The Global artificial lift system market was valued at $26.3 billion in 2020 and is projected to reach $55.3 billion by 2030, growing at a CAGR of 7.7% from 2021 to 2030.
Artificial lift systems are required by most oil & gas wells operated throughout the world. Monitoring and optimizing the artificial lift system is equally important to select the optimum lift modern technology since the incorrect procedure of the lift system brings about higher operating expenditure and subsequently capital expenditure financial investment. In addition, field production can be boosted by utilizing various artificial lift optimization options during various phases of a well's production life. Digital oilfields offer possibilities to boost operational efficiency from the wellhead through the entire supply chain by optimizing information, details, and analytics varying.
Artificial lift performance can be anticipated by entering basic well information, such as casing, tubes, completions, as well as deviation, into the PIPESIM simulator, individuals can develop an easy well model and perform a NODAL evaluation to identify means of enhancing production performance.
Artificial lift systems are released in these fields to elevate the production result. These systems not only improve reservoir production but also increase the recuperation rate of crude oil and gas from these reservoirs. In addition, increase in investment in upstream oil & gas fields and rise in financial investments in the upstream oil and gas field activate the discovery of new fields and drilling of new wells to make use of fundamental reserves, thus driving growth of the artificial lift system market. However, volatility in prices of oil ,rise in change toward environmentally friendly modern technologies, and a decline in oil rates can impact investments in the upstream field of the sector owing to affect the artificial lift system market.
The artificial lift system market is segmented on the basis of type, application, mechanism, well type, and region. By lift type, the market is segmented into reciprocating rod lift, electric submersible pumps, gas lift, progressing cavity pumps, jet pump, and Others. On the basis of mechanism, it is divided into pump-assisted and gas-assisted. By well type the market is divided into vertical and horizontal. Region wise the study is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global artificial lift system market analysis covers in-depth information about the major industry participants. The key players operating and profiled in the report include Baker Hughes Company, Borets International Limited., ChampionX, Dover Corporation, Halliburton, JJ Tech, NOV Inc., Novomet, Schlumberger Limited, Weatherford International PLC.
The other players in the value chain (not included in the report) include, Apergy and DistributionNOW.
Key Players in the global artificial lift system market are:
1. Baker Hughes Company
2. Borets International Limited
3. ChampionX
4. Dover Corporation
5. Halliburton
6. JJ Tech
7. NOV Inc.
8. Novomet
9. Schlumberger Limited
10. Weatherford International PLC.
Artificial lift systems are required by most oil & gas wells operated throughout the world. Monitoring and optimizing the artificial lift system is equally important to select the optimum lift modern technology since the incorrect procedure of the lift system brings about higher operating expenditure and subsequently capital expenditure financial investment. In addition, field production can be boosted by utilizing various artificial lift optimization options during various phases of a well's production life. Digital oilfields offer possibilities to boost operational efficiency from the wellhead through the entire supply chain by optimizing information, details, and analytics varying.
Artificial lift performance can be anticipated by entering basic well information, such as casing, tubes, completions, as well as deviation, into the PIPESIM simulator, individuals can develop an easy well model and perform a NODAL evaluation to identify means of enhancing production performance.
Artificial lift systems are released in these fields to elevate the production result. These systems not only improve reservoir production but also increase the recuperation rate of crude oil and gas from these reservoirs. In addition, increase in investment in upstream oil & gas fields and rise in financial investments in the upstream oil and gas field activate the discovery of new fields and drilling of new wells to make use of fundamental reserves, thus driving growth of the artificial lift system market. However, volatility in prices of oil ,rise in change toward environmentally friendly modern technologies, and a decline in oil rates can impact investments in the upstream field of the sector owing to affect the artificial lift system market.
The artificial lift system market is segmented on the basis of type, application, mechanism, well type, and region. By lift type, the market is segmented into reciprocating rod lift, electric submersible pumps, gas lift, progressing cavity pumps, jet pump, and Others. On the basis of mechanism, it is divided into pump-assisted and gas-assisted. By well type the market is divided into vertical and horizontal. Region wise the study is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global artificial lift system market analysis covers in-depth information about the major industry participants. The key players operating and profiled in the report include Baker Hughes Company, Borets International Limited., ChampionX, Dover Corporation, Halliburton, JJ Tech, NOV Inc., Novomet, Schlumberger Limited, Weatherford International PLC.
The other players in the value chain (not included in the report) include, Apergy and DistributionNOW.
