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Artificial Lift System Market Size [2022-2026] To Reach USD 13 Billion at a CAGR of 5.32% | Industry Trends, Share, And Growth Analysis

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Pune, India, May 02, 2022 (GLOBE NEWSWIRE) — The global artificial lift system market is projected to reach USD 13 Billion by the end of 2026. Fortune Business Insights has predicted that the market will rise from its 2018 valuation of USD 8.4 billion at a CAGR of 5.32%. Artificial list system provides production capability that in turn, reduces the cost of operation. It also provides long lasting well life. These two major factors will contribute to market growth. The ever grossing demand for hydrocarbon will help the global artificial lift system market to grow at a fast pace. According to a report published by Fortune Business Insights, titled, “Artificial Lift System: Global Market Analysis, Insights, And Forecast, 2018-2026,”

The effect of the global pandemic, COVID-19, has been felt across several economies facing unprecedented loss. Owing to the lockdown announced by the government agencies, several industries have been at a standstill with limited operational activities. However, a collective effort from the government and the industries is likely to bring the economy back on track and aid in the resumption of industrial activities.

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Report Coverage Details
Forecast Period 2019-2026
Forecast Period 2021 to 2027 CAGR 5.32%
2026 Value Projection USD 13 billion
Base Year 2018
Market Size in 2018 USD 8.4 billion
Historical Data for 2015-2017
No. of Pages 110
Segments covered Type, Application, Geography
Growth Drivers Major Key Players Likely to Dominate the Global Market
  High Potential & Growth in Offshore Exploration

Ability to Handle Harsh Conditions Increases Demand for Propel Electrical Submersible Pumps

The report classifies the global artificial lift system into three segments, namely, by application, by type, and by geography. In terms of application, the market is further grouped into onshore and offshore. By type, the market is classified into sucker rod pump, gas lift, progressive cavity pump, hydraulic pumps, electrical submersible pumps, and others.

Amongst these types of pumps, the electrical submersible pump is the most massively adopted pump across the globe. This is due to the fact that these pumps are perfectly abled to operate in harsh environmental conditions. Furthermore, they can handle a high volume of flow rate. They hold more than 40% of the global artificial list system market.  

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“Electric Submersible Pump Plays a Significant Role in Artificial Lift System Market”

Almost every well in the world is pumped with an artificial lift system and the electric submersible pump is considered to be the most versatile and massively adopted pump by operators around the world. It can handle a high volume, a wide range of flow rates and is able to operate in harsh environmental conditions. In an environmentally conscious area, ESP is the only option available for artificial lift deployment. The electric submersible pump accounts for more than 40% artificial market share that proves its significance in the market. Moreover, the other types of artificial lift are also important for intensifying the production of hydrocarbon. Fortune Business Insights has predicted that the demand for an electric submersible pump will have a positive impact on the global market.

“High Potential & Growth in Offshore Exploration”

The worldwide oil production is dominated by onshore exploration & production but the recent shift of North America and Europe towards offshore exploration has increased the potential growth in offshore exploration. North America, Europe, MEA, and APAC has large onshore exploration activities that are contributing the major portion in the growth of the artificial lift. In the forthcoming years, offshore exploration activities are expected to see the massive growth owing to the huge potential of oil and gas reserves.

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Key Industry Developments

  • In July 2019, EnscoRowan gets approval to drill three development wells in Manora field in the Gulf of Thailand. The company will drill the wells using jackup ENSCO 115 rig and will brought the well immediately into production using an electric submersible pump for artificial lift.
  • In May 2019, leading artificial lift wellhead solution provider Quick Connector, Inc. has launched a gas lift wellhead solution that allows flexibility to add capillary line to gas lift without the cost and delay of sourcing through traditional wellhead supplier.
  • In February 2019, Tenaris will be opening a facility specially designed for sucker rod manufacturing in Conroe, Texas. The new facility will be functional by July 2019 with advanced technologies to optimize efficiencies and reduce production time.

Quick Connector, Inc., a prominent provider of artificial lift wellhead solutions, based in the U.S.A., announced the launch of their new product called QCI Gas Lift Wellhead Hanger and Adapter in May 2019. The product provides numerous benefits and features for gas lift completions. It also prevents the delay and cost of sourcing through traditional wellhead supplier. Tenaris, a manufacturer and supplier of steel pipes, revealed in February 2019 that it will be opening its sucker rod facility in Texas.  The facility will will offer modern technologies to decrease production time and enhance efficiency. Earlier, in December 2018, Baker Hughes, a full stream gas and oil company joined hands with Petroleum Development Oman and declared the inauguration of its first ever artificial repair facility and lift assembly. Its main aim was to support PDO’s operations. It also targets those customers residing in the region who are looking for cost reduction, and efficient oil production.

