(MENAFN- PR Newswire) North America is expected to be the largest Artificial Lift Market during the forecast period. The North American region comprises major economies such as US, Canada, and Mexico. The Artificial Lift Market in North America is primarily fueled by the robust infrastructure and thriving oil & gas sector. An accelerated surge in both upstream and downstream operations, coupled with a buoyant outlook for the oil & gas industry, forms the core drivers propelling the regional Artificial Lift Market. Notably, the share of horizontal wells surged from 5.4% in 2011 to 18.1% in 2021. The escalating presence of unconventional reserves like tight oil and shale gas stands as a key impebehind the escalated demand for artificial lift solutions across the United States and Canada.
Key Market Players:
Some of the major players in the Artificial Lift Market are SLB (US), Baker Hughes Company (US), Halliburton (US), Weatherford (US), and ChampionX (US). The major strategies adopted by these players include new product launches, acquisitions, contracts, agreements, collaborations, and expansions.
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Recent Developments
In November 2022, Halliburton deployed the first single trip, electro-hydraulic wet connects in deepwater for Petrobras in Brazil. The Halliburton Fuzion EH electro-hydraulic downhole wet-mate connector contributes to higher well recovery factors by ensuring the integrity of Halliburton's SmartWell completion technologies throughout the well's lifecycle. In July 2022, Baker Hughes Company acquired AccessESP, one of the leading providers of technological solutions used in ESP systems. This acquisition will broaden the artificial lift portfolio of Baker Hughes Company and improve its position globally. In April 2022, Weatherford was awarded two five-year artificial lift contracts by Tatweer Petroleum in Bahrain to supply, install, and service beam pumping units and downhole pumps. In December 2021, LUFKIN acquired theRod and Patriot Pump.Rod is an API-licensed manufacturer and distributor of artificial lift items such as sucker rods, rod guides, couplings, pony rods, stabilizers, and sinker bars. This acquisition would enhance the product portfolio of LUFKIN and position the company higher in North America in terms of artificial lift technologies.
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