The global subsea artificial lift systems market size is projected to register a substantial CAGR during the forecast period, 2021 – 2028. The growth of the market is attributed to rapid growth in industrial and transportation sectors.
Artificial lift system is used to increase and stabilize the production of hydrocarbons in oil or liquid loaded gas systems. It is also used to reduce flow assurance and operational risks such as slugging in subsea production unit.
The prime aim of subsea artificial lift system is to lower fluid density and transfer energy to produced fluid. Several subsea artificial lift methods have been developed, which depends on specific lifting requirements and operational control.
Subsea artificial lift systems are used to increase the production rate of petroleum-based products in oil & gas wells. The pressure in oil and gas wells drops with production, as it reduces bottom-hole pressure. The design of the system depends on reservoir & fluid properties and well parameters.
The report on the subsea artificial lift systems 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 |
Subsea Artificial Lift Systems 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, and Rod Lift) and Applications (Oil Wells and Gas Wells) |
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 |
Baker Hughes, General Electric, Halliburton, National Oilwell Varco, Schlumberger, Weatherford, Borets, Dover Artificial Lift, Epic Lift Systems, Flotek Industries, JJ Tech, Lycon, Multi-Chase Group, NOVOMET, Superior Energy Services, Tenaris, and United Drilling Tools |
Electric submersible pump systems segment to account a large market share
On the basis of types, the market is divided into electric submersible pump systems, progressive cavity pump systems, and rod lift. The electric submersible pump systems segment is anticipated to account for more than 38% of the market share during forecast period. Electric submersible pump is considered to be most versatile and massively adopted pump by operators around the world. It can handle high volume, a wide range of flow rates, and can operate in harsh environmental conditions.
Oil wells segment to exhibit a high CAGR
In terms of applications, the global subsea artificial lift systems market is classified as oil wells and gas wells. The oil wells segment is expected to exhibit a high CAGR during forecast period. Rising demand for petroleum-based products for production of plastic, propelling vehicles, electricity generation, construction of asphalt roads are driving the segment growth.
North America projected to dominate the market
Based on regions, the market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market share during forecast period. Ongoing technological development and increasing exploration activities have increased the demand for subsea artificial lift systems market in the region. The US, Texas, Alaska, and North Dakota are the frontrunners in the production of oil wells in the region.
Major players of the market are Baker Hughes, General Electric, Halliburton, National Oilwell Varco, Schlumberger, Weatherford, Borets, Dover Artificial Lift, Epic Lift Systems, Flotek Industries, JJ Tech, Lycon, Multi-Chase Group, NOVOMET, Superior Energy Services, Tenaris, and United Drilling Tools.
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