Jersey City, NJ, Aug. 31, 2023 (GLOBE NEWSWIRE) -- InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the "Global Artificial Lift Market- (By Type (Rod Lift, Electric Submersible Pumps, Progressive Cavity Pumps, Gas Lift Systems, Others), Mechanism (Pump Assisted, Positive Displacement, Dynamic Displacement, Gas Assisted), Well Type (Vertical, Horizontal), Application (Onshore, Offshore)), Trends, Industry Competition Analysis, Revenue and Forecast To 2031."
According to the latest research by InsightAce Analytic, the Global Artificial Lift Market is valued at US$ 6.57 Bn in 2022, and it is expected to reach US$ 10.12 Bn by 2031, with a CAGR of 5.03% during a forecast period of 2023-2031.
Artificial Lift combines procedures and equipment used in the oil and gas sector to increase hydrocarbon production from wells. When the natural pressure within a well is inadequate to force fluids (oil, gas, or a mixture) to the surface, it is used. An increase in energy demand, as well as industrialization, population growth, and urbanization, all contribute to the growth of the artificial lift market.
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Furthermore, oil and gas wells all over the world require an artificial lift to increase oil output at greater efficiency. The decline of traditional oil and gas sources shifts the attention to unconventional sources. Oil and gas reserves necessitate the use of an artificial lift system during production and exploration activities in order to maximize oil production, which leads to the rise in demand for the artificial Lift over the forecast period.
Some of the factors driving the growth of the artificial lifts system market include the need for improved recovery rates, an increasing number of wells that require pressure support for extraction, rising demand for energy and petrochemicals, and technological advancements that enable companies to economically extract oil from difficult areas.
Recent Developments:
- In June 2023, Nabors Industries and Halliburton Company recently announced a deal on innovative, well construction automation technology. According to the agreement, Halliburton and Nabors will work together on a variety of technologies, including the LOGIX®Autonomous Drilling Platform, the SmartROS®universal rig controls and automation platform, and the RigCLOUD®high-performance digital infrastructure platform. Halliburton Well Construction 4.0 digital surface and subsurface drilling technologies.
- In January 2022, Unbridled ESP Systems, a ChampionX subsidiary, introduced High Rise series pumps to reduce carbon emissions during ESP operations. This product is utilized in unusual well-completion operations.
List of Prominent Players in the Artificial Lift Market:
- Accessesp
- Alkhorayef Petroleum
- Baker Hughes Company
- Borets
- Cairn Oil & Gas
- Camco
- Championx
- Distributionnow
- Dover Corporation
- Ebara Corporation
- Flotek Industries Inc.
- Halliburton
- Jj Tech
- Mrc Global Inc.
- Nov Inc
- Novomet
- Oilserv
- Rimera Group
- Schlumberger Limited
- Tenaris
- Valiant Artificial Lift Solutions
- Weatherford International Ltd
Artificial Lift Market Report Scope:
| Report Attribute | Specifications |
| Market Size Value In 2022 | USD 6.57 Bn |
| Revenue Forecast In 2031 | USD 10.12 Bn |
| Growth Rate CAGR | CAGR of 5.03 % from 2023 to 2031 |
| Quantitative Units | Representation of revenue in US$ Bn and CAGR from 2023 to 2031 |
| Historic Year | 2019 to 2022 |
| Forecast Year | 2023-2031 |
| Report Coverage | The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
| Segments Covered | By Type, By Mechanism, By well Type, By Application |
| Regional Scope | North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
| Country Scope | U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico ;The UK; France; Italy; Spain; China; Japan; India; South Korea; South East Asia; South Korea; South East Asia |
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Market Dynamics:
Drivers-
Global energy demand continues to climb, necessitating more oil and gas output. Artificial Lift technologies enable efficient extraction from existing wells, which helps to satisfy rising energy demand. Due to increased demand for gas and oil, the expansion of unconventional reserves, technological advancements, and regulatory regulations, the Artificial Lift industry is likely to grow in the future years. Regulatory frameworks and safety requirements frequently compel operators to employ safety and efficiency measures. Artificial Lift systems help to achieve these compliance criteria by improving well operations, lowering hazards, and improving overall operational safety.
Challenges:
The majority of current oil and gas wells were vertically drilled. ALMs are required to produce liquid hydrocarbons and/or dewater ageing vertical wells. Horizontal drilling is becoming increasingly prevalent, and artificial lift service providers are encountering difficulties when employing ALMs in horizontal wells. It can be difficult to apply ALMs to shale assets with deep and extensive horizontal portions.
The majority of ALMs are designed to operate in vertical sections of wells. As a result, methods for sweeping and lifting fluids from deviating and/or horizontal parts must be developed. Water is produced back from the formations in order to reduce backpressure and clear flow channels for gas and oil production.
Regional Trends:
The North America Artificial Lift Market is likely to register a noteworthy market share in terms of revenue, and it is projected to grow at a high CAGR in the near future. This is due to an increase in demand for artificial lift operations in this region's mature and ageing oil wells. Furthermore, the artificial lift system market expansion is attributable to the leading move from conventional to unconventional sources, as well as the redevelopment of shale gas reserves in nations such as the United States and Canada.
The North American, Artificial Lift market is characterized by the scale, technical improvements, emphasis on production optimization, and presence of important industry players. It is still a significant market area in the global Artificial Lift industry.
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Segmentation of Artificial Lift Market-
By Type-
- Rod Lift
- Electric Submersible Pumps
- Progressive Cavity Pumps
- Gas Lift Systems
- Others
By Mechanism-
- Pump Assisted
- Positive Displacement
- Dynamic Displacement
- Gas Assisted
By Well-type-
- Horizontal
- Vertical
By Application-
- Onshore
- Offshore
By Region-
North America-
- The US
- Canada
- Mexico
Europe-
- Germany
- The UK
- France
- Italy
- Spain
- Rest of Europe
Asia-Pacific-
- China
- Japan
- India
- South Korea
- South East Asia
- Rest of Asia Pacific
Latin America-
- Brazil
- Argentina
- Rest of Latin America
Middle East & Africa-
- GCC Countries
- South Africa
- Rest of the Middle East and Africa
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