Artificial Lift Systems Market to Value USD 13 Billion by 2026

The global Artificial Lift Systems market is projected to grow from USD 8.4 billion in 2018 to USD 13 billion by 2026. The market is expected to grow at a CAGR of 5.32%. Rising Energy Demand, Rising Oil & Gas Production Providing New Growth Opportunities in Artificial Lift Market: Fortune Business Insights™

Pune, India, Jan. 31, 2023 (GLOBE NEWSWIRE) — According to the latest report published by Fortune Business Insights, the global artificial lift systems market size was estimated at USD 8.4 billion in 2018 and the market is expected to to grow to a value of USD 13 billion by 2026, at a CAGR of 5.32% during the forecast period. North America is expected to dominate the artificial lift system market during the forecast period. The increasing number of oil fields that require artificial lift systems to increase production to drive the market growth during the forecast period.

The artificial list system provides production capacity, which in turn reduces labor costs. It also provides a long lasting life of well. These are the two main factors that will contribute to the growth of the market. Increasing demand for hydrocarbon will help the global artificial lift system market to grow at a rapid pace.

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Artificial lift system Market scope:

Guides and Limiters:

Major key players likely to dominate the global market

The market size of Artificial Lift Systems is influenced by some of the key players in the world. Weatherford is the leading player in the artificial lift system industry. The company provides advanced technology to optimize the overall production capacity of the oil well. Weatherford has set a target of $1 billion in margins and EBITDA by the end of 2019. Apergy also offers a complete artificial lift solution to various oil companies around the world. Meanwhile, the company is considered the strongest provider of ESP solutions in the world. Other prominent players in the market are Schlumberger, Baker Hughes, a GE company, Dover Corporation, Borets International, Novomet, National Oil Well Varco, Halliburton, Summit ESP, John Crane, SPOC Automation, Flotek Industries, Inc., Quick Connector, Inc. ., by the way.

The story continues

Factors such as rising energy demand and rise in oil and gas production are expected to drive the demand for artificial lift systems. The development of new technologies such as electric submersible pumps and progressive cavity pumps also provide new opportunities for market growth.

However, the high cost of artificial lift systems and lack of skilled personnel are some of the challenges expected to hinder the growth of the market.

Impact of COVID-19

In-depth qualitative analysis of the impact of the COVID 19 outbreak includes identifying and examining the following aspects:

We analyzed industry trends in the context of COVID-19. We have analyzed the impact of COVID-19 on the product industry chain based on upstream and downstream markets. We analyze the impact of COVID-19 on different regions and major countries.

The COVID-19 pandemic has had a significant impact on the artificial lift system industry. Due to a decline in oil demand and a decline in oil prices, which affected overall oil and gas production. This in turn led to a decrease in demand for artificial lift systems as production was reduced.

In addition, supply chain disruptions caused by the pandemic have also affected the artificial lift system industry. Shortages of raw materials, as well as difficulties in transporting equipment and personnel to offshore oil platforms, further affected the market.

However, the industry has begun to recover and demand for artificial lift systems is expected to increase in the coming years, driven by growth in oil and gas production and the need for more efficient production methods. The market is expected to recover as the global economy begins to recover from the pandemic.

To learn more about the short-term and long-term impact of COVID-19 on this market, please visit:https://www.fortunebusinessinsights.com/industry-reports/artificial-lift-system-market-100467

Report segmentation:

The ability to handle harsh conditions increases the demand for powered electric submersible pumps

The report classifies the global artificial elevator system into three segments, namely by application, by type, and by geography. In terms of application, the market is further grouped into offshore and offshore. By type, the market is classified into suction rod pumps, gas lift pumps, progressive cavity pumps, hydraulic pumps, electric submersible pumps, and others. Among these types of pumps, the electric submersible pump is the most widely used pump around the world. This is due to the fact that these pumps are ideal for working in harsh environmental conditions. In addition, they can handle a large flow rate. They hold more than 40% of the global market for artificial listing systems.

Regional insights

An increase in the number of exploration activities is likely to drive growth in European countries

Geographically, the global artificial lift system market is segmented into Latin America, Europe, North America, the Middle East and Africa, and Asia Pacific. Among these regions, in North America, the US currently holds the largest share of the artificial elevator systems market, accounting for more than 40% of the artificial elevators distributed globally. There has been an increase in the number of gas and oil exploration activities coupled with technological advancements that have boosted the market in this continent.

Fortune Business Insights states that in North America, countries namely Alaska, Texas, North Dakota, and Permian region are expected to witness growth in artificial lift systems during the forecast period. This is because production in these regions has recently peaked. On the other hand, Europe is expected to show significant growth, possibly due to the increasing number of explorations being carried out in the North Sea region.

The competitive environment

Tenaris, Quick Connector, Inc. and other key players are emphasizing product launches to strengthen their positions

Quick Connector, Inc., a prominent USA based gas lift wellhead solutions provider, announced the launch of their new product called QCI Gas Lift Wellhead Hanger and Adapter in May 2019. The product provides multiple benefits and features for gas lift completions . It also avoids the delay and cost of sourcing through a traditional well supplier. Tenaris, a steel pipe manufacturer and supplier, revealed in February 2019 that it would open its suction rod plant in Texas. The facility will offer advanced technologies to reduce production time and increase efficiency. Earlier, in December 2018, Baker Hughes, a full-stream gas and oil company, teamed up with Petroleum Development Oman and announced the opening of its first artificial repair facility and lift. Its primary purpose was to support PDO operations. It also targets those customers living in the region who are looking for cost reduction and efficient oil production.

KEY INDUSTRY DEVELOPMENTS

• In July 2019 EnscoRowan receives approval to drill three development wells in the Manora field in the Gulf of Thailand. The company will drill the wells using an ENSCO 115 mounted rig and immediately bring the well into production using an electric submersible pump for artificial lift.

• In May 2019, Leading solution provider for artificial lift wells Quick Connector, Inc. launched a gas lift well solution that allows flexibility to add a capillary line to a gas lift without the cost and delay of sourcing through a traditional well supplier.

List of key players present in the market

• Weatherford

• Schlumberger Limited

• Baker Hughes

• Dover Corporation

• Boretz International

• National Oilwell Varco

• Halliburton

• Summit ESP, LLC

• John Crane

• SPOC Automation

• Flotek Industries

• Quick Connector, Inc

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SEGMENTATION:

By type

Through an app

Content:

To be continued…

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