Artificial lift market is anticipated to grow at a considerable CAGR of 5.5% during the forecast period. Governments are increasingly imposing regulations on the oil and gas industry, such as those related to emissions and water usage. Artificial lift systems can help oil and gas companies comply with these regulations, which can be a major driver of growth in the market. The European Union has set a target of reducing greenhouse gas emissions by 55% by 2030. This will require oil and gas companies to use more efficient technologies, such as artificial lift systems, to reduce their emissions. The State of California’s ban on conventional water injection for oil production is expected to save an estimated 1.1 million acre-feet of water per year. This is equivalent to the annual water usage of 500,000 households. Artificial lift systems can help oil and gas companies to comply with this ban by using less water. Rising oil production, higher oil prices, and improved operator cash flow are driving increased drilling and completion activity and lifting the global market for artificial lift equipment. With the US land market growing strongly, the global artificial lift market is on track to increase by 18% in 2022 to $11.7 billion, with key trends pointing toward further gains in 2023 and beyond.
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According to HealthforAnimals, the estimated total worldwide companion animal diagnostics spending was 4.6 billion in 2022. Thus, the rising focus on animal wounds to limit the spread of infection is creating demand for the animal wound care market. Apart from this, growing funding for the development of advanced wound care techniques is further driving the market growth. For instance, In January 2022, MicroCures, a biopharmaceutical company developing novel therapeutics that harness the body’s innate regenerative mechanisms to accelerate tissue repair, was awarded a Phase 2 Small Business Innovation Research (SBIR) grant from the National Institutes of Health (NIH). The two-year, $1.5 million award will support the ongoing development of the company’s lead product candidate, siFi2. siFi2, a small interfering RNA (siRNA) therapeutic that can be applied topically, is designed to enhance recovery after trauma. This Phase 2 grant continues the company’s successful Phase 1 SBIR contract which demonstrated significantly improved repair of burn wounds following treatment with siFi2 in animal models. MicroCures’ technology is based on foundational scientific research at the Albert Einstein College of Medicine regarding the fundamental role that cell movement plays as a driver of the body’s innate capacity to repair tissue, nerves, and organs. The company has developed a broad pipeline of therapeutic programs with an initial focus in the area of tissue, nerve, and organ repair.
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- Market Coverage
- Market number available for – 2024-2031
- Base year- 2024
- Forecast period- 2024-2031
- Segment Covered- By Source, By Product Type, By Applications
- Competitive Landscape- Archer Daniels Midland Co., Ingredion Inc., Kerry Group Plc, Cargill
- , and others
Market Segmentation
Global Artificial Lift Market by Type
- ESP Lift
- Gas Lift
- Plunger Lift
- Rod Lift
- Others(Jet pumps, Sucker Rod Pumps(SRP), etc.)
Global Artificial Lift Market by Application
- Onshore
- Offshore
Regional Analysis
- North America
- United States
- Canada
- Europe
- UK
- Germany
- Italy
- Spain
- France
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- Rest of the World
Company Profiles
- Schlumberger Ltd.
- Baker Hughes Co.
- Halliburton Energy Services, Inc.
- Weatherford International plc
- Dover Corp.
- Cairn Oil & Gas, Vedanta Ltd.
- Canadian Advanced ESP.
- ChampionX Corp.
- DistributionNOW
- Endurance Lift Solutions, LLC
- General Electric Co.
- JJ Tech
- Le KBA ENGINEERING, INC.vare
- Liberty Lift Solutions LLC.
- Lift Well International, LLC
- NOV Inc.
- Penguin Petroleum Services (P) Ltd.
- Rimera Group
- Tenaris S.A.
- Valiant Artificial Lift Soln.
The Report Covers
- Market value data analysis of 2022 and forecast to 2030.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global animal wound care market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
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