According to Fortune Business Insights, Artificial Lift System Market size is projected to grow from USD 8.4 billion in 2018 to USD 13 billion in 2026, at CAGR of 5.32% during 2022 to 2026; Demand for Hydrocarbon to Propel Market Growth, says Fortune Business Insights.
/EIN News/ — Pune, India, May 02, 2022 (GLOBE NEWSWIRE) — The global artificial lift system market is projected to reach USD 13 Billion by the end of 2026. Fortune Business Insights has predicted that the market will rise from its 2018 valuation of USD 8.4 billion at a CAGR of 5.32%. Artificial list system provides production capability that in turn, reduces the cost of operation. It also provides long lasting well life. These two major factors will contribute to market growth. The ever grossing demand for hydrocarbon will help the global artificial lift system market to grow at a fast pace. According to a report published by Fortune Business Insights, titled, “Artificial Lift System: Global Market Analysis, Insights, And Forecast, 2018-2026,”
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|Forecast Period 2021 to 2027 CAGR||5.32%|
|2026 Value Projection||USD 13 billion|
|Market Size in 2018||USD 8.4 billion|
|Historical Data for||2015-2017|
|No. of Pages||110|
|Segments covered||Type, Application, Geography|
|Growth Drivers||Major Key Players Likely to Dominate the Global Market|
|High Potential & Growth in Offshore Exploration|
Ability to Handle Harsh Conditions Increases Demand for Propel Electrical Submersible Pumps
The report classifies the global artificial lift system into three segments, namely, by application, by type, and by geography. In terms of application, the market is further grouped into onshore and offshore. By type, the market is classified into sucker rod pump, gas lift, progressive cavity pump, hydraulic pumps, electrical submersible pumps, and others.
Amongst these types of pumps, the electrical submersible pump is the most massively adopted pump across the globe. This is due to the fact that these pumps are perfectly abled to operate in harsh environmental conditions. Furthermore, they can handle a high volume of flow rate. They hold more than 40% of the global artificial list system market.
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“Electric Submersible Pump Plays a Significant Role in Artificial Lift System Market”
Almost every well in the world is pumped with an artificial lift system and the electric submersible pump is considered to be the most versatile and massively adopted pump by operators around the world. It can handle a high volume, a wide range of flow rates and is able to operate in harsh environmental conditions. In an environmentally conscious area, ESP is the only option available for artificial lift deployment. The electric submersible pump accounts for more than 40% artificial market share that proves its significance in the market. Moreover, the other types of artificial lift are also important for intensifying the production of hydrocarbon. Fortune Business Insights has predicted that the demand for an electric submersible pump will have a positive impact on the global market.
“High Potential & Growth in Offshore Exploration”
The worldwide oil production is dominated by onshore exploration & production but the recent shift of North America and Europe towards offshore exploration has increased the potential growth in offshore exploration. North America, Europe, MEA, and APAC has large onshore exploration activities that are contributing the major portion in the growth of the artificial lift. In the forthcoming years, offshore exploration activities are expected to see the massive growth owing to the huge potential of oil and gas reserves.
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Key Industry Developments
- In July 2019, EnscoRowan gets approval to drill three development wells in Manora field in the Gulf of Thailand. The company will drill the wells using jackup ENSCO 115 rig and will brought the well immediately into production using an electric submersible pump for artificial lift.
- In May 2019, leading artificial lift wellhead solution provider Quick Connector, Inc. has launched a gas lift wellhead solution that allows flexibility to add capillary line to gas lift without the cost and delay of sourcing through traditional wellhead supplier.
- In February 2019, Tenaris will be opening a facility specially designed for sucker rod manufacturing in Conroe, Texas. The new facility will be functional by July 2019 with advanced technologies to optimize efficiencies and reduce production time.
Quick Connector, Inc., a prominent provider of artificial lift wellhead solutions, based in the U.S.A., announced the launch of their new product called QCI Gas Lift Wellhead Hanger and Adapter in May 2019. The product provides numerous benefits and features for gas lift completions. It also prevents the delay and cost of sourcing through traditional wellhead supplier. Tenaris, a manufacturer and supplier of steel pipes, revealed in February 2019 that it will be opening its sucker rod facility in Texas. The facility will will offer modern technologies to decrease production time and enhance efficiency. Earlier, in December 2018, Baker Hughes, a full stream gas and oil company joined hands with Petroleum Development Oman and declared the inauguration of its first ever artificial repair facility and lift assembly. Its main aim was to support PDO’s operations. It also targets those customers residing in the region who are looking for cost reduction, and efficient oil production.
A Rise in the Number of Exploration Activities Likely to Boost Growth in European Countries
Geographically, the global artificial lift systems market is divided into Latin America, Europe, North America, the Middle East and Africa, and Asia Pacific. Amongst these regions, in North America, the U.S. currently holds the largest share of artificial list system market, accounting more than 40% artificial lifts distributed in the world. There has been a rise in the number of gas and oil exploration activities combined with technological advancements that has boosted the market in this continent.
Fortune Business Insights states that in North America, countries namely, Alaska, Texas, North Dakota, and Permian region are anticipated to witness growth of the artificial lift systems during the forecast period. This is because the production in these regions have recently reached at a peak level. On the other hand, Europe is predicted to exhibit considerable growth likely due to the increasing number of exploration that have been taking place in the North Sea region.
List of the Companies Profiled in the Report:
- Schlumberger Limited
- Baker Hughes
- Dover Corporation
- Borets International
- National Oilwell Varco
- Summit ESP, LLC
- John Crane
- SPOC Automation
- Flotek Industries
- Quick Connector, Inc
- Electric Submersible Pump (ESP)
- Sucker Rod Pump (SRP)
- Progressive Cavity Pump (PCP)
- Gas Lift
- North America (the USA and Canada)
- Europe (UK, Germany, France, Italy, Norway, Russia and Rest of Europe)
- Asia Pacific (China, India, Japan, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Mexico, Brazil Argentina, Venezuela and Rest of Latin America)
- Middle East & Africa (GCC, Algeria, Egypt, Nigeria and Rest of the Middle East & Africa)
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Article originally published at https://www.einpresswire.com/article/570755111/artificial-lift-system-market-size-2022-2026-to-reach-usd-13-billion-at-a-cagr-of-5-32-industry-trends-share-and-growth-analysis
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This news story originally appeared at Books - Reality Syndicate Viewers on 3 May 2022