Pune, India, April 27, 2021 (GLOBE NEWSWIRE) -- The ever-grossing demand for hydrocarbon will help the global artificial lift system market to grow at a fast pace. According to a report published by Fortune Business Insights, titled, "Artificial Lift System": Global Market Analysis, Insights, And Forecast, 2019-2026,” the global artificial lift system market is projected to reach US$ 12,707.4Mn by the End of 2026. Fortune Business Insights has predicted that the market will rise from its 2019 valuation of US$ 8,393.5 Mn at a CAGR of 5.32%. Artificial list system provides production capability that in turn, reduces the cost of operation. It also provides long-lasting well life. These are the two major factors that will contribute to market growth.
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Key Industry Developments
- In February 2019, Tenaris will inaugurate a facility specially designed for sucker rod manufacturing in Conroe, Texas. The new facility will be functional by July 2019 with advanced technologies to optimize efficiencies and reduce production time.
- In December 2019, Baker Hughes is pleased to announce the inauguration of its first artificial lift assembly, repair facility in Oman to support Petroleum Development Oman (PDO) operations and other customers in the region aiming to optimize production, cutting cost, and enhancing oil production.
- In July 2019, Well Master Corporation has pleased to announce acquisition of leading provider of optimization solution T-Ram Canada Inc.
Tenaris, Quick Connector, Inc., and Other Key Players Emphasize on Product Launches to Strengthen Positions
Quick Connector, Inc., a prominent provider of artificial lift wellhead solutions, based in the U.S.A., announced the launch of their new product called QCI Gas Lift Wellhead Hanger and Adapter in May 2019. The product provides numerous benefits and features for gas lift completions. It also prevents the delay and cost of sourcing through traditional wellhead supplier. Tenaris, a manufacturer and supplier of steel pipes, revealed in February 2019 that it will be opening its sucker rod facility in Texas. The facility will will offer modern technologies to decrease production time and enhance efficiency. Earlier, in December 2019, Baker Hughes, a full stream gas and oil company joined hands with Petroleum Development Oman and declared the inauguration of its first ever artificial repair facility and lift assembly. Its main aim was to support PDO’s operations. It also targets those customers residing in the region who are looking for cost reduction, and efficient oil production.
Important Features that are under Offering and Key Highlights of Artificial Lift System Market Report:
- Detailed overview of Market Share
- Changing market dynamics of the industry
- In-depth market segmentation by Type, Application, etc.
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape of Market
- Strategies of key players and product offerings
- Potential and niche segments/regions exhibiting promising market growth
A Rise in the Number of Exploration Activities Likely to Boost Growth in European Countries
Geographically, the global Artificial Lift System market is divided into Latin America, Europe, North America, the Middle East and Africa, and Asia Pacific. Amongst these regions, in North America, the U.S. currently holds the largest share of artificial list system market, accounting more than 40% artificial lifts distributed in the world. There has been a rise in the number of gas and oil exploration activities combined with technological advancements that has boosted the market in this continent. Fortune Business Insights states that in North America, countries namely, Alaska, Texas, North Dakota, and Permian region are anticipated to witness growth of the Artificial Lift System during the forecast period. This is because the production in these regions have recently reached at a peak level. On the other hand, Europe is predicted to exhibit considerable growth likely due to the increasing number of exploration that have been taking place in the North Sea region.
Top Players Overview:
- Weatherford
- Schlumberger Limited
- Baker Hughes
- Dover Corporation
- Borets International
- National Oilwell Varco
- Halliburton
- Summit ESP, LLC
- John Crane
- SPOC Automation
- Flotek Industries
- Quick Connector, Inc.
Key Market Driver – Numerous onshore and offshore E&P
Key Market Restraint – Environmental restrictions and government policies
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Artificial Lift System Market Landscape and Market Scenario Includes:
- Current market size estimate
- Revenues by players Top Companies
- Market size by product categories
- Market size by regions/country
Queries Addressed In Artificial Lift System Market Report:
- What opportunities are present for the market players to enhance their business footprint?
- What manufacturing techniques are being implemented in the development of advanced Construction Equipment?
- Which segment is witnessing huge traction from the consumers?
- For what purposes, is the market being utilized?
- How many units are estimated to be sold in 2019?
Ability to Handle Harsh Conditions Increases Demand for Propel Electrical Submersible Pumps
The report classifies the global artificial lift system into three segments, namely, by application, by type, and by geography. In terms of application, the market is further grouped into onshore and offshore. By type, the market is classified into sucker rod pump, gas lift, progressive cavity pump, hydraulic pumps, electrical submersible pumps, and others. Amongst these types of pumps, the electrical submersible pump is the most massively adopted pump across the globe. This is due to the fact that these pumps are perfectly abled to operate in harsh environmental conditions. Furthermore, they can handle a high volume of flow rate. They hold more than 40% of the global artificial list system market.
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Key Features of Artificial Lift System Market Research Report:
- This report provides detail analysis of the market and have a comprehensive understanding of the market and its commercial landscape.
- Learn about the various market strategies that are being adopted by leading companies.
- It provides a five-year forecast assessed based on how the market is predicted to grow.
- It provides insightful analysis of changing competition dynamics and keeps you ahead of competitors.
- To understand the future scope and outlooks for the market.
- Market Forecast by regions, type and application, with sales and revenue, from 2019 to 2026.
- Market Share, distributors, major suppliers, changing price patterns and the supply chain of raw materials is highlighted in the report.
- Market Size (sales, revenue) forecast by regions and countries from 2019 to 2023 of industry.
- The global market Growth is anticipated to rise at a considerable rate during the forecast period, between 2019 and 2023. In 2019, the market was growing at a steady rate and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.
- Market Trend for Development and marketing channels are analysed. Finally, the feasibility of new investment projects is assessed and overall research conclusions offered.
- Market Report also mentions market share accrued by each product in the market, along with the production growth.
Lastly, this report covers the market landscape and its growth prospects over the coming years, the Report also brief deals with the product life cycle, comparing it to the relevant products from across industries that had already been commercialized details the potential for various applications, discussing about recent product innovations and gives an overview on potential regional market shares.
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Table of Content
-
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Key Developments: Mergers, Acquisition, Partnership, etc.
- Latest Technological Advancement
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
- Global Artificial Lift Systems Market Analysis, Insights and Forecast, 2015-2026
- Key Findings
- Market Analysis, Insights and Forecast – By Type
- Electric Submersible Pump
- Sucker Rod Pump
- Progressive Cavity Pump
- Gas Lift
- Others
- Market Analysis, Insights and Forecast – By Application
- Onshore
- Offshore
- North America Artificial Lift Systems Market Analysis, Insights and Forecast, 2015-2026
- Key Findings
- Market Analysis, Insights and Forecast – By Type
- Electric Submersible Pump
- Sucker Rod Pump
- Progressive Cavity Pump
- Gas Lift
- Others
- Market Analysis, Insights and Forecast – By Application
- Onshore
- Offshore
- Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
- Europe Artificial Lift Systems Market Analysis, Insights and Forecast, 2015-2026
- Key Findings
- Market Analysis, Insights and Forecast – By Type
- Electric Submersible Pump
- Sucker Rod Pump
- Progressive Cavity Pump
- Gas Lift
- Others
- Market Analysis, Insights and Forecast – By Application
- Onshore
- Offshore
- Market Analysis, Insights and Forecast – By Country
- UK
- Germany
- France
- Italy
- Norway
- Russia
- Rest of Europe
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