Artificial lift system in oil & gas industry refers to use of artificial means to increase to flow of the crude oil from the well. Artificial lift system is a kind of enhanced oil recovery technique widely used to improve the well productivity especially for matured reserves as well as reserves with high viscosity crude oil. Artificial lift system is low cost conventional technique used to improve oil production form the well. It is done through various methods such as increasing extraction rate using submersible pumps which is the most popular artificial lifting method. Further, methods such as rod lift, gas lift and progressive cavity pumps are expected to gain traction over the forecast period.
Artificial lift system market is expected to gain impulse with growing demand for fossil fuel coupled with increasing number of mature reserves across the globe are expected to drive the demand of artificial lift system. Further, volatile oil prices influencing oil companies to reduce their per barrel cost of oil production. Thus, demand for EOR techniques such as artificial lift system is expected to increase during the forecast period. Moreover, growing number of matured reserves and increasing exploration of non-conventional reserves are expected to fuel the demand for artificial lift system over the forecast period (2021-2029). However, high initial installation cost and lack of skilled labour for artificial lifting are expected to hamper the growth of artificial lift system market during the forecast period (2021-2029).
North America is expected to largest region in global artificial lifting system market. Increasing shale gas production coupled with growing deep-water drilling in U.S. Gulf of Mexico is anticipated to drive the demand for artificial lifting system in the region. Followed by it, Europe is anticipated to be the second largest region in the global artificial lifting market owing to increasing focus of the economies in Europe to achieve self-sufficiency is projected to fuel the demand for artificial lifting system during the forecast period (2021-2029). Middle East & Africa (MEA) is anticipated to be the fastest growing among all the region. It offers the most attractive opportunity for artificial lifting system market due to availability of largest number of matured well in the region. Moreover, slowdown in oil & gas industry restraining investment in exploration of new oil wells. Thus, oil producers are looking to enhance production from existing wells to reduce their per barrel production cost.
Global artificial lifting system market is expected to be valued at US$ 14.4Bn by the end of 2021 and is projected to expand at a CAGR4.7% during the forecast period 2021-2029.
The purpose of this strategic research study titled “Global Artificial Lifting System Market - Growth, Future Prospects, Competitive Analysis and Forecast, 2021 - 2029” is to provide company executives, industry investors, and industry participants with in-depth insights to enable them make informed strategic decisions regarding the opportunities in the global artificial lifting system market.
The report titled “Global Artificial Lifting System Market - Growth, Future Prospects, Competitive Analysis and Forecast, 2021 - 2029” offers strategic insights into the artificial lifting system market along with the market size and estimates for the duration 2018 to 2029. The said research study covers in-depth analysis of multiple market segments based on type and cross-sectional study across different geographies. In order to help strategic decision makers, the report also includes competitive profiling of the leading artificial lifting system manufacturers, their expansion strategies, market positioning, and latest developments. Other in-depth analyses provided in the report include:
Among all type of artificial lift system, electrical submersible pumps segment was anticipated to be the largest segment in 2021 accounting for significant revenue share in global artificial lift market. The growth of the segment is augmented by high adoption of electrical submersible pumps in artificial lifting of hydrocarbons from the oil well.
Rod lift segment is anticipated to be the fastest growing segment due to increasing adoption of the method as it is cost effective and considered as most of efficient method to extract hydrocarbons. The segment is anticipated to gain significant market share by 2029.
Progressive cavity pump, gas lift and others segments are expected to collectively account for over 20% of the global artificial lifting market in 2021 and anticipated to register steady growth over the forecast period (2021-2029).
Middle East & Africa (MEA)is projected to be the fastest growing segment due availability of high matured reserves in the region and coupled with high natural gas reserves in countries such as Oman, Nigeria, Angola and Kuwait are anticipated to augment the growth of the artificial lift system market over the forecast period (2021-2029).
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Artificial lift system market is expected to gain impulse with growing demand for fossil fuel coupled with increasing number of mature reserves across the globe are expected to drive the demand of artificial lift system. Further, volatile oil prices influencing oil companies to reduce their per barrel cost of oil production. Thus, demand for EOR techniques such as artificial lift system is expected to increase during the forecast period. Moreover, growing number of matured reserves and increasing exploration of non-conventional reserves are expected to fuel the demand for artificial lift system over the forecast period (2021-2029). However, high initial installation cost and lack of skilled labour for artificial lifting are expected to hamper the growth of artificial lift system market during the forecast period (2021-2029).
