the global artificial lift system market was valued at USD 11,539.2 Million and projected to reach USD 27.9 Billion by 2021, registering a compound annual growth rate (CAGR) of 11.2% during 2015-2021. In 2014, North America gained the major portion about 72% of the global artificial lift market; North America market was valued at USD 5.68 billion in 2014. On the back of rise in discovery and exploration of shale gas activities Canada and the U.S. are expected to gain top position in the North America region.
Global artificial lift systems market is totally dependent upon the oil and gas sector. In recent time, international crude oil prices plunged to USD 38 per barrel and created worried situation for the oil producing countries and the overall market. Further, lacking expertise, complicated operations and huge investment are main restrains for the global artificial lift system market.
In addition to this, limited resources availability forces to put more efforts to extract the oil and gas from existing wells; shortage of skilled labor force with sound knowledge of understanding the quantity of fluid and bottom hole pressure are the major challenges faced by the artificial lift system market.
To know more about this research, kindly visit https://www.researchnester.com/reports/global-artificial-lift-systems-market-analysis-opportunity-outlook-2021/129