Artificial Lift Systems Market to grow at a Significant Rate through 2026
Surge in oil exploration
activities and optimization of upstream assets is expected to drive the demand
for global artificial lift systems market in forecast period.
According to TechSci Research report, “Global Artificial
Lift Systems Market By Type (Electric Submersible Pump, Progressive Cavity
Pump, Rod Lift, Gas Lift, and Others), By Application (Onshore, Offshore), By
Component (Pump, Motor, Cable System, Controller, Others), By Company, By
Region, Forecast & Opportunities, 2026”, Global artificial lift systems
market is expected to witness robust growth in the next five years owing to surge
in shale oil and heavy oil gas production across the globe. Various immature
oil reserves present around the globe are unable to push oil through them, and
major oil requirements are fulfilled by existing mature oil reserves only. Artificial
lift systems aid in optimizing extraction through existing oil reserves and to
nullify decline rate of oil reserves, thereby fostering the demand for global
artificial lift systems market. Technological innovations in upgrading existing
artificial lift systems technology are boosting major companies for economical
extraction via artificial lift systems through existing oil reserves. Recovery
of global crude prices around the globe is fueling the global artificial lift
systems market.
However, the advent of IOR technology and technological
advancement of smart water flooding may create hindrance in the growth of the global
artificial lift systems market.
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Global
artificial lift systems market is segmented by type, application, component,
region, and company. Based on type, market is further categorised into electric
submersible pump, progressive cavity pump, rod lift and gas lift. Electric submersible
pumps are dominating in 2020 and is expected to hold major market share during
the next five years. low space requirements and ability to push fluid through
low pressure wells efficiently. Also, electric submersible pumps can perform
even at bad environment conditions. It can handle higher volume and work
efficiently even at great depths. Rod lift segment is expected to witness
fastest incremental growth owing to easy-to-use nature and efficiency over its
counterparts. Rod lift ability to pump down the well to very low pressure is
another factor contributing to the market growth. It aids in preventing oil and
gas corrosion during the extraction process thereby making it a preferred
choice for artificial lift systems. Based on application, global artificial
lift systems market is segregated into onshore and offshore. Offshore segment
is expected to hold major market share during the forecast period. Offshore
consists of plethora of untapped reserves for oil and gas extraction. Many
reserves have reached the end of their operational lives thereby requires
artificial lift systems for extraction of oil and gas reserves from the
immature reserves thereby boosting the growth of global artificial lift systems
market.
Schlumberger
Limited, Weatherford International plc, Halliburton Limited, Baker Hughes
Incorporated, Dover Corporation, National Oilwell Varco, Inc., ChampionX
Corporation, Borets International Limited, Chelpipe Group (ZAO Rimera), OiLSERV
FZCO are the leading players operating in global artificial lift systems
market. Manufacturers are increasingly focusing on research and development
process to fuel higher growth in the market. To meet evolving customer demand
with respect to better efficiency and durability, several artificial lift
systems manufacturers are coming up with their technologically advanced
offerings.
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“Huge
investments in exploration and drilling activities is expected to aid the
growth for global artificial lift systems market. Reliance of consumers on
conventional sources of energy is naturally depleting the existing resources,
thereby the shift to exploration of unconventional energy sources such as shale
oil, natural gas and others is expected to propel the global artificial lift
systems market till 2026” said Mr. Karan Chechi, Research Director with TechSci
Research, a research based global management consulting firm.
“Global Artificial Lift
Systems Market By Type (Electric Submersible Pump, Progressive Cavity Pump, Rod
Lift, Gas Lift, and Others), By Application (Onshore, Offshore), By Component
(Pump, Motor, Cable System, Controller, Others), By Company, By Region,
Forecast & Opportunities, 2026” has
evaluated the future growth potential of global artificial lift systems market
and provided statistics & information on market size, shares, structure and
future market growth. The report intends 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 in the of global artificial lift systems
market.
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