The global gas lift system market was valued at $1.8 billion in 2022, and is projected to reach $3.8 billion by 2032, growing at a CAGR of 7.6% from 2023 to 2032.
A gas lift system is a specialized technique widely applied in the oil and gas sector to enhance the extraction of hydrocarbons, including oil and natural gas, from subterranean reservoirs to the surface. It operates by introducing gases, typically natural gas, or compressed air, into the wellbore at specific intervals or depths. This gas injection process effectively decreases the hydrostatic pressure inside the well, facilitating the upward flow of hydrocarbons. Gas lift systems are instrumental in boosting production rates, especially in wells grappling with challenges such as declining reservoir pressure or complex fluid properties, ultimately optimizing fluid extraction, and enhancing overall well efficiency.
Gas 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 and 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 the gas lift system market growth.
However, volatility in prices of oil, rise in change toward environment-friendly modern technologies, and a decline in oil rates are expected to impact investments in the upstream field of the sector owing to affect the gas lift system market size. The gas lift system market scope is segmented on the basis of lift type, component, application, gas lift type, well type, and region. On the basis of lift type, the gas lift system market forecast is bifurcated into gas lift, and others. On the basis of component, the gas lift system market share is segmented into mandrels, valves, and packers.
On the basis of application, it is bifurcated into onshore and offshore. On the basis of gas lift type, it is bifurcated into continuous flow and intermittent flow. On the basis of well type the market is bifurcated into horizontal and vertical. On the basis of region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The global market analysis covers in-depth information about the major gas lift system industry participants. The key players operating and profiled in the report include Baker Hughes Company, ChampionX, Weatherford International plc, Schlumberger Limited, Saudi Arabian Oil Co. (Saudi Aramco), National Oilwell Varco, Inc., Tendeka, Emerson Electric Co., Spoc Automation, Inc., and Tally Energy Services.
A gas lift system is a specialized technique widely applied in the oil and gas sector to enhance the extraction of hydrocarbons, including oil and natural gas, from subterranean reservoirs to the surface. It operates by introducing gases, typically natural gas, or compressed air, into the wellbore at specific intervals or depths. This gas injection process effectively decreases the hydrostatic pressure inside the well, facilitating the upward flow of hydrocarbons. Gas lift systems are instrumental in boosting production rates, especially in wells grappling with challenges such as declining reservoir pressure or complex fluid properties, ultimately optimizing fluid extraction, and enhancing overall well efficiency.
Gas 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 and 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 the gas lift system market growth.
However, volatility in prices of oil, rise in change toward environment-friendly modern technologies, and a decline in oil rates are expected to impact investments in the upstream field of the sector owing to affect the gas lift system market size. The gas lift system market scope is segmented on the basis of lift type, component, application, gas lift type, well type, and region. On the basis of lift type, the gas lift system market forecast is bifurcated into gas lift, and others. On the basis of component, the gas lift system market share is segmented into mandrels, valves, and packers.
On the basis of application, it is bifurcated into onshore and offshore. On the basis of gas lift type, it is bifurcated into continuous flow and intermittent flow. On the basis of well type the market is bifurcated into horizontal and vertical. On the basis of region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
The global market analysis covers in-depth information about the major gas lift system industry participants. The key players operating and profiled in the report include Baker Hughes Company, ChampionX, Weatherford International plc, Schlumberger Limited, Saudi Arabian Oil Co. (Saudi Aramco), National Oilwell Varco, Inc., Tendeka, Emerson Electric Co., Spoc Automation, Inc., and Tally Energy Services.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the gas lift system market analysis from 2022 to 2032 to identify the prevailing gas lift system market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the gas lift system market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global gas lift system market trends, key players, market segments, application areas, and market growth strategies.
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Key Market Segments
By Application
- Onshore
- Offshore
By Gas Lift Type
- Continuous flow
- Intermittent flow
By Well Type
- Horizontal
- Vertical
By Lift Type
- Gas Lift
- Others
By Component
- Packers
- Mandrels
- Valves
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- France
- Italy
- Spain
- UK
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- South Africa
- Saudi Arabia
- Rest of LAMEA
- Key Market Players
- Baker Hughes Company
- ChampionX
- Weatherford International plc
- Schlumberger Limited
- Saudi Arabian Oil Co. (Saudi Aramco)
- National Oilwell Varco, Inc.
- Tendeka
- Emerson Electric Co.
- Spoc Automation, Inc.
- Tally Energy Services
Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: GAS LIFT SYSTEM MARKET, BY LIFT TYPE
CHAPTER 5: GAS LIFT SYSTEM MARKET, BY COMPONENT
CHAPTER 6: GAS LIFT SYSTEM MARKET, BY APPLICATION
CHAPTER 7: GAS LIFT SYSTEM MARKET, BY GAS LIFT TYPE
CHAPTER 8: GAS LIFT SYSTEM MARKET, BY WELL TYPE
CHAPTER 9: GAS LIFT SYSTEM MARKET, BY REGION
CHAPTER 10: COMPETITIVE LANDSCAPE
CHAPTER 11: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report, the gas lift system market was valued at $1.8 billion in 2022, and is estimated to reach $3.8 billion by 2032, growing at a CAGR of 7.6% from 2023 to 2032.The gas lift system market plays a crucial role in the oil and gas industry, serving as a key tool to boost reservoir pressure and aid in extracting crude oil from underground reservoirs. Gas lift systems come into play when natural reservoir energy isn't sufficient to push the oil to the surface, enabling the recovery of additional crude oil. In the realm of oil and gas operations, the primary goal is to strike a balance between reducing both capital expenditure (CAPEX) and operating expenditure (OPEX) while maximizing oil production and minimizing costs. Gas lift systems achieve this by efficiently promoting the flow of liquids to the surface in oil wells. They use mechanical devices like pumps and high-pressure gas to reduce the weight of the liquid-gas mixture, significantly improving well lift efficiency.
