DUBLIN, September 14, 2023 (GLOBE NEWSWIRE) — By type (ESP, PCP, rod lift, gas lift), by mechanism (pump assist (positive displacement, dynamic displacement), gas assist), well type (horizontal, vertical), application (onshore, offshore), and Region – Forecast to 2028” Report added ResearchAndMarkets.com Recruitment.
The global artificial lift market is poised for significant growth and is predicted to increase significantly from USD 7.3 billion in 2023 to USD 9 billion by 2028.
This robust growth is expected to be driven by several key factors, including increased upstream activity in the oil and gas industry and increased extraction of heavy oil and shale gas. As oil demand continues to increase globally, the need for enhanced hydrocarbon production and recovery methods, such as artificial lift technology, is paramount, driving the artificial lift market forward.
Premium insights:
- Unconventional oil and gas resource exploration and production to increase to drive artificial lift market from 2023 to 2028
- North America registers the highest CAGR in the artificial lift market during the forecast period
- Land segment and US to capture largest share of North American artificial lift market in 2022
- Rod lift system will capture the largest share in the artificial lift market in 2022
- Onshore applications will gain major market share in 2022
- Vertical segment will hold major share in artificial lift market in 2022
- Pump assistance segment will dominate artificial lift market in 2022
Rod lift systems that dominate the market
In terms of technology, rod lift systems are poised to become the leading segment of the artificial lift market during the forecast period. This advantage can be attributed to several advantages offered by rod lift systems, including cost effectiveness, versatility to handle different wellbore conditions, and efficient hydrocarbon extraction capacity. The resurgence of shale development and the redevelopment of mature wells in North America and the Middle East and Africa region are also contributing significantly to the significant market share of rod lift systems.
Onshore applications drive demand
Application segment reveals that land-based activities will hold the largest market share in the artificial lift market throughout the forecast period. The onshore oil and gas industry is undergoing rapid transformation, particularly in North America, resulting in increased demand for improved operational efficiency to increase production from oil and gas wells. Increased onshore shale activity and intensified oil recovery operations in mature oil fields are further increasing the demand for artificial lift methods.
Gas assist system as a key player
Segmented by mechanism, the gas assist segment, which includes gas lift and plunger lift systems, is expected to become the second largest segment in the artificial lift market during the forecast period. Gas-assisted artificial lift systems play an important role in wells with high gas-to-oil ratios, lifting heavier hydrocarbons to the surface. This mechanism is expected to drive the growth of the artificial lift market in the coming years.
Vertical wells take the lead
In terms of well types, vertical wells are expected to dominate the artificial lift market during the forecast period. Vertical drilling remains the traditional method of oil and gas extraction, providing access to reserves just below the surface. Most vertical wells are now mature, increasing the demand for artificial lift operations to maximize hydrocarbon recovery.
North America leads the way
North America is expected to be the largest region for the artificial lift market during the forecast period. This growth is being driven by a rapid increase in upstream and downstream activities and a positive outlook for the region’s oil and gas industry. The shift from primarily vertical wells to wells with a higher proportion of horizontal wells due to hydraulic fracturing activities and horizontal drilling operations creates an opportunity for artificial pumping systems such as ESP and PCP to address industry challenges. Ta.
Market dynamics:
driver:
- Progress in upstream activities related to unconventional oil and gas reserves
- Increasing demand to maximize the production potential of mature fields
- Increase in global oil demand
- Increase in heavy oil production
Restraint:
- Decrease in capital investment for oilfield operators and upstream service providers
opportunity:
- New oil discoveries fueling upstream activities
- Improving analysis of wellbore conditions through digitization and automation
assignment:
- Transition to renewable energy sources
- Application of artificial lift method in horizontal wells
Case study analysis:
- Novomet’s effective drilling solution reduces electricity consumption for Ecuador-based oil and gas production company
Companies mentioned:
- alkhoraf oil
- Baker Hughes Company
- Cairn Oil & Gas
- Championx
- During delivery
- Endurance lift solution
- halliburton
- Jj Tech
- Revare
- Lufkin
- National Energy Services Reunited Corp.
- Nov Co., Ltd.
- novomet
- oil serve
- Penguin Petroleum Services (P) Limited
- Limera group
- Slb
- Tenaris
- Valiant Artificial Lift Solutions
- weatherford
Key attributes:
| report attributes | detail |
| number of pages | 261 |
| Forecast period | 2023-2028 |
| Estimated market value in 2023 (USD) | $7.3 billion |
| Projected market value to 2028 (USD) | 9 billion dollars |
| compound annual growth rate | 4.4% |
| Target area | global |
For more information about this report, please visit: https://www.researchandmarkets.com/r/lmny8m
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