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A Rise in the Number of Exploration Activities Likely to Boost Growth in European Countries

Geographically, the global artificial lift systems market is divided into Latin America, Europe, North America, the Middle East and Africa, and Asia Pacific. Amongst these regions, in North America, the U.S. currently holds the largest share of artificial list system market, accounting more than 40% artificial lifts distributed in the world. There has been a rise in the number of gas and oil exploration activities combined with technological advancements that has boosted the market in this continent. 

Fortune Business Insights states that in North America, countries namely, Alaska, Texas, North Dakota, and Permian region are anticipated to witness growth of the artificial lift systems during the forecast period. This is because the production in these regions have recently reached at a peak level. On the other hand, Europe is predicted to exhibit considerable growth likely due to the increasing number of exploration that have been taking place in the North Sea region.

List of the Companies Profiled in the Report:

  • Weatherford
  • Schlumberger Limited
  • Baker Hughes
  • Dover Corporation
  • Borets International
  • National Oilwell Varco
  • Halliburton
  • Summit ESP, LLC
  • John Crane
  • SPOC Automation
  • Flotek Industries
  • Quick Connector, Inc

Market Segmentation

By Type

  • Electric Submersible Pump (ESP)
  • Sucker Rod Pump (SRP)
  • Progressive Cavity Pump (PCP)
  • Gas Lift
  • Others

By Application

  • Onshore
  • Offshore

By Geography

  • North America (the USA and Canada)
  • Europe (UK, Germany, France, Italy, Norway, Russia and Rest of Europe)
  • Asia Pacific (China, India, Japan, Australia, Southeast Asia and Rest of Asia Pacific)
  • Latin America (Mexico, Brazil Argentina, Venezuela and Rest of Latin America)
  • Middle East & Africa (GCC, Algeria, Egypt, Nigeria and Rest of the Middle East & Africa)

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About Us:

Fortune Business Insights™ offers expert corporate analysis and accurate data, helping organizations of all sizes make timely decisions. We tailor innovative solutions for our clients, assisting them to address challenges distinct to their businesses. Our goal is to empower our clients with holistic market intelligence, giving a granular overview of the market they are operating in.

Contact Us:

Fortune Business Insights™ Pvt. Ltd.
Phone:
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UK: +44 2071 939123
APAC: +91 744 740 1245
Email: [email protected]

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Artificial Intelligence

Cyber insurtech BOXX partners with Zurich Insurance Group in Switzerland to introduce breakthrough personal cyber product

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TORONTO, May 21, 2024 /PRNewswire/ — Award-winning global Insurtech BOXX Insurance Inc. that combines cyber insurance and security has announced the launch of a cutting-edge cyber risk solution in collaboration with Zurich Insurance Group in Switzerland, providing digital protection for individuals and families. 

