16 February 2023
Visiongain has published a new report entitled Artificial Lift Systems Market Report 2023-2033: Forecasts by Application (Offshore, On-shore), by System (Edge Automation, Drive System Solution, Other), by ESP Harmonic Mitigation Solutions (AC Line Reactors and DC Link Chokes, Multi-Pulse Solutions (6/12/18/24), Passive & Active Filters Solution, Low Harmonic Drive Solution), by Type (Electrical Submersible Pumping (ESP), Rod Lift, Progressive Cavity Pumps (PCP), Reciprocating and Jet Hydraulic Pumping Systems, Plunger Lift, Other) AND Regional and Leading National Market Analysis PLUS Analysis of Leading Companies AND COVID-19 Impact and Recovery Pattern Analysis.
The global artificial lift systems market was valued at US$8,258 million in 2022 and is projected to grow at a CAGR of 9.2% during the forecast period 2023-2033.
Increasing Use of Horizontal Drilling and Hydraulic Fracturing Techniques in the Oil and Gas Industry
The global artificial lift systems market is expected to grow at a significant rate in the coming years, due to increasing demand for energy, and the need to enhance the production of oil and gas from maturing fields. Artificial lift systems are used to increase the flow of fluids from a well, and are commonly used in oil and gas production. These systems include electric submersible pumps, progressive cavity pumps, and gas lift systems, among others.
The increasing use of horizontal drilling and hydraulic fracturing techniques in the oil and gas industry has also led to a rise in the demand for artificial lift systems. The growing adoption of these systems in offshore oil and gas fields is also expected to drive the market growth.
Furthermore, the increasing adoption of renewable energy sources, such as solar and wind energy, is expected to decrease the demand for fossil fuels, which may in turn impede the growth of the artificial lift systems market. However, the increasing exploration and production activities in unconventional resources, such as shale gas and tight oil, are expected to provide significant opportunities for market growth.
How has COVID-19 had a significant negative impact on the Artificial Lift Systems Market?
The COVID-19 pandemic has had a significant impact on the global oil and gas industry, including the demand for artificial lift systems. As a result of the reduced oil prices and decreased demand for oil and gas, many oil and gas producers have cut back on production, resulting in a decline in the demand for artificial lift systems. The travel restrictions and lockdowns have also impacted the installation and maintenance of artificial lift systems, leading to delays in operations. However, as the world recovers from the pandemic and the demand for oil and gas picks up, the demand for artificial lift systems is expected to increase in the coming years.
How will this Report Benefit you?
Visiongain’s 345-page report provides 137 tables and 198 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global artificial lift systems market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Artificial Lift. Get financial analysis of the overall market and different segments including type, application, system, ESP harmonic mitigation solutions, and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing artificial lift systems market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Innovations in artificial lift systems technology have led to more efficient and cost-effective solutions for oil and gas producers. For instance, the introduction of electric submersible pumps (ESPs) and progressive cavity pumps (PCPs) have improved production rates and lowered operating costs for oil and gas companies.
Growth in Unconventional Oil and Gas Resources
The increase in unconventional oil and gas resources such as shale, tight sands, and heavy oil has created a need for specialized artificial lift systems that can handle the unique characteristics of these resources. As a result, there has been a surge in demand for artificial lift systems capable of operating in challenging environments such as horizontal and deviated wellbores.
Government Policies and Regulations
Government policies and regulations on oil and gas production have a significant impact on the artificial lift systems market. For example, government incentives for the development of mature fields or the reduction of carbon emissions from oil and gas production can drive demand for artificial lift systems technologies.
Where are the Market Opportunities?
Increased Demand for Oil and Gas
Increased demand for oil and gas due to the growing population and industrialization of emerging economies such as China, India, and Brazil. This has led to an increase in oil exploration activities and the need for efficient oil extraction technologies.
Need for Efficient and Cost-Effective Oil Extraction Methods
The need for efficient and cost-effective oil extraction methods in unconventional oil reserves, such as shale oil and gas, heavy oil, and oil sands. The use of Artificial Lift Systems technologies in these unconventional oil reserves has been proven to increase production rates and reduce operating costs.
Advancements in Artificial Lift Systems Technologies
Advancements in Artificial Lift Systems technologies, such as the use of IoT and AI, have led to the development of smart systems that can monitor and optimize production in real-time. This has led to increased efficiencies and reduced downtime.
The major players operating in the artificial lift systems market are Baker Hughes Company, Borets International, ChampionX, Dover Corporation, Epic Lift Systems, Expro, Flotek Industries, Inc., FMC Technologies Inc., GE Oil and Gas, Haliburton Corporation, National Oilwell Varco NOV Inc., Novomet Group, Schlumberger Limited, Tesco Corporation, Weatherford International plc. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
• In Oct 2022, Weatherford International plc has been awarded a three-year, lump-sum turnkey (LSTK) contract to provide drilling and intervention services to Saudi Aramco ("Aramco"). The Weatherford Integrated Services and Projects (ISP) team will plan and execute all aspects of the operations, including Weatherford product lines and associated services,
• In Nov 2022, The FloConnect Surface Automation Platform, a fully automated and scalable solution for effective and secure surface well testing operations, has launched by Halliburton Company. The FloConnect technology automates workflows to control, measure, and evaluate surface well testing—a first for the sector.
Notes for Editors
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