Electric Submersible Pump System Sector is Expected to Dominate the Global 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 Artificial Lift System Market - Industry Size,
Share, Trends, Competition Forecast & Opportunities, 2028”. The Global Artificial Lift System is anticipated to
project robust growth in the forecast period with a CAGR of 4.73% 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 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
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., 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
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 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 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 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 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 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.
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 Application (Onshore, Offshore), By Region, Competition 2018-2028 has evaluated the future growth potential
of Global 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 Artificial Lift System Market.
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