Recognizing the critical need for comprehensive protection against digital threats Zurich Insurance in Switzerland has partnered with technology partner BOXX Insurance to develop a user-friendly solution designed to help individuals and families better predict and prevent potential scams and digital threats.
Designed for simplicity, the app’s personalized experience puts users’ digital safety front and centre, featuring an easy-to-use interface designed by Zurich Insurance in Switzerland and developed by BOXX in close collaboration with Zurich. The App is now available in Switzerland offering support in English, German, French and Italian.
“We created this to give individuals and families what they want – an app that delivers an essential bundle of tools at users fingertips including access to experts in the event of a cyber emergency,” explained Vishal Kundi, CEO and Founder, BOXX Insurance. “Smartphones have become the fastest-selling gadgets in history. They have penetrated every aspect of daily life. The average person picks their phone up to 100 times a day so if we want to make their world a digitally safer place, we have to ensure their phone and their usage is better secured,” Kundi added.
“An extensive research conducted by Zurich Insurance in Switzerland showed that many are not aware of online dangers and that around a quarter have already been victims of a cyber-attack. In addition, customers are simply overwhelmed with the range of cyber products,” says René Harlacher, Chief Underwriting Officer of Zurich Insurance in Switzerland. “At Zurich, it’s our mission to go beyond mere protection, and also offer our customers tools to help them build resilience and implement preventative measures against cyber risks. Based on these facts, we are expanding our cyber offering for private individuals so that we can provide them with support before, during and after a possible cyber-attack. This is exactly where our joint offering with BOXX Insurance comes in, as a way to lend additional support to our customers,” he adds.
The newly launched solution by Zurich Insurance in Switzerland focuses on providing essential services to help prevent digital threats combined with emergency assistance and support in case of an emergency. Delivered to end customers by Zurich, key features include:
Identity Protection: Identifies if personal data captured in the app shows up on the dark web and notifies users, providing help and advice to reduce threats of identity theft.Secure VPN: By creating a secure and encrypted internet connection the VPN protects data from potential threats such as hacking, identity theft, and phishing attacks. Secure WiFi: Scans WiFi networks for threats and helps proactively detect security issues.Safe Browsing: Warns against harmful websites and links to protect privacy and personal data.Device Protection: Checks and improves the security settings of devices. Devices with the Android operating system are additionally protected against viruses and malware.Password Manager: Creates and manages strong passwords and assists with their use.Edutainment: Educational content in an entertaining way to raise awareness of personal cyber security.Emergency Support and Assistance: Help and assistance from cyber security experts to provide support in cyber emergencies and for many other IT-related problems.   The new offering is available here: https://www.zurich.ch/en/private-customers/living-events/cyberprotection/insurance-prevention
“From providing protection from the dangers of being connected at home and on the go, customers now have the means to keep their devices and data secure and have access to indispensable help in an emergency, all in one easy-to-use app,” Kundi added.
Zurich has been working with BOXX since 2021 and participated in BOXX’s Series A and Series B funding rounds. As a Zurich Global Ventures portfolio company, BOXX is proud to now extend the ongoing collaboration with Zurich to enable Swiss customers to be digitally safer.
About BOXX Insurance 
BOXX Insurance Inc. helps businesses, individuals and families insure and defend against cyber threats. Privately-held with headquarters in Canada, BOXX has global offices in Toronto, Miami, Zurich, Dubai and Mumbai.
BOXX Insurance is an award-winning global cyber protection and insurance provider. We’re not a typical company. That’s by design. We’re serious about making the world a digitally safer place; creating real, positive changes for our clients and partners, and building a lasting legacy, from what we create, inside the BOXX.
Every day we’re improving the digital health of businesses, families and individuals around the world who rely on BOXX’s solutions and services to predict, prevent and insure them against cyber threats.
Media Contact: Sarah Madden, [email protected] 

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Amp Finalises Commercial Agreements for Cape Hardy Advanced Fuels Precinct

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ADELAIDE, Australia, May 21, 2024 /PRNewswire/ — Amp Energy (“Amp” or the “Company”) announced today it has finalised all required commercial agreements for the development of the Cape Hardy Advanced Fuels Precinct – one of the leading green hydrogen, green ammonia and advanced fuel projects in Australia. The agreements, which were executed with Iron Road Ltd, include the purchase of a 630-hectare parcel of land at Cape Hardy as well as finalised royalty structure and common user infrastructure agreement. Amp will continue to build upon development progress made since announcing the Strategic Framework Agreement with Iron Road Ltd in April 2023 to bring advanced fuel production capacity to Cape Hardy.

