North America Artificial Lift Systems Market share 2020 - Industry Growth Analysis to 2027

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North America Artificial Lift Systems Market
Outlook 2021 - Industry Statistics Analysis by
2027 Graphical Research
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North America artificial lift systems market is
projected to grow owing to increasing production
from shale reserves along with upsurge in the
demand for petroleum products. Ongoing funding
toward the development of offshore areas along
with upsurge in number of mature fields will
boost the industry growth. In addition, shifting
trends toward development of brownfields as they
require low investments will provide favorable
business scenario for the industry
players.   Growing investments in research
development activities followed by upcoming
technological advancement including real time
data analysis management and advanced well
drilling technology will accelerate the industry
landscape. Furthermore, upcoming oilfields
development plans in order to meet the surging
crude oil demand will enhance the business
growth.   Growing investments in research
development activities followed by upcoming
technological advancement including real time
data analysis management and advanced well
drilling technology will accelerate the industry
landscape. Furthermore, upcoming oilfields
development plans in order to meet the surging
crude oil demand will enhance the business
growth. Progressive cavity pump is anticipated
to witness growth owing to accelerating demand
for waxy crude along with their efficient
utilization in low-productivity wells.
Furthermore, high sand cut ratting, high
reliability in viscous crude oil wells and their
ease of use across horizontal and directional
drilling makes them preferable over other
available alternatives. In addition, their
ability to offer high efficiency with low
maintenance cost and a compact size makes its
adoption preferable.
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Declining production from conventional wells and
shifting trend toward unconventional reserves
accompanied by drilling across deep and
ultra-deep offshore regions will boost the North
America artificial lift systems market.
Furthermore, increased EP activities across
onshore and offshore region along with recovery
in oil price will enhance the industry
landscape. Shifting focus toward offshore field
development owing to availability of abundant oil
reserves along with ongoing research on gas
hydrate will accelerate the North America
artificial lift systems market. Long- term
economic benefits, enhanced operational carrying
capabilities will further enhance the business
landscape. In addition, substantial upsurge in
investments toward the development of offshore
OG fields on account of declining production
from onshore wells and recent discoveries across
the deep and ultra-deep areas will provide
investors with new opportunities for business
expansion. The Canada artificial lift system
market is anticipated to witness significant
growth on account of increasing crude oil
consumption along with wide availability of
matured and aging fields across the nation.
Technological advancements, high recovery factor
and significant economic and environmental
benefits it offers has also led the industry to
grow across the nation. Furthermore, ongoing
field redevelopment activities which require low
capital funding and provide fast pay back returns
will complement the industry outlook. Leading
players operating in the North America artificial
lift systems market includes Halliburton,
Schlumberger, Weatherford, GE, Novomet, BCP
Group, National Oilwell Varco, Occidental
Petroleum, Borets, Aker Solutions and Canadian
Advanced ESP. Extensive research and development
activities along with ongoing mergers and
acquisitions across the value chain will provide
significant opportunities for business expansion.
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