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Subsea Artificial Lift Systems Market Growth & Trends [2031]

Subsea Artificial Lift Systems Market

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Segments - by Types (Electric Submersible Pump Systems, Progressive Cavity Pump Systems, and Rod Lift), Applications (Oil Wells and Gas Wells), and Regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028

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Author :

Raksha Sharma

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Vineet Pandey

Editor :

Rucha Phatak

Report Description

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.

Market Drivers, Restraints, Trends, and Opportunities

Growing demand for systems to increase the efficiency of existing wells and rising demand of energy across the globe are key drivers for the subsea artificial lift systems market.
Ongoing development in production facilities and growing off-shore oil production are expected to fuel the market growth during the forecast period.
Increasing technology advancement in subsea artificial lift system is anticipated to boost the market growth during the forecast period.
Flow assurance difficulties associated with subsea artificial lift systems can hamper the growth of the market.
High cost associated with operation as well as maintenance can restrain the market growth during the forecast period.
Since early 2020, the subsea artificial lift systems market was hugely impacted by the COVID-19 pandemic, as various government state bodies declared lockdown to mitigate the spread of virus. However, the market is expected to recover by end of 2021.
Rising demand for hydrocarbon from aviation and power generation industries are anticipated to positively influence the market growth.

Scope of the Report

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

Subsea Artificial Lift Systems Market Segment Insights

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.

Segments

Segments covered in the report
The global subsea artificial lift systems market has been segmented on the basis of

Types

Electric Submersible Pump Systems
Progressive Cavity Pump Systems
Rod Lift

Applications

Oil Wells
Gas Wells

Regions

Asia Pacific
North America
Latin America
Europe
Middle East & Africa

Key players

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
United Drilling Tools

Competitive Landscape

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.

