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Key Industry Insights & Findings from the Report:
- The market for artificial lift systems will be driven by increased subsea production and demand from various end-use industries.
- There will likely be an increase in demand for artificial lift systems due to different drilling techniques and an increasing number of wells that have reached maturity.
- North America dominated the market and accounted for a revenue share of global revenue in 2023.
- The fast adoption of green power and the high cost of initial investment are expected to slow down the expansion of this sector.
Artificial lift is a technique used to reduce bottom hole pressure (BHP) on the development in order to increase the well's production rate. You can lower the running pressure at the pump intake by using a positive-displacement downhole pump, like a contemporary progressive cavity pump (PCP).
It can also be constructed using a downhole centrifugal pump as part of an electronic submersible pump (ESP) system. For production, the majority of new and existing fields require some type of artificial lift. As a result, practically all of the major corporations use artificial lifts on a regular basis in almost all wells. As new exploration fields increase, the artificial lift system industry is projected to benefit significantly.
However, the COVID-19 crisis disrupted oil demand and impacted a wide range of businesses, including coal and renewable oil and gas. The Energy Information Administration (EIA) forecasted a drop in crude oil production in 2020 and 2021 due to decreased demand for petroleum products. The unprecedented drop in oil prices caused by the Covid crisis resulted in a sharp drop in Chinese demand for oil, with repercussions for the oil and gas industry. As a result, the market suffered throughout the pandemic period.
Competitive Landscape:
Some major the Artificial Lift Market Players are:
- Accessesp
- Alkhorayef Petroleum
- Baker Hughes Company
- Borets
- Cairn Oil & Gas
- Camco
- Championx
- Distributionnow
- Dover Corporation
- Ebara Corporation
- Flotek Industries Inc.
- Halliburton
- Jj Tech
- Mrc Global Inc.
- Nov Inc
- Novomet
- Oilserv
- Rimera Group
- Schlumberger Limited
- Tenaris
- Valiant Artificial Lift Solutions
- Weatherford International Ltd
Market Segmentation:
The Artificial Lift Market is segmented on the basis of type, mechanism, well type, and application. Based on type, the market is segmented as rod lift, electric submersible pumps, progressive cavity pumps, gas lift systems, and others. The mechanism segment includes pump-assisted, positive displacement, dynamic displacement, and gas assisted. By well type, the market is segmented into horizontal and vertical. The applications segment includes onshore and offshore.
Based On The Mechanism, The Pump-Assisted Segment Is Accounted As A Major Contributor To The Artificial Lift Market
The pump-assisted category is expected to hold a major share of the global Artificial Lift Market in 2022. The rising usage of electric submersible pumps and progressive cavity pumps can be ascribed to the strong growth rate of the pump-assisted market, which includes both positive displacement and dynamic displacement pumps. Technological developments in these pumps will have an additional favourable impact on the growth of the pump-assisted mechanism market.
The Personal Care Segment Witnessed Growth At A Rapid Rate
The personal care segment is likely to grow at a rapid rate in the global Artificial Lift Market. Due to offshore oil wells having unexplored reserves, artificial technologies such as electrical Submersible pumps (ESP) and progressive cavity pumps (PCP) are commonly used. Because of their remote locations, harsh surroundings, and complex reservoir characteristics, offshore fields provide unique problems. Artificial Lift systems are critical in offshore applications for increasing production rates, maintaining well integrity, and optimizing operations.
In The Region, The North America Artificial Lift Market Holds A Significant Revenue Share
The North America Artificial Lift Market is expected to register the maximum market share in terms of revenue in the near future. The majority of demand comes from the US. This trend is projected to continue as global prices rise, which may aid in the continuation of mature oil resources. Furthermore, the oil and gas industry in the United States is expected to provide a significant impetus to the submersible pump market in the future years due to the broad investments planned in oil and gas projects. In the long run, such robust growth in new projects is expected to create a demand for new ESPs and gas lift systems, i.e., artificial lift systems in the US.
Artificial Lift Market Report Scope:
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 6.77 Bn |
|
Revenue Forecast In 2031 |
USD 10.19 Bn |
|
Growth Rate CAGR |
CAGR of 5.38 % from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Type, By Mechanism, By well Type, By Application |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
|
Competitive Landscape |
Schlumberger Limited (US), Halliburton (US), Baker Hughes Company (US), NOV Inc (US), Weatherford (US), AccessESP, Borets International Limited, Dover Corporation, Flotek Industries Inc. |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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