Artificial Lift Systems Market in the Industrial Machinery Industry to grow by USD 3.34 billion|Technavio

NEW YORK, July 9, 2021 /PRNewswire/ -- The artificial lift systems market is set to grow by USD 3.34 billion, progressing at a CAGR of over 6% during 2021-2025. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.

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Read the 120-page report with TOC on "Artificial Lift Systems Market Analysis Report by End-user (Onshore oil and gas industry and offshore oil and gas industry), Type (ESP systems, RLP systems, PCP systems, and Others), and Geography (North America, Europe, APAC, MEA, and South America), and the Segment Forecasts,2021-2025". Gain competitive intelligence about market leaders. Track key industry opportunities, trends, and threats. Information on marketing, brand, strategy and market development, sales, and supply functions. https://www.technavio.com/report/report/artificial-lift-systems-market-industry-analysis

The artificial lift systems market is driven by the growing demand for oil and natural gas. In addition, the increasing subsea operations are anticipated to boost the growth of the Artificial Lift Systems Market.

The increase in demand for oil and natural gas is driven by factors such as transportation needs, increase in the global population, and industrial activities in developing countries. Developing countries are heavily dependent on oil and gas resources, in turn, providing opportunities for companies that manufacture and deliver artificial lift systems. Due to low oil prices, there is a reduction in investments in both onshore and offshore fields. However, the demand for oil and gas is increasing which gives an opportunity for the collective supply of these resources, thereby driving the growth of the artificial lift systems market.

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Major Five Artificial Lift Systems Companies:

Baker Hughes Co.
Baker Hughes Co. offers artificial lift systems under the brand name ACE Plus gas handler pumps.

ChampionX Corp.
ChampionX Corp. offers various types of artificial lift systems including electrical submersible pumping systems, gas lift, hydraulic lift, plunger lift, progressing cavity pumping systems, and rod lift.

Halliburton Co.
Halliburton Co. offers various types of artificial lift systems including Electric Submersible Pumping Systems, Horizontal Pumping Systems, Geothermal Pumping Systems, Mining Pumping Systems, and Municipal Electric Submersible Pumping Systems.

National Oilwell Varco Inc.
National Oilwell Varco Inc. offers various types of artificial lift systems including hydraulic rod pumping and progressing cavity pump systems.

Novomet
Novomet offers various types of artificial lift systems including ESP systems, rotary displacement pumps, ESP motors, ESP intake and gas management, ESP protectors, and other systems.

Artificial Lift Systems Market End-user Outlook (Revenue, USD billion, 2020-2025)

• Onshore oil and gas industry - size and forecast 2020-2025
• Offshore oil and gas industry - size and forecast 2020-2025

Artificial Lift Systems Market Type Outlook (Revenue, USD billion, 2020-2025)

• ESP systems - size and forecast 2020-2025
• RLP systems - size and forecast 2020-2025
• PCP systems - size and forecast 2020-2025
• Others - size and forecast 2020-2025

Artificial Lift Systems Market Geography Outlook (Revenue, USD billion, 2020-2025)

• North America - size and forecast 2020-2025
• Europe - size and forecast 2020-2025
• APAC - size and forecast 2020-2025
• MEA - size and forecast 2020-2025
• South America - size and forecast 2020-2025

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