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Pune, India, Jan. 31, 2023 (GLOBE NEWSWIRE) — According to latest report published by Fortune Business Insights, the global artificial lift system market size was valued USD 8.4 billion in 2018, and the market is forecast to grow worth USD 13 billion by 2026, at CAGR of 5.32% during forecast period. North America expected to dominate the artificial lift system market during forecast period. The increasing number of oilfields, which require artificial lift systems to increase production to boost the market growth during forecast period.
Artificial list system provides production capability that in turn, reduces the cost of operation. It also provides long lasting well life. These are the two major factors that 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.
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Artificial Lift System Market Scope:
|Forecast Period 2019 to 2026 CAGR||5.32%|
|2026 Value Projection||USD 13 Billion|
|Market Size in 2018||USD 46.60 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|
Drivers & Restraints:
Major Key Players Likely to Dominate the Global Market
The artificial lift systems market size is influenced by some of the key players around the world. Weatherford is the leading player in the artificial lift system industry. The company provides advanced technology to optimize the overall production capacity of the oil well. Weatherford has set a target of $1 billion by the 2019-year end with margins & EBITDA. Apergy is also offering a comprehensive artificial lift solution to various oil companies across the world. Meanwhile, the company is considered as the strongest ESP solution provider in the world. Other prominent players in the market are Schlumberger, Baker Hughes, a GE company, Dover Corporation, Borets International, Novomet, National Oil Well Varco, Halliburton, Summit ESP, John Crane, SPOC Automation, Flotek Industries, Inc., Quick Connector, Inc., among others.
Factors such as the increasing demand for energy and the growth in oil and gas production are expected to drive the demand for artificial lift systems. The development of new technologies, such as electric submersible pumps and progressive cavity pumps, is also providing new growth opportunities for the market.
However, the high cost of artificial lift systems and the lack of skilled personnel are some of the challenges that are expected to hinder the growth of the market.
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.
The COVID-19 pandemic has had a significant impact on the artificial lift system industry. Due to decline in oil demand and a drop in oil prices, which affected the overall production of oil and gas. This, in turn, led to a decrease in the demand for artificial lift systems as production was reduced.
Additionally, the supply chain disruptions caused by the pandemic also affected the artificial lift system industry. The shortage of raw materials, as well as the difficulty in transporting equipment and personnel to offshore oil rigs, further impacted the market.
However, the industry has started to recover, and the demand for artificial lift systems is expected to increase in the coming years, driven by the growth in oil and gas production and the need for more efficient production methods. The market is expected to bounce back as the global economy starts to recover from the pandemic.
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.
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.
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.
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.
List of Key Players Present in the Market
- Schlumberger Limited
- Baker Hughes
- Dover Corporation
- Borets International
- National Oilwell Varco
- Summit ESP, LLC
- John Crane
- SPOC Automation
- Flotek Industries
- Quick Connector, Inc
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- Electric Submersible Pump (ESP)
- Sucker Rod Pump (SRP)
- Progressive Cavity Pump (PCP)
- Gas Lift
Table of Content:
- 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
- Market Analysis, Insights and Forecast – By Application
- Competitive Landscape
- Company Market Share Analysis, By Key Players, 2018
- Key Industry Development
- Company Profile (Overview, Products & services, Recent developments, strategies, financials (based on availability))
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