Covina, United States: Global Artificial Lift System Market, By Type (Electric Submersible Pump System, Progressive Cavity Pump System, Rod Lift System, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa) – Trends, Analysis and Forecast till 2029
Artificial Lift System Market Outlook
- Market Value 2020: US$ 8.8 Bn
- Market Value Estimation 2029: US$ 14.0 Bn
- CAGR: 5.3%
Artificial Lift System Market– Oil is raised artificially to the surface from the bottom hole. This technique basically drives oil to the surface when bottom-hole pressure isn’t ready to do so, and it’s become a crucial step in the manufacturing process because it helps to boost output from oil reservoirs. More than 70% of the oil and gas produced worldwide as of 2018 comes from mature fields. These established fields require a pumping system, often known as an artificial lift system. A few of the factors propelling the expansion of the artificial lifts system market are the need for higher recovery rates, the rise in the number of wells that require pressure support for extraction, the rising demand for energy and petrochemicals, and technological advancements that are enabling businesses to profitably extract oil from difficult terrain.
Top News relating to Industry, Innovation:
- In January 2019- Weatherford launched a production & optimization platform ForeSite. This platform can harness the historical trend of real-time data and use physics-based models into an intuitive and visual interface, which helps to optimize performance.
- In January 2019- ESP and Baker Hughes worked together to design a customized, efficient artificial lift solution for the wells in the Bouri Field.
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Key Segmentation of the Artificial Lift System market:
The global artificial lift system market accounted for 8.8 billion in 2020 and is estimated to be US$ 14.0 billion by 2029 and is anticipated to register a CAGR of 5.3%. The market report has been segmented on the basis of type, and region.
- Depending upon type, the rod lift segment is projected to grow at highest CAGR over the forecast period. Rod lift, beam lift, or sucker rod lift refer to an artificial lift system that uses a surface power source to drive a downhole pump assembly. The unit is made of several components used in both surface and subsurface. Depending on the size of the equipment, this lifting method can pump up to 1,000 BPD. Rod lifts have high salvage value for downhole equipments and can handle gas and corrosion efficiently during the artificial lift process. Such benefits are expected to boost the demand for artificial lift in the coming years. Thus, the rising need to prevent gas & corrosion handling during artificial lift operations is driving the rod lift segment.
- By region, The North American artificial lift systems market is anticipated to witness a significant growth rate over the forecast period. This growth is attributed due to the advances in the field of shale gas discovery and the availability of low-pressure oil wells in the region.
The Artificial Lift System Market Report mentions the following promising regions:
- North America – U.S., Canada
- Europe – UK, Germany, Spain, France, Italy, Russia, Rest of Europe
- Asia Pacific – Japan, India, China, South Korea, Australia, Rest of Asia-Pacific
- Latin America – Brazil, Mexico, Argentina, Rest of Latin America
- Middle East & Africa – South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa
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Top-tier significant players:
The prominent player operating in the global Artificial Lift System market includes Halliburton, Schlumberger, Baker Hughes Company, Weatherford, NOV, Borets International, Oilserv, JJ Tech, Apergy, DistributionNow, Novomet, and AccessESP.
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- Assessments of market share for the regional and national segments
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- The market power of consumers and suppliers is demonstrated via Porter’s five forces study.
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