The global artificial lift system market size is anticipated to register a high CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the increasing demand for energy & petrochemicals.
Artificial lift system is utilized on oil wells to increase pressure in the reservoir to lift oil from the bottom hole to the surface. This system is utilized to increase the productivity of oil wells. 95% of the oil wells require artificial lift.
Artificial lift is required when pressure drains over time in the wells. Therefore, artificial lift is performed on all wells during their production life. Different methods are used to achieve artificial lift. The two important classes of artificial lift include pumping systems and gas lifts. A bottomhole flowing pressure and higher flow rate can be attained with gas lift. The density of the fluid in the tube is dropped down and expanding gas helps to lift the fluids.
The report on the global artificial lift system market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Attributes |
Details |
Report Title |
Artificial Lift System Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
Base Year |
2020 |
Historic Data |
2018–2019 |
Forecast Period |
2021–2028 |
Segmentation |
Types (Electric Submersible Pump Systems, Progressive Cavity Pump Systems, Rod Lift Systems, and Others) |
Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
Key Players Covered in the Report |
Halliburton Company, Schlumberger Limited., Weatherford International Ltd, Baker Hughes Co, and Dover Corp. |
Based on types, the market is divided into electric submersible pump systems, progressive cavity pump systems, rod lift systems, and others. The electric submersible pump systems segment is expected to constitute a major market share in the coming years. Electric submersible pump system is preferred as an appropriate choice for large oil wells that have reached peak oil production phase. Increasing focus on heavy oil reservoirs and rising demand for electric submersible pump systems in shale reservoirs are expected to drive growth of the market segment.
On the basis of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market during the forecast period. The regional market growth can be attributed to increasing activities such as shale discoveries and exploration & production.
Companies are planning to develop larger multi-well facilities by employing artificial lift technologies with the latest techniques to increase production, which is anticipated to boost the demand for artificial lift systems in the region in the projected timeline. The early adoption of latest technologies and fossil fuel reserves are major driving factors of the regional market.
Regions
Key Players
Key players competing in the artificial lift system market include Halliburton Company, Schlumberger Limited., Weatherford International Ltd, Baker Hughes Co, and Dover Corp.
Companies are engaging in partnerships and collaborations to expand their market share. Moreover, major players are focusing on acquisitions to expand their product offerings and leverage their market position.
Regions
Key Players
Key players competing in the artificial lift system market include Halliburton Company, Schlumberger Limited., Weatherford International Ltd, Baker Hughes Co, and Dover Corp.
Companies are engaging in partnerships and collaborations to expand their market share. Moreover, major players are focusing on acquisitions to expand their product offerings and leverage their market position.
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