Artificial Lift Systems Market Growth Analysis | 2023-2028

Market Insights

The artificial lift systems market was estimated at USD 9.82 billion in 2022 and is likely to grow at a CAGR of 7.2% during 2023-2028 to reach USD 14.98 billion in 2028.

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Market Dynamics

Introduction

The artificial lift technique is a set of tools and methods that apply additional methods in extracting fluids from wells that don’t possess sufficient force to pump them to the surface. Such systems operate on the main principle of either decreasing the pressure inside the wellbore or pumping the hydrocarbon in its fluid state to the surface.

Typically used artificial lift equipment can be subdivided into two broad categories, namely the electric submersible pump and the rod pump where in the former fluid movement to the surface is done by an electric motor as opposed to the rod pump, in which the movement is by mechanical means through a surface engine. Gas lift techniques involve the use of gas in the well to make its density lower hence helping it to rise. Artificial lift systems play a significant role in the daily management and optimization of the production rates in new, as well as mature, margins or low-pressure wells, which prolongs the duration of producing fields.

Market Drivers

The growth and trajectory of the artificial lift systems market are shaped by a diverse range of market dynamics, each exerting its unique influence:

• The use of artificial lift methods is instigated by production enhancement programs, which strive to increase wells’ efficiency and production rates.
• The growth of the market and investment decisions have a large dependency on the economic environment and the volatility of oil prices which has a large influence on the industry.
• Technology has a significant impact as the various players seek to increase the performance of artificial lift operations with efficiency, thus a new age of performance optimization dawns.
• Declining natural well pressure in the mature fields requires an artificial lift to keep up with the production rates that are essential to keep up operations for well-testing services businesses.
• With the globalization and rise in energy demand across the world, this market has further extended the expansion of the artificial lift systems market.
• It should be noted that environmental regulations acting as stimuli for the creation of environmentally friendly and low-emission artificial lifting technologies contribute to fulfilling the environmental mandate of the industry.
• There is geographical differentiation regarding the availability of resources for the artificial lift systems, production capacity, and jurisdiction that influences the market demands of a particular region.

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Segments Analysis

By Technology Type

“Electrical submersible pumps dominate the market during the forecast period.”

The market is segmented into progressive cavity pumps, electrical submersible pumps, gas lifts, rod lifts, hydraulic pumps, and others. Electrical submersible pumps are likely to dominate the market owing to their ability to operate in highly deviated and subsea deep-water wells.

By Application Type

“Onshore application accounts for the major share during the forecast period.”

The market is segmented as offshore and onshore. Onshore application is likely to dominate the market and is expected to remain the major application type during the forecast period.

Regional Insights

“North America is estimated to be the largest market during the forecast period.”

Driven by large-scale production from shale reserves and low oil prices. Further, the wide availability of aging and matured wells along with large potential across the offshore areas will boost the dominance of the North American region.

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Key Players

The market is highly populated with the presence of several local, regional, and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc.

The following are the key players in the artificial lift systems market (arranged alphabetically).

• Aker Solutions
• APC
• BCP Group
• Borets
• Canadian Advanced ESP
• ChampionX.
• Elkam
• General Electric
• Halliburton
• JJ Tech
• National Oilwell Varco
• NOVOMET
• Occidental Petroleum
• PCM
• Petrolift
• Rimera Group
• Schlumberger
• Shengli Oilfield
• Weatherford

Note: The above list does not necessarily include all the top players in the market.

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Research Methodology

This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s artificial lift systems market realities and future market possibilities for the forecast period of 2023 to 2028. After a continuous interest in our artificial lift systems market report from the industry stakeholders, we have tried to further accentuate our research scope to the artificial lift systems market to provide the most crystal-clear picture of the market. The report segments and analyses the market in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

Market Segmentation

This report studies the market, covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

The artificial lift systems market is segmented into the following categories:

By Technology Type

• Progressive Cavity Pumps
• Electrical Submersible Pumps
• Gas Lift
• Rod Lift
• Hydraulic Pumps
• Others

By Application Type

• Onshore
• Offshore

By Region

• North America (Country Analysis: the USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and Rest of Europe)
• Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and Rest of Asia-Pacific)
• Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players).
• SWOT analysis of key players (up to three players).

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

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