Electric Submersible Pump System Sector is Expected to Dominate the Global Offshore Artificial Lift System Market
Increasing
Oil and Gas Production & Technological Advancements are a major factor
attributable to the growth of the market.
According
to TechSci Research report, “Global Offshore Artificial Lift System Market -
Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”. The Global Offshore Artificial Lift System is anticipated
to project robust growth in the forecast period with a CAGR of 7.58% through 2028, Artificial lift is a
method used to lower the producing bottom hole pressure (BHP) on the formation
to obtain a higher production rate from the well. It supports oil & gas to
move upward when the natural drive (primary recovery) is not enough to push the
oil to the surface. The COVID-19 pandemic has adversely affected the market by
lowering the oil & gas demand in 2020. Oil companies in North America
working on Shale Plays such as Whiting Petroleum Corp had either declared
bankruptcy or announced plans to restructure due to a sharp decline in rices
due to COVID-19.
As
of 2021, mature fields account for a significant percentage of the world’s oil
and gas production. These mature fields need a pumping system, i.e., the Offshore
Artificial Lift System. The need for enhanced recovery rates, a growing number
of wells that require pressure support for extraction, increasing demand for
energy & petrochemicals, and technological advancements that are enabling
companies to economically extract oil from challenging areas are some of the
factors driving the growth of artificial lifts system market.
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Based
on type, Electric
Submersible Pump (ESP) System to Dominate the Market. Most of the oil & gas
fields operating have been in production for a few decades. They are either
mature or at the end of their production life. Global consumption is increasing
as the population, urbanization & industrialization are increasing
worldwide, especially in developing economies. Electric submersible pumps
(ESPs) are preferred as the most suitable choices for usage in large oil wells
that reached or crossed their peak oil production phase and required further
developments to enhance the production rates. This is relatively more prevalent
in Middle Eastern countries, where many oilfields are mature and require the
employment of Offshore Artificial Lift Systems. An onshore electric submersible
pump is projected to witness decent growth in demand, owing to the increasing
number of mature fields in the sector. Growing focus toward heavy oil
reservoirs, coupled with the requirement of ESP systems in shale reservoirs, is
further expected to drive the business growth and artificial lift market.
Moreover,
the oil and gas industry in the United States is projected to provide a
considerable impetus to the submersible pump market on account of widespread
investments lined up in oil and gas projects in the coming years. Such robust
growth in terms of new projects is projected to create a demand for new ESPs
and gas lift systems, i.e., Offshore Artificial Lift Systems in the United
States, in the long run. Furthermore, Asia-Pacific is one of the fastest-growing
markets for ESP. Russia is the primary demand center for the ESPs in the
region. The country is working on increasing the production output from
established fields, especially in the Siberian region, where a lot of new gas
fields are being opened to meet the demand coming from China. Hence, Electric
submersible pumps are expected to dominate the market due to their flexibility
in usage and new innovations in technology.
Based
on Region, North America to be the Fastest Growing Market. North America
dominated the global Offshore Artificial Lift Systems market in 2021, owing to
the shale discoveries, exploration & production activities have noticeably
increased in the region. The market players operating in the region are
planning to develop larger multi-well facilities. For this purpose, the
companies are employing artificial lift technologies with the latest techniques
to increase production, which is likely to boost the demand for Offshore
Artificial Lift Systems in the region during the forecast period.
The
extensive availability of technologies and fossil fuel reserves are likely to
be a major driving factor for market growth. Adding to this, the surging focus
in the region toward mature oil fields in tandem with the humongous investments
across the upstream sector will also help propel the Offshore Artificial Lift
Systems market in the United States.
Besides
this, a growing number of matured oilfields in the region are likely to add to
the demand for Offshore Artificial Lift Systems to improve the productivity of
the matured fields. Many of these fields are expected to come from Permian
Basin as it has been producing a high amount of oil and gas in the last two
decades. However, the growing movement against oil and gas in the country due
to its large carbon emissions are expected to restrain the market. In June
2021, Oil Dynamics GmbH upgraded the two wells for an oilfield operator who
decided to renew and enhance pumping equipment at its site near Hannover,
Germany. Oil Dynamics upgraded the wells from Progressing Cavity Pumps (PCPs)
to Electric Submersible Pumps (ESPs). Investment in Modernization of oil fields
are expected to aid the growth of the market. Hence, the North American
continent is expected to dominate the market due to a large number of matured
oil and gas fields and growing demand for energy on the continent.
Key
market players in the Global Offshore
Artificial Lift System Market are following:-
- 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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“The
global Offshore Artificial Lift System (ALS) market is propelled 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 drive ALS adoption by promoting efficient production
with reduced emissions. Market expansion into unconventional resources and the
integration of data-driven solutions further contribute to the ALS market's
growth. These factors collectively make ALS a vital tool for the oil and gas
industry in meeting global energy demands while ensuring cost-effective and
environmentally compliant operations.” said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based global management consulting firm.
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), By Region, Competition 2018-2028 has
evaluated the future growth potential of Global Offshore Artificial Lift System Market and
provides statistics and information on market structure, size, share, and
future growth. The report is intended to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities present in the Global Offshore Artificial Lift System Market.
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