Artificial Lift Market: Increase in global oil demand to boost the market

The global Artificial Lift Market is projected to grow from USD 6.9 billion in 2022 to USD 8.7 billion by 2027, at a CAGR of 4.8% according to a new report by MarketsandMarkets™. The market has promising growth potential due to the rising global oil demand and the increasing demand to maximize production from maturing oil & gas fields and new discoveries, especially in the North American region.

The rod lift segment is expected to dominate the Artificial Lift Market during the forecast period.

 

By type, the rod lift segment is estimated to lead the Artificial Lift Market and is also expected to register the highest CAGR during the forecast period owing to developments pertaining to unconventional oil & gas resources.

 

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The offshore segment is expected to register the highest CAGR during the forecast period.

 

The Artificial Lift Market is divided based on application into onshore and offshore. Though the onshore application segment is estimated to hold a larger market share, the offshore segment is expected to grow at a faster rate during the forecast period. This high growth rate of the offshore segment can be attributed to the increasing investment by upstream oil & gas service providers and operators concerning deepwater and ultra-deepwater exploration and production activities.

 

North America is expected to be the largest artificial lift market

 

In this report, the Artificial Lift Market has been analyzed for five regions, namely, North America, South America, Europe, Asia Pacific, and Middle East & Africa. North America is a significant contributor to the Artificial Lift Market in the current scenario owing to the presence of a large number of key global players in the region, especially in the US. Further, the advancements in the upstream sector concerning unconventional oil & gas resources such as shale oil and shale gas are expected to further drive the Artificial Lift Market in the region.

 

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Artificial Lift Market.

 

Some of the key market players are Schlumberger Limited (US), Halliburton (US), Baker Hughes Company (US), NOV Inc. (US), and Weatherford (US). These leading players adopt various strategies to increase their share in the Artificial Lift Market.

Perforating Gun Market: Rising Exploration and Production of Unconventional Oil & Gas Resources

 According to the new market research report "Perforating Gun Market by Gun Type (Through Tubing Hollow Carrier & Exposed, Wireline Conveyed Casing, TCP), Well Type (Horizontal, Vertical), Application (Onshore, Offshore), Pressure, Depth, Type, Orientation, Explosives, Region - Global Forecast to 2027", published by MarketsandMarkets™, the global Perforating Gun Market is projected to reach USD 1.4 billion by 2027 from an estimated market size of USD 1.1 billion in 2022, at a CAGR of 5.6% during the forecast period. The factors driving the growth for Perforating Gun Market are rising exploration and production of unconventional oil & gas resources, especially in the North American region.

Tubing conveyed perforation system: The largest segment of the Perforating Gun Market

The Perforating Gun Market, by gun type, is segmented into through tubing hollow carrier gun system, wireline conveyed casing gun system, through tubing exposed gun system and tubing conveyed perforation system. The tuning conveyed perforation system is estimated to have the largest market share. The versatile nature and the high operational efficiency of these gun systems are expected to drive through tubing perforation system, which consequently increases the demand of perforating gun.

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The onshore segment is expected to be the most significant Perforating Gun Market

The Perforating Gun Market, by application, is segmented into onshore, and offshore. The onshore segment accounted for the largest share of 66.4% of the Perforating Gun Market in 2021. Onshore exploration and re-exploration activities is expected to fuel the growth of onshore Perforating Gun Market during the forecast period.

North America is expected to dominate the global Perforating Gun Market

The North America region is estimated to be the largest market for the Perforating Gun Market, followed by Asia Pacific. The Asia Pacific region is projected to be the fastest-growing market during the forecast period. The growth of the North American Perforating Gun Market is expected to be driven by increasing E&P activities concerned with shale and tight oil reserves.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Perforating Gun Market. These players include Schlumberger Limited (US), Weatherford International (US), Baker Hughes (US), Halliburton (US) and NOV Inc (US).