Further,
for the in-depth analysis, the report encompasses the industry growth
indicators, restraints, supply and demand risk, along with detailed discussion
on current and future market trends that are associated with the growth of the
market.
The global artificial
rod lift market
is anticipated to attain a CAGR of
~6% over the forecast period, i.e., 2022 –
2030. The
market is segmented on the basis of end-user industry into oil &
gas, mining, and others,
out of which, the oil & gas segment is estimated to hold the largest market
share over the forecast period on account of growing use of artificial
rod lift in oil drilling activities. The growing demand for oil, and increasing
oil extraction activities from reservoirs, along with rising investment in the
oil & gas industry is also estimated to boost the segment growth.
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The global artificial
rod lift market
is estimated to grow on the back of increasing application of artificial rod
lift in oil and gas industry for oil drilling. This technology is ideal for
collecting oil from oil wells. It contains a barrel and fillings that is used
to gather fluids from beneath it and bring it to the surface. The increasing
adoption of artificial lift systems to extract crude oil and increasing
investment in onshore and offshore drilling are estimated to boost the market
growth.
On the basis of geographical analysis, the
global artificial rod lift market is segmented into five major regions including North America,
Europe, Asia Pacific, Latin America and Middle East & Africa region. The
market in the North America region is anticipated to gain the largest market
share throughout the forecast period owing to the increasing demand for raising
oil production in the region. Canada has over 10% of the global oil reserves,
which is increasing the demand for oil drilling in the region, in turn,
boosting the regional market growth.
The research was global in nature and conducted in North America (U.S.,
Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium,
Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark),
Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico,
Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South
Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of
Asia-Pacific), Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain,
Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and
Africa). In addition, areas like Market size, Y-O-Y growth & Opportunity
Analysis, market players competitive study, investment opportunities, demand
for future outlook etc. have been covered and displayed in the research report
to ensure it dives deep to achieve strategic competitive intelligence in the
segment.
Increasing Demand
for Oil Production to Boost the Market Growth
According to the data by the International
Energy Agency (IEA), the demand for oil is expected to increase by 5.4 million
barrel per day across the world in 2021.
Artificial rod lift is being increasingly
used in the oil & gas industry. The growing demand for oil globally, backed
by increased transportation activities and industrial development, is estimated
to boost the market growth.
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However, competition from gas lift technology
is expected to operate as key restraint to the growth of the global artificial rod lift market over the
forecast period.
This
report also provides the existing competitive scenario of some of the key
players of the global artificial rod
lift market which includes company profiling of Dover Corporation, General Electric Company, Man Diesel
& Turbo SE, Novomet Group, Smiths Group, Schlumberger Limited, NOV Inc., J
J Technical Services LLC, Halliburton Company, Flotek Industries, and
others. The profiling enfolds key information of the companies which
encompasses business overview, products and services, key financials and recent
news and developments. On the whole, the report depicts detailed overview of
the global artificial rod lift
market that will help industry consultants, equipment manufacturers, existing
players searching for expansion opportunities, new players searching
possibilities and other stakeholders to align their market centric strategies
according to the ongoing and expected trends in the future.
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About
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expansion and investment etc. We believe every business can expand to its new
horizon, provided a right guidance at a right time is available through
strategic minds. Our out of box thinking helps our clients to take wise
decision in order to avoid future uncertainties.
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