Artificial Lift Systems Market – Global Industry Analysis and Forecast (2022-2029)

Artificial Lift Systems Market size is expected to reach US$ 15.18 Bn. by 2029, growing at a CAGR of 5.32% during the forecast period.

The report includes the analysis of impact of COVID-19 lock-down on the revenue of market leaders, followers, and disrupters. Since lock down was implemented differently in different regions and countries, impact of same is also different by regions and segments. The report has covered the current short term and long term impact on the market, same will help decision makers to prepare the outline for short term and long term strategies for companies by region.

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Shifting trends toward unconventional wells coupled with an increasing number of mature fields will drive the Artificial Lift Systems Market of artificial lift systems market. Mature wells account for over 70% of the total oil & gas production, with several fields in secondary or tertiary phases. In 2017, Schlumberger designed a workflow to maximize artificial lift performance and reliability which was implemented in a mature field in Latin America, as the centerpiece of a strategy to reactivate 10 abandoned wells.

Growing investments toward technological advancement to improve efficiency across the complete spectrum of E&P technology will propel the market growth of Artificial Lift Systems Market. Recent innovations include real-time monitoring, smart alarms, and retrofit capability that will positively influence the overall industry growth. Moreover, the development of multiphase gas handling pump for the continuous operation of ALS systems will further escalate the product adoption globally.

Ongoing government plans and strategies to increase crude oil production will positively impact the ALS market share. In 2021, the Government of UAE announced plans to enhance its oil production to 30% by 2021. Growing demand for petroleum product coupled with a positive outlook towards low-cost oil production will further enhance the Artificial Lift Systems Market growth.

Global Artificial Lift Systems Market is majorly segmented by the technology, application, and region. Based on technology segment rod lift is expected to dominate the Artificial Lift Systems Market in 2021. Rod lift ALS market is anticipated to witness growth because of its simple design, easy operability, and low operating cost. Moreover, the high efficiency of about 50 to 60% coupled with the ability to lift high-temperature oil will further complement the Artificial Lift Systems Market landscape. Relatively inexpensive installation cost, long life, and availability of different sizes are the key parameters which will stimulate the product penetration of Artificial Lift Systems Market.

Under application segment, onshore Artificial Lift Systems Market held the highest market share. Growing focus toward heavy oil reservoirs coupled with an increasing number of ageing fields will propel the market growth. In 2021, World Oil reported a 25% increase in onshore wells drilled in Brazil when compared to 251 wells in 2021.

North America held the highest market share in 2021 and is expected to have a higher growth rate in the forecast period as well. The U.S. market is projected to witness substantial growth owing to the existence of low-pressure oil wells coupled with a continual increase in oil consumption. As per one of the industry giants, the U.S. crude oil consumption increased from 18.5 MMbbl/d in 2012 to 19.6 MMbbl/d in 2021. Availability of untapped reserves in the country will further complement the business growth.

Key player across the Artificial Lift Systems Market industry are General Electric, Schlumberger, Halliburton, Weatherford, Borets, and National Oilwell Varco. Industry players are focusing toward inorganic growth ventures to expand their business presence. In July 2017, Halliburton acquired Summit ESP to expand its existing artificial lift capabilities and strengthen its position in North America oilfield services.
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Global Artificial Lift Systems Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US$ 10.03 Bn.


Forecast Period 2022 to 2029 CAGR:
5.32%
Market Size in 2029:
US$ 15.18 Bn.


 Segments Covered:
by Technology
• Progressive Cavity Pumps
• Electrical Submersible Pumps
• Gas Lift
• Rod Lift
• Hydraulic Pumps
• Others


by Application
• Onshore
• Offshore


by Mechanism
• Pump Assisted
• Gas Assisted


by Segment
• Horizontal
• Vertical



Artificial Lift Systems Market, By Region
• North America
• Europe
• Asia-Pacific
• Middle East & Africa
• Latin America
Artificial Lift Systems Market Key Players:
• General Electric
• Schlumberger
• Halliburton
• Weatherford
• Borets
• National Oilwell Varco
• JJ Tech
• Dover Corporation
• Aker Solutions
• NOVOMET
• BCP Group
• Occidental Petroleum
• Baker Hughes Company
• Oilserv
• Apergy
• DistributionNow
• Novomet
• AccessESP
• Dover Corporation
• Shengli Oilfield
• Canadian Advanced ESP
• Elkam
• Petrolift

Frequently Asked Questions:

1. Which region has the largest share in Global Artificial Lift Systems Market?
Ans: North America region holds the highest share in 2021.

2. What is the growth rate of Global Artificial Lift Systems Market?
Ans: The Global Artificial Lift Systems Market is growing at a CAGR of 5.32% during forecasting period 2022-2029.

3. What is scope of the Global Artificial Lift Systems market report?
Ans: Global Artificial Lift Systems Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Artificial Lift Systems market?
Ans: The important key players in the Global Artificial Lift Systems Market are – General Electric, Schlumberger, Halliburton, Weatherford, Borets, National Oilwell Varco, JJ Tech, Dover Corporation, Aker Solutions, NOVOMET, BCP Group, Occidental Petroleum, Baker Hughes Company, Oilserv, Apergy, DistributionNow, Novomet, AccessESP, Dover Corporation, Shengli Oilfield, Canadian Advanced ESP, Elkam, and Petrolift

5. What is the study period of this market?
Ans: The Global Artificial Lift Systems Market is studied from 2021 to 2029.