06 May 2021
Visiongain has published a new report on Artificial Lift Systems Market Report to 2031: Forecasts by type (Electric Submersible Pump (ESP), Rod Lift, Plunger, Gas Lift, Progressive Cavity Pump (PCP), Others), by application (Onshore, Offshore), by component (Cable System, Pump, Motor, Separator, Controller, Others). PLUS Profiles of Leading Artificial Lift Systems Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Global artificial lift systems market was valued at US$ xx billion in 2020 and is projected to reach at a market value of US$ xx billion by 2031. Artificial lift systems (ALS) is a process use to lift oil from bottom hole pressure by injecting gas in the producing fluid or either by using a downhole pump in order to decrease its hydrostatic pressure. Moreover, as it has become an essential part of the production process, the artificial lift system has major applications is largely used to increase the oil production from the oil reservoirs.
Factors such as massive rise in production efficiencies at mature fields and surge in demand of energy are some of the major factors driving the market growth. On the contrary, development of multiphase gas for an operation of ALS systems, investments toward technological advancement, and increased innovations in technology such as smart alarms, retrofit capability, and real time monitoring are some of the major factors expected to provide lucrative opportunities to the market in the upcoming years.
COVID-19 Impact on Global Artificial Lift Systems Market
The COVID-19 pandemic has interrupted the momentum of AI technology in the market across several regions. Due to complete business shutdowns globally, the demand for artificial lift has stabilized and is expected to recover by third quarter of 2022. However, the artificial lift systems market is anticipated to regain revenue as several government across countries are supporting with massive investment in AI technology.
Massive rise in production efficiencies at mature fields
With continuous rise in number of existing reservoirs globally in the mature phase, which are largely demanding artificial lift system and avoiding the natural pressure to push oil & gas to the surface. These factors, as a result propelling the growth of global artificial lift systems market.
Surge in demand of energy
Due to increased dependency on conventional sources, the demand of energy is continuing to rise and is expected to maintain its dominance during the forecast period. Moreover, AI technology provides more advance features & solutions for lift systems primarily in the oil & gas industry. As a result, surge in demand of energy is driving the market growth.
Investments toward technological advancement
As the AI technology is continuing to grow at a tremendous growth rate with advance features & offerings, the government & key players have an opportunity to invest towards technological advancements. In addition, the investment will boost the revenue of the industry with high sustainability ratio in the competitive environment. Therefore, investment in advance technology is becoming major opportunistic factor to the market in the upcoming years.
Increased innovations in technology
The innovations in AI technology is improving operational efficiency in terms of reducing operational cost, improves production process, among others. Therefore, with these numerous benefits of AI technology, the key players have an opportunity to escalate the solutions & product offerings of artificial lift systems in the market.
Some of the companies profiled in the report include Ariel Corporation, Baker Hughes, Borets, Dover Artificial, Halliburton, Hitachi, Ltd, Neuman & Esser Group, Rimera Group, Schlumberger Limited, and Weatherford.
• In November 2020, Lufkin Industries, a portfolio company of KPS Capital Partners, has completed the acquisition of the North American Land Rod Lift Business of Schlumberger Limited, which is an oilfield services company. This acquisition aimed at providing a full range of product offering including gas lift products, downhole pumps & accessories, sucker rods, and beam pumping units.
• In October 2020, Weatherford launched a new product ForeSite Sense, which is a comprehensive reservoir monitoring solution. In addition, this new product enhances real-time solution for the critical downhole data in terms of pressure, temperature, and flow.
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