Artificial Lift System Market to Reach $13 Billion by 2026: Growing at 5.32% CAGR | Global Industry Analysis Reveals Significant Expansion in Oil and Gas Extraction Efficiency - Fortune Business Insights™
The global artificial lift system market is driven by the growing demand for efficient oil and gas extraction, technological advancements, and the need for enhanced production from oil fields, fostering market growth.
Pune, India, Nov. 21, 2023 (GLOBE NEWSWIRE) -- The global artificial lift system market size was valued at USD 8.4 billion in 2018 and is projected to reach USD 13 billion by 2026, growing at a CAGR of 5.32% during the forecast period. The ever grossing demand for hydrocarbon will help the global artificial lift system market to grow at a fast pace. According to a report published by Fortune Business Insights, titled, “Artificial Lift System: Global Market Analysis, Insights, And Forecast, 2018-2026,” the market will rise from its 2018 valuation of USD 8.4 billion at a CAGR of 5.32%. Artificial list system provides production capability that in turn, reduces the cost of operation. It also provides long lasting well life. These are the two major factors that will contribute to market growth.
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*Global Artificial Lift System Market **Scope: *
*Report Coverage* *Details*
Forecast Period 2018-2026
Forecast Period 2018 to 2026 CAGR 5.32%
2026 Value Projection USD 13 billion
Base Year 2018
Market Size in 2018 USD 8.4 billion
Historical Data for 2015-2017
No. of Pages 110
Segments covered By Type, Application, and Region
Growth Drivers Major Key Players Likely to Dominate the Global Market
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*Drivers and Restraints:*
*Ability to Handle Harsh Conditions Increases Demand for Propel Electrical Submersible Pumps *
The report classifies the global artificial lift system into three segments, namely, by application, by type, and by geography. In terms of application, the market is further grouped into onshore and offshore. By type, the market is classified into sucker rod pump, gas lift, progressive cavity pump, hydraulic pumps, electrical submersible pumps, and others. Amongst these types of pumps, the electrical submersible pump is the most massively adopted pump across the globe. This is due to the fact that these pumps are perfectly abled to operate in harsh environmental conditions. Furthermore, they can handle a high volume of flow rate. They hold more than 40% of the global artificial list system market.
*COVID-19 Impact:*
The global pandemic has negatively impacted the growth of several industries and markets, The stringent governmental regulations like lockdowns and curfews imposed to curb the spread of the virus have affected the operations and supply chain networks of major businesses operating in the market. The low available workforce resulted in reduced production levels. Many businesses reported shrunken revenues during the pandemic. However, vaccines are now available to the masses, and the market is gradually gaining traction. The market is expected to witness steep growth post-pandemic.
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*Segmentation:
**Types of Artificial Lift Methods:*
Rod Lift
Electric Submersible Pump (ESP)
Progressive Cavity Pump (PCP)
Gas Lift
Hydraulic Pump
*Components:*
Pump
Motor
Separator
Cable System
Pump Jack
*Applications:*
Onshore
Offshore
*Geographic Regions:*
North America
Europe
Asia Pacific
Middle East & Africa
South America
*End-users:*
Oil & Gas Industry
Power Generation
Market End-Use:
Conventional
Unconventional
*Report Coverage:*
The market report includes quantitative and qualitative analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis covering different regions, which contribute to the market's growth. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the growth of the market. Moreover, the research analysts have adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
*Regional Insights:
A Rise in the Number of Exploration Activities Likely to Boost Growth in European Countries *
Geographically, the global artificial lift systems market is divided into Latin America, Europe, North America, the Middle East and Africa, and Asia Pacific. Amongst these regions, in North America, the U.S. currently holds the largest share of artificial list system market, accounting more than 40% artificial lifts distributed in the world. There has been a rise in the number of gas and oil exploration activities combined with technological advancements that has boosted the market in this continent. Fortune Business Insights states that in North America, countries namely, Alaska, Texas, North Dakota, and Permian region are anticipated to witness growth of the artificial lift systems during the forecast period. This is because the production in these regions have recently reached at a peak level. On the other hand, Europe is predicted to exhibit considerable growth likely due to the increasing number of exploration that have been taking place in the North Sea region.
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*Competitive Landscape:*
*Tenaris, Quick Connector, Inc., and Other Key Players Emphasize on Product Launches to Strengthen Positions *
Quick Connector, Inc., a prominent provider of artificial lift wellhead solutions, based in the U.S.A., announced the launch of their new product called QCI Gas Lift Wellhead Hanger and Adapter in May 2019. The product provides numerous benefits and features for gas lift completions. It also prevents the delay and cost of sourcing through traditional wellhead supplier. Tenaris, a manufacturer and supplier of steel pipes, revealed in February 2019 that it will be opening its sucker rod facility in Texas.
*Key Industry Development:*
*In July 2019, *EnscoRowan gets approval to drill three development wells in Manora field in the Gulf of Thailand. The company will drill the wells using jackup ENSCO 115 rig and will brought the well immediately into production using an electric submersible pump for artificial lift.
*In May 2019, *Leading artificial lift wellhead solution provider Quick Connector, Inc. has launched a gas lift wellhead solution that allows flexibility to add capillary line to gas lift without the cost and delay of sourcing through traditional wellhead supplier.
*List of Key Players Mentioned in the Report:*
· Weatherford
· Schlumberger Limited
· Baker Hughes
· Dover Corporation
· Borets International
· National Oilwell Varco
· Halliburton
· Summit ESP, LLC
· John Crane
· SPOC Automation
· Flotek Industries
· Quick Connector, Inc
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*Table of Content: *
· *Introduction*
· Research Scope
· Market Segmentation
· Research Methodology
· Definitions and Assumptions
· *Executive Summary*
· *Market Dynamics
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· Market Drivers
· Market Restraints
· Market Opportunities
· *Key Insights
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· Key Emerging Trends – For Major Countries
· Key Developments: Mergers, Acquisition, Partnership, etc.
· Latest Technological Advancement
· Insights on Regulatory Scenario
· Porters Five Forces Analysis
· *Global Artificial Lift Systems Market Analysis, Insights and Forecast, 2015-2026
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· Key Findings
· Market Analysis, Insights and Forecast – By Type
· Electric Submersible Pump
· Sucker Rod Pump
· Progressive Cavity Pump
· Gas Lift
· Others
· Market Analysis, Insights and Forecast – By Application
· Onshore
· Offshore
· *Competitive Analysis
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· Company Market Share Analysis, 2023
· Company Profile
· Business Overview
· Product Application, & Services
· Recent Developments
· Financials (Based on Availability)
*Continued…*
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