KEY MARKET SEGMENTS
By Lift type
- Pressurized Water Reactor (PWR)
- Electric Submersible Pumps
- Gas lift
- Progressing Cavity Pumps
- Jet pump
- Others
By Component
- Pump
- Motor
- Cable System
- Controller
- Others
By Application
- Onshore
- Offshore
By Mechanism
- Pump Assisted
- Gas Assisted
By well type
- Horizontal
- Vertical
By Region
- North America
- US
- Canada
- Mexico
- Europe
- France
- Germany
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- Japan
- China
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- South Africa
- Rest of LAMEA
Key Players in the global artificial lift system market are:
1. Baker Hughes Company
2. Borets International Limited
3. ChampionX
4. Dover Corporation
5. Halliburton
6. JJ Tech
7. NOV Inc.
8. Novomet
9. Schlumberger Limited
10. Weatherford International PLC.
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Table of Contents
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Overview
Chapter 4: Global Artificial Lift System, by Lift Type
Chapter 5: Global Artificial Lift System, by Application
Chapter 6: Global Artificial Lift System, by Mechanism
Chapter 7: Global Artificial Lift System Market, by Well Type
Chapter 8: Global Artificial Lift System Market, by Region
Chapter 9: Competitive Landscape
Chapter 10: Company Profiles:
List of Tables
List of Figures
Executive Summary
According to a new report titled Artificial Lift System Market by Type, Mechanism, Application, and Well type: Global Opportunity Analysis and Industry Forecast, 2021-2030, Global Opportunity Analysis and Industry Forecast 2021–2030,” the global artificial lift system market size was valued at $26.3 billion in 2020 and is projected to reach $55.3 billion by 2030, growing at a CAGR of 7.7% from 2021 to 2030.The artificial lift method is used to boost reservoir pressure and push crude oil to the surface. Artificial lift is used when the naturally derived energy of the reservoir is sufficient to push the oil to the surface area. Artificial lift is used to recoup more crude oil from the reservoir. The main focus of every oil & gas operator is to reduce both capital expenditure (CAPEX) & operating expenditure (OPEX) and maximize oil production while decreasing cost. Artificial lift is used to boost the circulation of liquids to the surface of a production oil well, and also this is attained by a mechanical device inside the well, such as a pump thus reducing the weight of the liquid/gas mixture using high-pressure gas and improving the lift effectiveness of the well through rate strings.
The growth of the artificial lift market is due to the increase in the need for oil & gas, accelerating economic growth, growing shale oil production, rising global population, enhancing financial investment in offshore drilling exploration activities, as well as a rising variety of mature reserves.
The significant trends that can be witnessed in this sector are technical innovations as well as the boom in footage of wells drilled. Furthermore, the development of the marketplace is prevented by volatility in petroleum prices, ecological problems, and also financial uncertainties.
The artificial lift system market is segmented on the basis of type, application, mechanism, well type, and region. By lift type, the market is segmented into reciprocating rod lift, electric submersible pumps, gas lift, progressing cavity pumps, jet pump, and others. On the basis of mechanism, it is segmented into pump-assisted and gas-assisted. By well type the market is segmented into vertical and horizontal. Region wise the study analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The global artificial lift system market analysis covers in-depth information about the major industry participants. The key players operating and profiled in the artificial lift system industry report include Baker Hughes Company, Borets International Limited., ChampionX, Dover Corporation, Halliburton, JJ Tech, NOV Inc., Novomet, Schlumberger Limited, and Weatherford International PLC.
The other players in the value chain (not included in the report) include Baker Hughes., Apergy ,and DistributionNOW.
Impact Of Covid -19 On The Global Artificial Lift System Market
- The novel coronavirus had a negative impact on the artificial lift system market growth due to reduced activity in reservoirs
- Price volatility in the oil & gas industry has been a challenging factor The COVID-19 crisis led to disruption to oil demand and also affected a wide range of industries such as coal and renewable oil & gas
- The energy Information Administration (EIA) announced its forecast relating to crude oil production fall in the year 2020 and 2021 due to the falling demand for petroleum products
- The unprecedented fall in oil prices due to the COVID crisis resulted in a sharp decline in the demand for oil from China led to implications in the oil & gas industry
- Hence, the artificial lift system market has been negatively impacted during the pandemic period
Key Findings Of The Study
- By region, North America accounted for the largest market share in 2020
- By lift type, Electric Submersible Pumps (ESP) segment holds the largest market share in 2020
- By application, the offshore segment accounted for the largest market share in 2020
- By mechanism, the gas segment accounted for the largest market share in 2020
- By well type, the horizontal segment accounted for the largest market share in 2020
Companies Mentioned
- General Electric Company
- Man Diesel & Turbo SE
- Ebara Corporation
- Mitsubishi Heavy Industries Compressor Corporation
- Atlas Copco Energas GmbH
- Solar Turbine Inc.
- Burckhardt Compression Holding AG
- Ariel Corporation
- Neuman & Esser Group
- Hitachi, Ltd
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 225 |
| Published | February 2022 |
| Forecast Period | 2020 - 2030 |
| Estimated Market Value ( USD | $ 26.3 billion |
| Forecasted Market Value ( USD | $ 55.3 billion |
| Compound Annual Growth Rate | 7.7% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