The rapid growth of the gas lift system market is driven by increasing global demand for oil and gas due to economic growth and population expansion. The booming shale oil production and substantial investments in offshore drilling exploration activities are further propelling the market as operators aim to access a growing number of mature reserves. Key gas lift system market trends in the industry include ongoing technical innovations and a notable increase in well drilling activities. However, market progression faces occasional challenges such as petroleum price volatility, environmental concerns, and financial uncertainties. These challenges require adaptive strategies and responses from the industry to continue thriving in a dynamic market environment.
The gas lift system market scope is segmented on the basis of lift type, component, application, gas lift type, well type, and region. On the basis of lift type, the market is bifurcated into gas lift, and others. On the basis of component, the gas lift system market share is segmented into mandrels, valves, and packers. On the basis of application, it is bifurcated into onshore and offshore. On the basis of gas lift type, it is bifurcated into continuous flow and intermittent flow. On the basis of well type the gas lift system market size is bifurcated into horizontal and vertical. On the basis of region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.
Based on the application, the onshore segment held the highest market share in 2022, accounting for more than two-third of the global gas lift system market revenue. The rapid expansion of oil and gas producers to meet the growing demand for fuel have driven the demand for gas lift system which are eco-friendly compared to other systems. However, the offshore application is projected to manifest a CAGR of 7.86% from 2023 to 2032, as government and companies across the globe has set their sights on offshore oil and gas resources to meet the ongoing demand and to reduce their dependency on the oil and gas imports from other countries.
Based on gas lift type, the continuous flow segment held the highest market share in 2022, accounting for more than four-fifths of the global gas lift system market revenue, and is estimated to maintain its leadership status throughout the forecast period. However, the intermittent flow segment is projected to manifest a CAGR of 7.7% from 2023 to 2032. The intermittent flow in the gas lift system market has experienced a notable surge in demand and innovation, driven by a convergence of factors.
Based on the well type, the horizontal held the highest market share in 2022, accounting for more than two-third of the global gas lift system market revenue, and are estimated to maintain their leadership status throughout the forecast period. The market for horizontal well types in gas lift systems is thriving, driven by several key trends and growth factors. The surge in unconventional resource exploration, particularly in shale formations, has elevated the importance of horizontal wells with gas lift systems for optimizing production rates. However, the vertical well type segment end-use is projected to manifest a CAGR of 8.13% from 2023 to 2032.
Based on the component, the valves held the highest market share in 2022, accounting for nearly half of the global market revenue, and are estimated to maintain their leadership status throughout the gas lift system market forecast period. The market for valves in gas lift systems is thriving, driven by several key trends and growth factors. The surge in construction of refineries and oil wells across the globe for oil & gas resources which is widely used in various applications. However, the packers component segment end-use is projected to manifest a CAGR of 8.07% from 2023 to 2032.
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global gas lift system market revenue, and is likely to dominate the market during the forecast period. Furthermore, the Asia-Pacific region is expected to witness the fastest CAGR of 8.36% from 2023 to 2032. The Asia-Pacific region presents significant growth potential in the gas lift system industry. Emerging markets, such as India, China, and Southeast Asian countries, have witnessed rapid industrial growth which will lead to increased demand for market.
The global gas 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, ChampionX, Weatherford International plc, Schlumberger Limited, Saudi Arabian Oil Co. (Saudi Aramco), National Oilwell Varco, Inc., Tendeka, Emerson Electric Co., Spoc Automation, Inc., and Tally Energy Services.
These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.
Impact Scenario
The Russia-Ukraine war had significant consequences for various sectors, including gas lift system. North American countries are expected to prioritize enhancing their energy independence as tensions in Eastern Europe persist. This is projected to lead to higher investments in domestic oil and gas production, benefiting the gas lift system market.Increased production and exploration activities are projected to spur demand for artificial lift solutions such as gas lift systems. Geopolitical tensions, such as the Russia-Ukraine conflict, is anticipated to contribute to energy price volatility. Fluctuations in oil and gas prices can lead to uncertainty in the industry, potentially causing operators to delay or reconsider investments in gas lift systems.
European nations may seek to diversify their energy sources and reduce dependence on Russian gas. This could stimulate investment in domestic oil and gas production, potentially increasing the demand for gas lift systems. The conflict is anticipated to disrupt energy supplies, causing uncertainty in the European energy market. Economic instability and energy supply concerns may lead to reduced investments in the gas lift system market as operators prioritize immediate challenges.
Key findings of the study
By region, North America accounted for nearly two-thirds of the market share in 2022.By lift type, gas lift segment holds the largest market share in 2022.
By component, valves segment holds nearly half of the market share in 2022.
By application, the onshore segment accounted for more than two-third of the market share in 2022.
By gas lift type, the continuous segment accounted for four-fifths of the market share in 2022.
By well type, the horizontal segment accounted for more than two-third of the market share in 2022.
Companies Mentioned
- Baker Hughes Company
- ChampionX
- Weatherford International plc
- Schlumberger Limited
- Saudi Arabian Oil Co. (Saudi Aramco)
- National Oilwell Varco, Inc.
- Tendeka
- Emerson Electric Co.
- Spoc Automation, Inc.
- Tally Energy Services
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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