The Cape Hardy Advanced Fuels Precinct will provide production at scale with up to 10 GW of planned electrolyser capacity. Development will be structured to initially bring 1 GW online with incremental stages to reach 10 GW of total capacity.   The project will both cater to the domestic Australian market, supporting the Australian Government’s net zero goals, while also featuring global export capabilities.  To facilitate distribution, Cape Hardy will be equipped with Australia’s first purpose-built advanced fuels export terminal.   
Amp has been in discussions to develop the Cape Hardy Advanced Fuels precinct, in collaboration with Iron Road Ltd and The Government of South Australia, for the past two years. During that time, Amp has made significant development progress.  The project’s concept, design, and pre-Front End Engineering Design (FEED) phase have been studied and reviewed by two leading global engineering firms, Arup and Technip Technologies, as Amp targets completion of pre-FEED studies for the first 1 GW electrolyser phase over the next 9 months. FEED scoping and contracting is currently underway ahead of awarding the FEED contract in late 2024 or early 2025.
Desalinated water is to be sourced from the recently announced Northern Water Supply (NWS) seawater desalination plant that will be located at Cape Hardy to meet the project’s demand for electrolyser feed water, cooling water, process plant water, and fire water. Amp is co-funding pre-FID expenditures for the NWS project.
Additionally, Amp is working closely with the Barngarla Determination Aboriginal Corporation RNTBC (“BDAC”).  With continued support from the BDAC, Amp is confident the Cape Hardy Advanced Fuels Precinct will have a meaningful economic impact on the region.  Amp currently estimates this will include approximately 4,000 direct and 6,000 indirect jobs for the first gigawatt of electrolyser capacity alone.
“We are seeing growing demand for Advanced Fuels both in Australia and abroad. This includes green ammonia, liquid hydrogen, methanol, and sustainable aviation fuel. The Cape Hardy Advanced Fuels Precinct will allow for large-scale production of these fuels that will be critical to the energy transition and achieving net zero targets. We could not be more excited about the project’s potential impact, and we are grateful for the partnership and continued support from Iron Road Ltd, the South Australian Government and BDAC as we progress full steam ahead on development” said Paul Ezekiel, Amp President and Co-founder.
Minister for Trade and Investment, Joe Szakacs said “The State Government recognises the strategic importance of the Cape Hardy Advanced Fuels Precinct attracting investment into the state for domestic and export opportunities, as there is an increasing flight to quality for hydrogen projects worldwide.”
About AmpAmp Energy is a global energy transition development platform, which delivers renewables, battery storage, Advanced Fuels and green AI data centers at scale, together with proprietary AI-enabled grid flexibility through its Amp X platform. Since its inception 15 years ago, Amp has developed and built or contracted 14 GW of assets globally. Amp is backed by major investments from institutional capital partners including global private equity firm the Carlyle Group, who has invested over US$440 million. The company has global operations throughout North America, the UK, Australia, Japan, and Spain.
For more information, please visit amp.energy

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GEEKOM A8 AI PC is now available for €799 and up.

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TAIPEI, May 21, 2024 /PRNewswire/ — The GEEKOM A8, a highly anticipated Next-Gen AI mini PC with an AMD HawkPoint Ryzen 8040 processor, is now available.

The A8 employs a metal housing with rounded corners and anodized matte finish, giving it a gorgeous and stylish look. Having a footprint smaller than the palm of a hand, the mini PC will conveniently fit in all types of desktop arrangement and instantly elevate the aesthetics of any workspace.
There are two variants of the GEEKOM A8, users have the option to choose between two processors from the same AMD HawkPoint family: Ryzen 7 8845HS and Ryzen 9 8945HS. Both chips feature 8 Zen 4 CPU cores, 16 threads, 16MB L3 cache, an AMD Radeon 780M integrated GPU as well as a Ryzen AI Engine NPU, but the Ryzen 9 8945HS is designed to offer slightly better performance, thanks to its higher CPU and GPU frequencies.
With a greatly enhanced NPU, the A8 can execute 60% more AI workloads than mini PCs with last-generation Ryzen 7040 chips, allowing users to embrace a new era of AI computing. For average consumers, the A8 will quickly find answers to all questions and turn texts into images and videos. For business users, the A8 will automatically summarize notes, transcribe calls, and take meeting minutes. For professional content creators, the A8 will bring much faster AI-powered photo editing, quicker video output, and speedier multi-tasking, helping bring the most ambitious ideas to life. With the new IceBlast 1.5 cooling technology, the A8 can stay cool and stable even when tasks are loaded.
Besides its powerful performance, the A8 also offers a wide array of ports, including four USB-A (including three USB3.2 Gen2), two HDMI2.0, a 40Gbps USB4, a multi-function Type-C, an SDXC slot, and a 3.5mm audio jack. Users can choose to connect the mini PC to an eGPU, ultra high-speed portable storage, or up to four 4K displays.
The A8 is now available on GEEKOM’s independent website. The 8845HS and 8945HS variants are priced at €799 and €949 respectively. Regardless of the CPU option, each unit is preinstalled with 32GB dual-channel SO-DIMM DDR5-5600 RAM, a fast 1TB M.2 2280 PCIe4.0*4 SSD, a wireless card that supports WiFi 7 and Bluetooth 5.4, and a licensed copy of Windows 11 operating system.
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