Subsea Artificial Lift Systems Market By Key Players

Table Of Content

1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Subsea Artificial Lift Systems Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Subsea Artificial Lift Systems Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Subsea Artificial Lift Systems Market - Supply Chain
  4.5. Global Subsea Artificial Lift Systems Market Forecast
     4.5.1. Subsea Artificial Lift Systems Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Subsea Artificial Lift Systems Market Size (000â€™ Units) and Y-o-Y Growth
     4.5.3. Subsea Artificial Lift Systems Market Absolute $ Opportunity
5. Global Subsea Artificial Lift Systems Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Subsea Artificial Lift Systems Market Size and Volume Forecast by Types
     5.3.1. Electric Submersible Pump Systems
     5.3.2. Progressive Cavity Pump Systems
     5.3.3. Rod Lift
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Subsea Artificial Lift Systems Market Analysis and Forecast by Applications
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Applications
     6.2.2. Y-o-Y Growth Projections by Applications
  6.3. Subsea Artificial Lift Systems Market Size and Volume Forecast by Applications
     6.3.1. Oil Wells
     6.3.2. Gas Wells
  6.4. Absolute $ Opportunity Assessment by Applications
  6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Subsea Artificial Lift Systems Market Analysis and Forecast by Region
  7.1. Market Trends
  7.2. Introduction
     7.2.1. Basis Point Share (BPS) Analysis by Region
     7.2.2. Y-o-Y Growth Projections by Region
  7.3. Subsea Artificial Lift Systems Market Size and Volume Forecast by Region
     7.3.1. North America
     7.3.2. Latin America
     7.3.3. Europe
     7.3.4. Asia Pacific
     7.3.5. Middle East and Africa (MEA)
  7.4. Absolute $ Opportunity Assessment by Region
  7.5. Market Attractiveness/Growth Potential Analysis by Region
  7.6. Global Subsea Artificial Lift Systems Demand Share Forecast, 2019-2026
8. North America Subsea Artificial Lift Systems Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
  8.2. North America Subsea Artificial Lift Systems Market Size and Volume Forecast by Country
     8.2.1. U.S.
     8.2.2. Canada
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. North America Subsea Artificial Lift Systems Market Size and Volume Forecast by Types
     8.4.1. Electric Submersible Pump Systems
     8.4.2. Progressive Cavity Pump Systems
     8.4.3. Rod Lift
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. North America Subsea Artificial Lift Systems Market Size and Volume Forecast by Applications
     8.7.1. Oil Wells
     8.7.2. Gas Wells
  8.8. Basis Point Share (BPS) Analysis by Applications
  8.9. Y-o-Y Growth Projections by Applications
  8.10. Market Attractiveness/Growth Potential Analysis
     8.10.1. By Country
     8.10.2. By Product Type
     8.10.3. By Application
  8.11. North America Subsea Artificial Lift Systems Demand Share Forecast, 2019-2026
9. Latin America Subsea Artificial Lift Systems Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Latin America Average Pricing Analysis
  9.2. Latin America Subsea Artificial Lift Systems Market Size and Volume Forecast by Country
      9.2.1. Brazil
      9.2.2. Mexico
      9.2.3. Rest of Latin America
   9.3. Absolute $ Opportunity Assessment by Country
  9.4. Latin America Subsea Artificial Lift Systems Market Size and Volume Forecast by Types
     9.4.1. Electric Submersible Pump Systems
     9.4.2. Progressive Cavity Pump Systems
     9.4.3. Rod Lift
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Latin America Subsea Artificial Lift Systems Market Size and Volume Forecast by Applications
     9.7.1. Oil Wells
     9.7.2. Gas Wells
  9.8. Basis Point Share (BPS) Analysis by Applications
  9.9. Y-o-Y Growth Projections by Applications
  9.10. Market Attractiveness/Growth Potential Analysis
     9.10.1. By Country
     9.10.2. By Product Type
     9.10.3. By Application
  9.11. Latin America Subsea Artificial Lift Systems Demand Share Forecast, 2019-2026
10. Europe Subsea Artificial Lift Systems Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Europe Average Pricing Analysis
  10.2. Europe Subsea Artificial Lift Systems Market Size and Volume Forecast by Country
     10.2.1. Germany
     10.2.2. France
     10.2.3. Italy
     10.2.4. U.K.
     10.2.5. Spain
     10.2.6. Russia
     10.2.7. Rest of Europe
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Europe Subsea Artificial Lift Systems Market Size and Volume Forecast by Types
     10.4.1. Electric Submersible Pump Systems
     10.4.2. Progressive Cavity Pump Systems
     10.4.3. Rod Lift
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Europe Subsea Artificial Lift Systems Market Size and Volume Forecast by Applications
     10.7.1. Oil Wells
     10.7.2. Gas Wells
  10.8. Basis Point Share (BPS) Analysis by Applications
  10.9. Y-o-Y Growth Projections by Applications
  10.10. Market Attractiveness/Growth Potential Analysis
     10.10.1. By Country
     10.10.2. By Product Type
     10.10.3. By Application
  10.11. Europe Subsea Artificial Lift Systems Demand Share Forecast, 2019-2026
11. Asia Pacific Subsea Artificial Lift Systems Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Asia Pacific Average Pricing Analysis
  11.2. Asia Pacific Subsea Artificial Lift Systems Market Size and Volume Forecast by Country
     11.2.1. China
     11.2.2. Japan
     11.2.3. South Korea
     11.2.4. India
     11.2.5. Australia
     11.2.6. Rest of Asia Pacific (APAC)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Asia Pacific Subsea Artificial Lift Systems Market Size and Volume Forecast by Types
     11.4.1. Electric Submersible Pump Systems
     11.4.2. Progressive Cavity Pump Systems
     11.4.3. Rod Lift
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Asia Pacific Subsea Artificial Lift Systems Market Size and Volume Forecast by Applications
     11.7.1. Oil Wells
     11.7.2. Gas Wells
  11.8. Basis Point Share (BPS) Analysis by Applications
  11.9. Y-o-Y Growth Projections by Applications
  11.10. Market Attractiveness/Growth Potential Analysis
     11.10.1. By Country
     11.10.2. By Product Type
     11.10.3. By Application
  11.11. Asia Pacific Subsea Artificial Lift Systems Demand Share Forecast, 2019-2026
12. Middle East & Africa Subsea Artificial Lift Systems Market Analysis and Forecast
  12.1. Introduction
     12.1.1. Basis Point Share (BPS) Analysis by Country
     12.1.2. Y-o-Y Growth Projections by Country
     12.1.3. Middle East & Africa Average Pricing Analysis
  12.2. Middle East & Africa Subsea Artificial Lift Systems Market Size and Volume Forecast by Country
     12.2.1. Saudi Arabia
     12.2.2. South Africa
     12.2.3. UAE
     12.2.4. Rest of Middle East & Africa (MEA)
  12.3. Absolute $ Opportunity Assessment by Country
  12.4. Middle East & Africa Subsea Artificial Lift Systems Market Size and Volume Forecast by Types
     12.4.1. Electric Submersible Pump Systems
     12.4.2. Progressive Cavity Pump Systems
     12.4.3. Rod Lift
  12.5. Basis Point Share (BPS) Analysis by Types
  12.6. Y-o-Y Growth Projections by Types
  12.7. Middle East & Africa Subsea Artificial Lift Systems Market Size and Volume Forecast by Applications
     12.7.1. Oil Wells
     12.7.2. Gas Wells
  12.8. Basis Point Share (BPS) Analysis by Applications
  12.9. Y-o-Y Growth Projections by Applications
  12.10. Market Attractiveness/Growth Potential Analysis
     12.10.1. By Country
     12.10.2. By Product Type
     12.10.3. By Application
  12.11. Middle East & Africa Subsea Artificial Lift Systems Demand Share Forecast, 2019-2026
13. Competition Landscape
  13.1. Global Subsea Artificial Lift Systems Market: Market Share Analysis
  13.2. Subsea Artificial Lift Systems Distributors and Customers
  13.3. Subsea Artificial Lift Systems Market: Competitive Dashboard
  13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     13.4.1. Baker Hughes
     13.4.2. General Electric
     13.4.3. Halliburton
     13.4.4. National Oilwell Varco
     13.4.5. Schlumberger
     13.4.6. Weatherford
     13.4.7. Borets
     13.4.8. Dover Artificial Lift
     13.4.9. Epic Lift Systems
     13.4.10. Flotek Industries
     13.4.11. JJ Tech

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