The global artificial lift systems market is estimated to register a CAGR of 7.7% during the forecast period and is expected to register a revenue valued at US$ 55.3 Billion in 2022. The market is anticipated to cross US$ 69.08 Billion by 2032.
Market players recognize that a vast majority of the oil and gas wells around the world require artificial lift technology to maintain and maximize production. Moreover, they provide an unmatched portfolio of efficient, reliable, integrated artificial lift solutions that can overcome every technical challenge and help achieve business objectives. Hence, the demand for artificial lift systems is expected to rise significantly in the coming years.
Key players offer the industry’s most comprehensive line of artificial lift products and services, such as electrical submersible pumping (ESP) systems, gas lift systems, surface pumping systems, power supply and control systems, and monitoring and automation services that leads to high adoption of artificial lift systems.
Additionally, the key players claim to lead in solving production challenges in every environment, from mature conventional fields to deep water subsea fields. Apart from oil fields, they also provide artificial lift systems to various other industries, such as mine dewatering, municipal water, and geothermal energy. Through these effective lift systems, consumers can maintain production and maximize reserve recovery over the life of any well in any location. These developments are expected to propel the market further.
| Attributes | Details |
|---|---|
| Artificial Lift Systems Market Size (2022) | US$ 55.3 Billion |
| Artificial Lift Systems Market Size (2032) | US$ 69.08 Billion |
| Artificial Lift Systems Market CAGR | 7.7% |
Experts can help with any need of the consumer, such as finding the right program for their concerned business objectives and reservoir needs and simplifying the process, which is expected to contribute to the global artificial lift systems market growth.
The systems offered by key companies are designed to perform efficiently and reliably. They facilitate this process by working with their end users to help them stay ahead of demands, produce more even at lower lifting costs, and enhance asset value with a wide range of integrated artificial lift solutions.
The artificial lift digital solutions available in the market provide an integrated field connectivity solution, bringing website data to consumers through a secure web-based interface so that they can control operating devices remotely.
These artificial lift digital systems help consumers propel their oil recovery, efficiency, and profitability while managing resources and reducing costs to drive production optimization. These factors are estimated to be the artificial lift systems market share growth. Key players are also involved in a lot of mergers and collaborations to properly supply artificial lift and fluid handling solutions to oil and gas production markets. Moreover, innovative technologies in advanced systems for the most extreme downhole excitements are being used to address any threat. Furthermore, their technology, superior service, and expertise lengthen the performance gap to their closest competitors. This is estimated to boost the demand for artificial lift systems.
Certain market players strive to design and manufacture each major component, which aids in every part working together seamlessly and methodically. This is likely to eventually improve reliability and extend systems that run life in a range of demanding oilfield conditions.
Regardless of lift type, key players offer integrated production optimization platforms to provide real-time monitoring and transmission of artificial lift operational data to efficiently and effectively optimize production. All these factors are anticipated to surge product demand and expand the global artificial lift systems market size.
The recovery of hydrocarbon resources from the reservoir occurs either through natural bottomhole pressure or by creating artificial pressure using artificial lift systems. The artificial lift systems market is expected to witness a moderate annual growth in coming years owing to strengthening of crude oil prices.
According to Energy International Agency (EIA), Brent crude is anticipated to be traded at around $90 per Bbl by the end of 2025. Further, the mature fields account for over 70% of the global oil & gas production.
With recovery in prices of the global crude oil benchmarks, coupled with attempts to increase production from mature fields, the global artificial lift systems market is expected to witness increased revenues in coming years.
Although, a number of Enhanced Oil Recovery (EOR) techniques are available for increasing the amount of hydrocarbon recovery, but they are considered as tertiary recovery system. The artificial lift system on the other hand is a primary recovery technique, which provides low cost and effective means of maintaining the desired production rate in a well.
An artificial lift system is utilized to overcome bottom-hole pressure during the phase when natural bottomhole pressure is not enough to support the flow of hydrocarbons from reservoir to the well bore. The artificial lift system enables to overcome downhole pressure in order to maintain the desired production rate from a producing well.
The industry’s inclination and attempts to optimize upstream assets is one of the key drivers for the global artificial lift systems market. Additionally, the recovery in crude oil price after recent plummeting is also likely to drive investments in global artificial lift systems market.
The desire to maintain the production rate in a well in addition to the cost effectiveness an artificial lift system provides as compared to tertiary recovery techniques, the artificial lift systems market is expected to witness increased revenue generation in years to come.
The global Artificial Lift Systems market witnessed key players such as Baker Hughes, Dover Artificial Lift, Flotek Industries, Inc., Halliburton Company, Kudu Industries, Schlumberger Ltd, Weatherford International, among others.
This research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data and statistically-supported and industry-validated market data and projections with a suitable set of assumptions and methodology. It provides analysis and information by categories such as market segments, regions, and product type.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
The global artificial lift systems market has been segment on the basis of geography as well as on the basis of actuation mode used for artificial lift system. On the basis of actuation mode, the global artificial lift systems market has been segmented into pump assisted artificial lift system and gas assisted artificial lift system.
The pump assisted artificial lift systems market has been further divided into four different systems, which include Rod Pump, Hydraulic Piston System, Electrical Submersible Pump (ESP), and Progressive Cavity Pump.
Further the gas assisted artificial lift system has been further segmented into two different types of systems – Gas Lift and Plunger Lift. Within the artificial lift systems market, rod pump has been the oldest types of methods that has been used across the industry. However, other artificial lift systems are expected to gain traction in the global artificial lift systems market in coming years.
In terms of geography, the global artificial lift system has been segmented into seven key geographical regions, which include, North America, Latin America, Western Europe, Eastern Europe, Asia Pacific (excluding Japan), Middle East & Africa, Japan.
The artificial lift system has witnessed a larger market share, in terms of revenue, as compared to other regions across the globe. Increasing mature fields in regions such as Middle East, is expected to drive the market for artificial lift systems through the forecast period.
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Artificial Lift Systems Market
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