Global Artificial Lift Systems Market, By Type (Rod Lift, Electrical Submersible Pumping (ESP), Progressing Cavity Pumping (PCP), Plunger, Gas Lift, Others), Component (Pump, Motor, Cable System, Drive Head, Separator, Pump JACK, Sucker Rod, Gas-Lift Valves, Gas-Lift Mandrels, Controller), Application (Oil, Gas), Mechanism (Positive Displacement, Dynamic Displacement, Gas Assisted), Country (U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, U.A.E, Saudi Arabia, Egypt, South Africa, Israel, Rest of Middle East and Africa) Industry Trends and Forecast to 2029
Market Analysis and Insights Global Artificial Lift Systems Market
Data Bridge Market Research analyses the artificial lift systems market will exhibit a CAGR of 8.40% for the forecast period of 2022-2029 and is likely to reach the USD 20.10 billion by 2029.
Artificial lift systems are widely employed in the oil and gas industry to boost oil reservoir production. Pumping or injecting gas to lift crude oil is utilized in artificial lift systems to boost flow rate. When natural reservoir energy is insufficient to pump the oil, artificial lift devices are utilized to boost well productivity.
The upsurge in demand for crude oil will act as a key element driving market expansion. The artificial lift systems market is also being driven by factors such as rapid urbanization as well as industrialization and increase in technological development. In addition to this, shifting trends towards unconventional wells and rising number of matured wells will expand the artificial lift systems market. Furthermore, growing demand for product from various end-use industries and rising subsea production will be major factors influencing the growth of the artificial lift systems market. Another significant factor that will cushion the artificial lift systems market’s growth rate is the continuous shale development activities. Also, increasing investments in upstream oil and gas sector will further propel the market’s growth rate during the forecast period of 2022-2029.
Moreover, increase in research and development activities and redevelopment of mature oilfields will create beneficial opportunities for the growth of the market. Additionally, new offshore oilfield discoveries will act as market driver and further boost new opportunities in the forecast period mentioned above.
However, increasing adoption of renewable energy and high capital investment will hamper the market’s growth rate. Also, geopolitical instability and emergence of unfavourable conditions due to COVID-19 outbreak will further pose a challenge to the market. Other factors such as the dearth of skilled workforce handling and adopting ALMs in horizontal wells will obstruct the market’s growth.
This artificial lift systems market report provides details of new recent developments, trade regulations, import export analysis, production analysis, value chain optimization, market share, impact of domestic and localised market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographical expansions, technological innovations in the market. To gain more info on artificial lift systems market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.
Global Artificial Lift Systems Market Scope and Market Size
The artificial lift systems market is segmented on the basis of type, component, mechanism and application. The growth amongst the different segments helps you in attaining the knowledge related to the different growth factors expected to be prevalent throughout the market and formulate different strategies to help identify core application areas and the difference in your target market.
- Artificial lift systems market on the basis of type has been segmented as rod lift, electrical submersible pumping (ESP), progressing cavity pumping (PCP), plunger, gas lift and others.
- Based on component, artificial lift systems market has been segmented into pump, motor, cable system, drive head, separator, pump JACK, sucker rod, gas-lift valves, gas-lift mandrels and controller.
- On the basis of mechanism, artificial lift systems market has been segmented into positive displacement, dynamic displacement and gas assisted.
- On the basis of application, artificial lift systems market has been segmented into oil and gas. Oil segment has been further segmented into conventional production, shale production, heavy oil production and bitumen production. Gas segment has been further segmented into conventional production and shale production.
Artificial Lift Systems Market Country Level Analysis
The artificial lift systems market is analysed and market size, volume information is provided by country, type, component, mechanism and application as referenced above.
The countries covered in the artificial lift systems market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, Israel, Egypt, South Africa, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
North America dominates the artificial lift systems market and will continue to flourish its trend of dominance due to the rising penetration of shale reserves, low oil prices and presence of major key players in this region. Europe on the other hand is projected to exhibit the highest growth rate during the forecast period due to the increasing number of mature fields and surging demand for gas mainly from Eastern Europe.
The country section of the artificial lift systems market report also provides individual market impacting factors and changes in regulation in the market domestically that impacts the current and future trends of the market. Data points such as consumption volumes, production sites and volumes, import export analysis, price trend analysis, cost of raw materials, down-stream and upstream value chain analysis are some of the major pointers used to forecast the market scenario for individual countries. Also, presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Global Artificial Lift Systems Market Share Analysis
The artificial lift systems market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to artificial lift systems market.
Some of the major players operating in the artificial lift systems market are Baker Hughes Company, NOV Inc., Halliburton Energy Services, Inc., Weatherford, JJ Tech Systems, MAN Energy Solutions SE, Dover Corporation, Schlumberger Limited, Tenaris, EBARA CORPORATION., MITSUBISHI HEAVY INDUSTRIES, LTD., Solar Turbines Incorporated, Burckhardt Compression AG., Ariel Corporation, NEUMAN & ESSER GROUP, Hitachi, Ltd., Aker Solutions, General Electric, Occidental Petroleum Corporation, and Canadian Advanced ESP, among others.
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