Artificial Lift System Market Size, Share, Price, Trends, Growth, Analysis and Forecast 2018-2028
Increasing Oil and Gas Production & Technological Advancements are a major factor attributable to the growth of the market.
As
per the TechSci Research report titled "Global Artificial
Lift System Market - Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028," the Global Artificial Lift System is
expected to experience robust growth in the forecast period, with a projected
CAGR of 4.73% through 2028. Artificial lift is a technique utilized to reduce
the bottom hole pressure (BHP) in production, enabling higher well
productivity. It assists in moving oil and gas to the surface when the natural
reservoir drive is insufficient. The COVID-19 pandemic adversely impacted the
market in 2020, primarily due to reduced oil and gas demand. This led to financial
challenges for oil companies in North America, particularly those involved in
Shale Plays, such as Whiting Petroleum Corp, which faced bankruptcy or
restructuring plans due to plummeting prices caused by the pandemic. As of
2021, mature fields contribute significantly to global oil and gas production.
These mature fields necessitate the use of artificial lift systems to maintain
production. Factors fueling the growth of the artificial lift system market
include the need for improved recovery rates, a rising number of wells
requiring pressure support for extraction, increasing energy and petrochemical
demand, and technological advancements enabling cost-effective oil extraction
from challenging areas.
Browse
over xx market data Figures spread through 188 Pages and an in-depth TOC
on " Global Artificial
Lift System Market"
In
terms of types, the Electric Submersible Pump (ESP) System is set to dominate
the market. Many oil and gas fields have been in production for decades, often
reaching or surpassing their peak production phase. Global consumption is on
the rise due to population growth, urbanization, and industrialization,
especially in developing economies. Electric submersible pumps (ESPs) are the
preferred choice for use in large oil wells that have matured and need further
development to enhance production rates. This trend is particularly evident in
Middle Eastern countries, where numerous oilfields are mature and require
artificial lift systems. Onshore ESPs are expected to see increased demand,
particularly with the growing focus on heavy oil reservoirs and the need for
ESP systems in shale reservoirs. The United States is expected to drive
substantial growth in the submersible pump market due to significant
investments in oil and gas projects, creating a long-term demand for ESPs and
gas lift systems. In addition, the Asia-Pacific market for ESPs, particularly
in Russia, is witnessing growth due to efforts to increase production output,
especially in the Siberian region, to meet China's demand. Hence, electric
submersible pumps are poised to dominate the market due to their adaptability
and technological innovations.
From
a regional perspective, North America is forecasted to be the fastest-growing
market. In 2021, North America led the global artificial lift systems market,
driven by increased exploration and production activities in the shale sector.
Companies in the region are planning multi-well facilities, utilizing advanced
artificial lift technologies to boost production, thereby increasing the demand
for artificial lift systems in the region. The presence of abundant
technologies and fossil fuel reserves is expected to drive market growth.
Additionally, the focus on mature oil fields in the United States, coupled with
significant investments in the upstream sector, is set to propel the artificial
lift systems market. Nevertheless, the increasing environmental concerns
associated with the oil and gas industry's carbon emissions may act as a
restraining factor. The market's growth is supported by investments in the
modernization of oil fields. Consequently, North America is anticipated to
dominate the market due to its numerous matured oil and gas fields and growing
energy demand.
Key
players in the Global Artificial Lift System Market include:
- Borets
International Ltd
- Dover
Corp
- Flotek
Industries Inc
- Baker
Hughes Co
- Halliburton
Company
- National-Oilwell
Varco, Inc.
- Schlumberger
Limited
- Weatherford
International Ltd
- Alkhorayef
Commercial Co
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Mr.
Karan Chechi, Research Director at TechSci Research, a research-based global
management consulting firm, emphasized the significance of artificial lift
systems, stating, "The global Artificial Lift System (ALS) market is
propelled by increasing energy demand, technological innovations, and the need
to optimize production from aging reservoirs. ALS plays a crucial role in
maintaining a stable energy supply, especially in the face of declining natural
reservoir pressure. Environmental regulations drive ALS adoption by promoting
efficient production with reduced emissions. Market expansion into
unconventional resources and the integration of data-driven solutions further
contribute to the ALS market's growth. These factors collectively make ALS a
vital tool for the oil and gas industry in meeting global energy demands while
ensuring cost-effective and environmentally compliant operations."
The
report, titled "Artificial Lift System Market – Global Industry Size,
Share, Trends, Opportunity, and Forecast Segmented by Type (Electric
Submersible Pump System, Progressive Cavity Pump System, Rod Lift System,
others), By Application (Onshore, Offshore), By Region, Competition
2018-2028," assesses the future growth potential of the Global Artificial
Lift System Market, offering statistics and insights into market structure,
size, share, and future growth. The report is intended to provide cutting-edge
market intelligence and assist decision-makers in making sound investment
decisions, while also identifying and analyzing emerging trends, along with key
drivers, challenges, and opportunities in the Global Artificial Lift System
Market.
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