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New York, United States, Mar 08, 2022, 10:49 /Comserve / -- Top Key Players; Dover Corporation, General Electric Company, Man Diesel & Turbo SE, Novomet Group, Smiths Group, Schlumberger Limited, NOV Inc., J J Technical Services LLC
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.
Research Nester published a report titled “Artificial Rod Lift Market : Global Demand Analysis & Opportunity Outlook 2030″ which delivers detailed overview of the global artificial rod lift market in terms of market segmentation by application, end-user industry, and by region.
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.
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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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