North America is expected to largest region in global artificial lifting system market. Increasing shale gas production coupled with growing deep-water drilling in U.S. Gulf of Mexico is anticipated to drive the demand for artificial lifting system in the region. Followed by it, Europe is anticipated to be the second largest region in the global artificial lifting market owing to increasing focus of the economies in Europe to achieve self-sufficiency is projected to fuel the demand for artificial lifting system during the forecast period (2021-2029). Middle East & Africa (MEA) is anticipated to be the fastest growing among all the region. It offers the most attractive opportunity for artificial lifting system market due to availability of largest number of matured well in the region. Moreover, slowdown in oil & gas industry restraining investment in exploration of new oil wells. Thus, oil producers are looking to enhance production from existing wells to reduce their per barrel production cost.
Global artificial lifting system market is expected to be valued at US$ 14.4Bn by the end of 2021 and is projected to expand at a CAGR4.7% during the forecast period 2021-2029.
Purpose of the Report
The purpose of this strategic research study titled “Global Artificial Lifting System Market - Growth, Future Prospects, Competitive Analysis and Forecast, 2021 - 2029” is to provide company executives, industry investors, and industry participants with in-depth insights to enable them make informed strategic decisions regarding the opportunities in the global artificial lifting system market.
Target Audience
- Industry Investors
- Research Professionals
- Emerging Companies
- Oil field services companies
- Oil & Gas exploration and production companies
- Research Institutes
USP and Key Offerings
The report titled “Global Artificial Lifting System Market - Growth, Future Prospects, Competitive Analysis and Forecast, 2021 - 2029” offers strategic insights into the artificial lifting system market along with the market size and estimates for the duration 2018 to 2029. The said research study covers in-depth analysis of multiple market segments based on type and cross-sectional study across different geographies. In order to help strategic decision makers, the report also includes competitive profiling of the leading artificial lifting system manufacturers, their expansion strategies, market positioning, and latest developments. Other in-depth analyses provided in the report include:
- Current and future market trends to validate the forthcoming attractive markets within oil & gas industry
- Market fuelers, market impediments, and their impact on the market growth
- In-depth competitive environment analysis
- Trailing 3-Year market size data (2018 - 2020)
- SRC (Segment-Region-Country) Analysis
- Overall, the research study provides a holistic view of the global artificial lifting system market growth, offering market size and estimates for the period from 2018 to 2029, keeping in mind the above mentioned factors.
On the basis of type, global artificial lift market is categorized into following types:
- Electrical Submersible Pumps
- Rod Lift
- Progressive Cavity Pumps
- Gas Lift
- Others(Hydraulic, Plinger Lift).
Among all type of artificial lift system, electrical submersible pumps segment was anticipated to be the largest segment in 2021 accounting for significant revenue share in global artificial lift market. The growth of the segment is augmented by high adoption of electrical submersible pumps in artificial lifting of hydrocarbons from the oil well.
Rod lift segment is anticipated to be the fastest growing segment due to increasing adoption of the method as it is cost effective and considered as most of efficient method to extract hydrocarbons. The segment is anticipated to gain significant market share by 2029.
Progressive cavity pump, gas lift and others segments are expected to collectively account for over 20% of the global artificial lifting market in 2021 and anticipated to register steady growth over the forecast period (2021-2029).
On the basis of geography, the global artificial lifting system marketis segmented into following categories,
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Europe
- Germany
- France
- U.K.
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- GCC
- Rest of MEA
Middle East & Africa (MEA)is projected to be the fastest growing segment due availability of high matured reserves in the region and coupled with high natural gas reserves in countries such as Oman, Nigeria, Angola and Kuwait are anticipated to augment the growth of the artificial lift system market over the forecast period (2021-2029).
This product will be delivered within 2 business days.
Table of Contents
1. Preface
2. Executive Summary
3. Market Dynamics
4. Global Artificial Lift System Market Size , By Type, 2019 - 2029
5. Global Fire Protection System Size Market for Oil & Gas Industry, By Geography, 2019 - 2029
6. Company Profiles
Companies Mentioned
- Baker Hughes Incorporated
- Borets
- Dover Corporation
- General Electric.
- Halliburton Company
- Schlumberger Limited
- Weatherford International plc
- Kudu Industries Llc
- National Oilwell Varco Inc.
- Norris Production Solutions
- Tenaris
