New York, Sept. 22, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Artificial Lift System Global Market Report 2022" - https://www.reportlinker.com/p06317024/?utm_source=GNW
The global artificial lift system market is expected to grow from $8.87 billion in 2021 to $9.59 billion in 2022 at a compound annual growth rate (CAGR) of 8.13%. The artificial lift system market is expected to reach $12.25 billion in 2026 at a CAGR of 6.31%.
The artificial lift system market consists of sales of artificial lift systems by entities (organizations, sole traders, and partnerships) that refer to the systems that run on artificial methods and are used to withdraw crude oil or water from production wells by increasing pressure within the reservoir.The artificial lift system aims to extract greater output by increasing production, output, and recovery.
Artificial lift systems in the oil and gas industry achieve these outputs by using technologies such as hydraulic pumping systems, electric submersible pumps, gas lift, rod pumps, sub-surface pumping, rod-less pumping, continuous belt transportation, and others.
The main types of artificial lift systems include ESP, PCP, gas lift, rod lift, and others.The electric submersible pumps (ESP) refer to a multi-stage centrifugal pumps used to lift moderate and high volumes of liquids from wellbores.
The electric power supply is supplied to ESP systems inside the well through electric cables.ESPs are particularly effective in wells with low bottom-hole pressure, a low gas/oil ratio, a low bubble point, a high water cut, or fluids with a low API gravity.
They are used in both horizontal and vertical wells located onshore and offshore. They operate on two different mechanisms, which include pump assisted and gas-assisted.
North America was the largest region in the artificial lift system market in 2021. The regions covered in the artificial lift system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The artificial lift systems market research report is one of a series of new reports that provides artificial lift systems market statistics, including artificial lift systems industry global market size, regional shares, competitors with an artificial lift systems market share, detailed artificial lift systems market segments, market trends and opportunities, and any further data you may need to thrive in the artificial lift systems industry. This artificial lift systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The increasing production of oil is driving the growth of the artificial lift system market.Artificial lift systems are used in oil wells to increase the pressure within the reservoirs and increase the movement of oil to the surface.
These systems are extensively used in oil production wells when natural drive energy is insufficient to increase the movement of oil to the surface.Though the oil wells possess required natural pressure during the initial stages of production, the pressure decreases over time and increases the demand for artificial lift systems for effective production.
For instance, a report published in March 2021 by IEA (The International Energy Agency), projected that by 2026, global oil consumption will reach 104.1 mb/d (mb/d- thousand barrels per day). This will represent an increase of 4.4 mb/d from 2019 levels. Therefore, the increase in the production of oil drives the artificial lift system market.
New product development is a key trend gaining popularity in the artificial lift system market.The challenging oil production environment worldwide has forced companies operating in the artificial lift system market to provide new and advanced products and services to fulfil the market demand.
These new products offer several advantages such as new design features, better operational ability, and may cut down costs well.For instance, in February 2021, Wanner International, a UK-based Industrial equipment supplier launched a new Hydra-Cell jet pump hydraulic artificial lift solution.
It is developed for the low-cost lifting of a barrel of fluid in oil and gas production.It is suitable for mainstream oil and gas production.
In addition, in May 2019, Quick Connectors Inc (QCI), a US-based manufacturer of reliable electronic submersible pump (ESP) penetrators and wellhead solutions expanded its artificial lift solutions with the launch of a gas lift wellhead solution. It provides several distinctive design features and benefits for gas lift completions.
In November 2020, Lufkin Industries, a USA-based provider of surface pumping equipment, downhole pumps, and others acquired the North American Land Rod Lift business from Schlumberger for an undisclosed amount.Through this acquisition, Lufkin Industries is focused on expanding its business footprint across the globe in products and technologies used in the upstream sector of the energy sector.
Schlumberger Limited is a USA-based company involved in oil field services and equipment including downhole pumps and accessories, beam pumping units, sucker rods and gas lift products, and others across the globe.
The countries covered in the artificial lift system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Read the full report: https://www.reportlinker.com/p06317024/?utm_source=GNW
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