Artificial Intelligence
Artificial Lift System Market Size to Hit USD 13 Billion by 2026 | Exhibit a CAGR of 5.32%
Pune, India, Aug. 01, 2022 (GLOBE NEWSWIRE) — According to Fortune Business Insights, the global artificial lift system market size is projected to hit USD 13 billion by 2026 and exhibit a CAGR of 5.32% during the forecast period. The market size stood at USD 8.4 billion in 2018. 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.
List of Artificial Lift System Key Players Studied 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
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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2019-2026 |
| Forecast Period 2019 TO 2026 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 |
Regional Insights
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.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/artificial-lift-system-market-100467
Segmentation of Report:
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.
Competitive Landscape
Tenaris, Quick Connector, Inc., and Other Key Players Emphasize on Product Launches to Strengthen Positions
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.
In-Depth Qualitative COVID 19 Outbreak Impact Analysis Include Identification And Investigation Of The Following Aspects:
We analysed industry trends in the context of COVID-19. We analysed the impact of COVID-19 on the product industry chain based on the upstream and downstream markets. We analyse the impact of COVID-19 on various regions and major countries.
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Global Artificial Lift Systems Market Analysis, Insights and Forecast, 2015-2026
- Key Findings
- Market Analysis, Insights and Forecast – By Type
- Electric Submersible Pump
- Sucker Rod Pump
- Progressive Cavity Pump
- Gas Lift
- Others
- Market Analysis, Insights and Forecast – By Application
- Onshore
- Offshore
- North America Artificial Lift Systems Market Analysis, Insights and Forecast, 2015-2026
- Key Findings
- Market Analysis, Insights and Forecast – By Type
- Electric Submersible Pump
- Sucker Rod Pump
- Progressive Cavity Pump
- Gas Lift
- Others
- Market Analysis, Insights and Forecast – By Application
- Onshore
- Offshore
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
- Europe Artificial Lift Systems Market Analysis, Insights and Forecast, 2015-2026
- Key Findings
- Market Analysis, Insights and Forecast – By Type
- Electric Submersible Pump
- Sucker Rod Pump
- Progressive Cavity Pump
- Gas Lift
- Others
- Market Analysis, Insights and Forecast – By Application
- Onshore
- Offshore
- Market Analysis, Insights and Forecast – By Country
- UK
- Germany
- France
- Italy
- Norway
- Russia
- Rest of Europe
Continued…
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