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 Americais 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 marketis 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
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:
On the basis of type, global artificial lift market is categorized into following types:
On the basis of type, the global artificial lift market can be segmented electrical submersible pumps, rod lift, progressive cavity pumps, gas lift, others.
Among all type of artificial lift system, electrical submersible pumps segmentwas 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 segmentdue 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).
Global artificial lifting system marketis segmented on the basis of geography. North America is expected to be the largest region in global artificial lifting system market. Growing shale gas production and increasing deep water drilling in U.S. and Canada isprojected to fuel the demand for artificial lifting systems in the region. Followed by it, Europeis anticipated to be the second largest market for artificial lifting system due to increasing focus of economies to achieve self-sufficiency in the region coupled with favorable regulatory policies for the adoption artificial lifting in the region. The region is anticipated to grow at moderate rate during the forecast period (2021-2029).
Middle East & Africa (MEA)is projected to be the fastest growing segmentdue availability of high matured reserves in the region and coupled with high natural gas reserves in countries such as Oman, Nigeria, Angola and Kuwaitare anticipated to augment the growth of the artificial lift system market over the forecast period (2021-2029).
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Artificial Lift Systems market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
