Offshore Artificial Lift System Market to Reach USD 161.16 Billion by 2028 | At a CAGR of 6.62%
Increasing
Oil and Gas Production & Technological Advancements are a major factor
attributable to the growth of the market.
As
per a TechSci Research report titled "Global Offshore
Artificial Lift System Market - Industry Size, Share, Trends,
Competition Forecast & Opportunities, 2028," the Global Offshore
Artificial Lift System is expected to experience robust growth in the forecast
period, achieving a Compound Annual Growth Rate (CAGR) of 7.58% through 2028.
Artificial lift refers to a technique utilized to reduce the bottom hole
pressure (BHP) in the production formation, thereby increasing well production
rates. It aids the upward movement of oil and gas when the natural drive, known
as primary recovery, is insufficient to bring oil to the surface. The COVID-19
pandemic had a detrimental impact on the market in 2020 due to reduced oil and
gas demand. Oil companies operating in North American shale plays, such as
Whiting Petroleum Corp, either declared bankruptcy or unveiled restructuring
plans due to a sharp decline in prices brought on by the pandemic.
In
2021, mature fields accounted for a significant portion of global oil and gas
production. These mature fields require an offshore artificial lift system,
driven by the need for enhanced recovery rates, increasing numbers of wells
requiring pressure support for extraction, rising energy and petrochemical
demands, and technological advancements that enable economically extracting oil
from challenging locations.
Browse over xx market data Figures spread through 188 Pages
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Artificial Lift System Market"
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Electric
Submersible Pump (ESP) Systems are expected to dominate the market based on
type. Most oil and gas fields have been in production for several decades and
are either mature or nearing the end of their production life. As global
consumption rises due to population growth, urbanization, and
industrialization, particularly in developing economies, ESPs are the preferred
choice for use in large oil wells that have passed their peak production phase.
This is particularly evident in Middle Eastern countries with mature oilfields
that require the deployment of offshore artificial lift systems. Onshore
electric submersible pumps are also projected to witness significant demand
growth, driven by the increasing number of mature fields in the sector and the
need for ESP systems in shale reservoirs.
Furthermore,
the oil and gas industry in the United States is expected to drive demand for
submersible pumps due to substantial investments in oil and gas projects in the
coming years. This growth in new projects is anticipated to create demand for
new ESPs and gas lift systems, i.e., Offshore Artificial Lift Systems, in the
United States. Asia-Pacific, with Russia as a primary demand center for ESPs,
is one of the fastest-growing markets for ESP. Russia is focused on increasing
production output from established fields, particularly in the Siberian region,
to meet China's growing demand. Electric submersible pumps are set to dominate
the market due to their flexibility and technological innovations.
In
terms of regions, North America is expected to be the fastest-growing market.
North America dominated the global Offshore Artificial Lift Systems market in
2021, primarily due to increased shale discoveries and exploration and
production activities in the region. Market players in North America are
planning to develop larger multi-well facilities and are incorporating
artificial lift technologies to boost production. The availability of
technologies and fossil fuel reserves in the region, along with investments in
the upstream sector, are driving factors for market growth. Additionally, the
focus on mature oil fields and the massive investments in the upstream sector
in the region are expected to bolster the Offshore Artificial Lift Systems
market, with North America poised to lead.
Furthermore,
the presence of numerous matured oilfields in North America is expected to
increase the demand for Offshore Artificial Lift Systems to enhance the
productivity of these fields. Many of these fields are located in the Permian
Basin, which has been a significant oil and gas producer for the last two
decades. However, the market may face challenges due to the growing opposition
to oil and gas in the country, driven by concerns about carbon emissions. In
June 2021, Oil Dynamics GmbH upgraded two wells for an oilfield operator near
Hannover, Germany, shifting from Progressing Cavity Pumps (PCPs) to Electric
Submersible Pumps (ESPs), reflecting the trend of modernizing oil fields to
support market growth.
In
conclusion, the North American continent is expected to dominate the market due
to its abundance of matured oil and gas fields and the increasing demand for
energy.
Key
market players in the Global Offshore 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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According
to Mr. Karan Chechi, Research Director at TechSci Research, a research-based
global management consulting firm, "The global Offshore Artificial Lift
System (ALS) market is being driven 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 promote
the adoption of ALS by encouraging efficient production with reduced emissions.
Expansion into unconventional resources and the integration of data-driven
solutions also contribute to the ALS market's growth. These factors
collectively position ALS as a vital tool for the oil and gas industry to meet
global energy demands while ensuring cost-effective and environmentally
compliant operations."
The
report titled "Offshore 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) and by region, for the competition from 2018 to 2028, has
assessed the future growth potential of the Global Offshore Artificial Lift
System Market. It provides statistics and information on market structure,
size, share, and future growth. The report aims to deliver cutting-edge market
intelligence to assist decision makers in making informed investment decisions.
Additionally, the report identifies and analyzes emerging trends, along with
essential drivers, challenges, and opportunities present in the Global Offshore
Artificial Lift System Market.
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