NEW
YORK, Aug. 20, 2024 /PRNewswire/ -- The
global artificial lift systems market size is estimated
to grow by USD 4.62 billion from
2024-2028, according to Technavio. The market is estimated to grow
at a CAGR of over 7.12% during the forecast period.
Growing demand for oil and natural gas is driving market
growth, with a trend towards increasing use of automation
and remote technology. However, high maintenance cost of
artificial lift systems poses a challenge. Key market players
include Baker Hughes Co., ChampionX Corp., General Petroleum
Holdings Pty Ltd., Gulf Coast Pump and Supply, Halliburton Co., JJ
Tech, Levare International, Liberty Lift Solutions LLC, NOV Inc.,
Novomet Group, NOW Inc., OiLSERV, PCM Artificial Lift Solutions,
Premium Artificial Lift Systems Ltd., Rockwell Automation Inc.,
Schlumberger Ltd., SSI Artificial Lift, Torqueflow-Sydex Ltd.,
Valiant Artificial Lift Solutions LLC, and Weatherford
International Plc.
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report
Artificial Lift
Systems Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
7.12%
|
Market growth
2024-2028
|
USD 4621.8
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
6.51
|
Regional
analysis
|
North America, Europe,
APAC, Middle East and Africa, and South America
|
Performing market
contribution
|
North America at
55%
|
Key
countries
|
US, Canada, Spain,
China, and Japan
|
Key companies
profiled
|
Baker Hughes Co.,
ChampionX Corp., General Petroleum Holdings Pty Ltd., Gulf Coast
Pump and Supply, Halliburton Co., JJ Tech, Levare International,
Liberty Lift Solutions LLC, NOV Inc., Novomet Group, NOW Inc.,
OiLSERV, PCM Artificial Lift Solutions, Premium Artificial Lift
Systems Ltd., Rockwell Automation Inc., Schlumberger Ltd., SSI
Artificial Lift, Torqueflow-Sydex Ltd., Valiant Artificial Lift
Solutions LLC, and Weatherford International Plc
|
Market Driver
In the oil and gas industry, communication and real-time
monitoring are crucial for successful operations, particularly in
remote and inaccessible drilling sites. Mobile devices have
revolutionized worker location tracking and communication, enabling
companies to easily locate workers and send alerts when necessary.
Mobile artificial lift systems are essential for both onshore and
offshore fields, as they allow for real-time monitoring and
optimization of production. SCADA systems play a vital role in this
process, providing real-time downhole zonal monitoring and enabling
surface-controlled production. This optimization lowers unwanted
wastewater or natural gas production and increases recovery rates,
extending the economic life of wells and artificial lift systems.
The use of mobile devices and associated services, such as social
business tools and automation, enhances productivity, efficiency,
and safety, fueling the growth of the artificial lift systems
market. With the increasing need for remote monitoring and
automation, the demand for these technologies is expected to
continue growing during the forecast period.
The Artificial Lift Systems market is experiencing significant
growth due to the increasing demand for hydrocarbon recovery from
conventional and unconventional reservoirs. As reservoir pressure
declines, the need for artificial lift systems like rod lift and
gas lift becomes essential for crude oil extraction from vertical
and horizontal wells. Operators are focusing on maximizing
production from mature fields and exploring shale gas reserves
using advanced technologies. Rod lift and gas lift systems are
popular choices for enhancing oil and gas production. Rod lift uses
sucker rods and pony rods to lift fluids from the reservoir, while
gas lift uses pressurized gas to lift fluids to the surface.
Companies like Patriot Pump provide advanced rod lift solutions,
while gas lift systems use cavity pumps and gas lift valves. The
market is also witnessing infrastructure development for
transportation of petroleum products and industrial development,
creating commercial activities. However, environmental impact is a
concern, and operators are exploring clean energy alternatives like
solar, wind, biomass, hydroelectric power, and geothermal power.
Electric submersible pumps and automated services are also gaining
popularity in the market. The future of artificial lift systems
lies in renewable energy integration and web-based monitoring for
efficient and sustainable crude oil extraction.
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Market Challenges
- Artificial lift systems are crucial for maintaining
productivity in onshore and offshore oil and gas fields, especially
under high-pressure conditions. However, these systems can face
challenges, leading to operational delays. Regular monitoring of
hardware is essential due to continuous operation, with sensors in
pumps and control systems detecting early signs of defects.
Maintenance costs are high due to the need for skilled labor and
replacement of expensive equipment like hydraulic piston pumps,
which can suffer from solid intrusions and leakages. Negligence or
sudden pressure changes can necessitate repairs, adding to
production costs and hindering market growth during the forecast
period.
- The Artificial Lift Systems market is witnessing significant
growth due to increasing demand for petroleum products in
industrial development and transportation needs. However,
challenges such as environmental impact and depleting conventional
sources are driving the need for innovation. The focus is shifting
towards unconventional resources like shale gas reserves and mature
fields. Artificial lift services, including rod lift, electric
submersible pumps, cavity pumps, and gas lift systems, play a
crucial role in heavy oil production. Companies are investing in
advanced technologies like web-based monitoring and automated
services to optimize production and reduce operational costs.
Moreover, the energy transition is influencing the market with
renewable energy sources like solar, wind, biomass, hydroelectric
power, and geothermal power gaining popularity. Companies are
exploring clean energy alternatives to reduce carbon emissions and
minimize the environmental impact of oil and gas production. Key
players in the market include Patriot Pump, Sucker rods, Rod
guides, Couplings, Pony rods, Stabilizers, and Sinker bars
manufacturers, offering solutions for various applications and
requirements. The market is expected to continue its growth
trajectory, driven by technological advancements and the evolving
energy landscape.
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Segment Overview
This artificial lift systems market report extensively covers
market segmentation by
- Type
- 1.1 ESP systems
- 1.2 RLP systems
- 1.3 PCP systems
- 1.4 Others
- End-user
- 2.1 Onshore oil and gas industry
- 2.2 Offshore oil and gas industry
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 ESP systems- The Electrical Submersible Pump
(ESP) systems market is experiencing significant growth due to
their increasing adoption in both onshore and offshore oil and gas
fields. Key oil-producing countries, including Saudi Arabia, Russia, Canada, Nigeria, and Iraq, prefer ESP systems for extracting high
volumes of oil from wells as deep as 16,000 feet. ESP systems offer
several advantages, such as lower lifting costs for high volumes,
making them a preferred choice over other artificial lift systems.
The market is thriving, with manufacturing and service-providing
companies gaining significant breakthroughs. Despite the reduction
in the number of rigs, the peak production of oil from wells
continues to support market growth. ESP systems are expected to
witness continuous growth during the forecast period due to their
efficiency and cost-effectiveness.
For more information on market segmentation with geographical
analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
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The global Stair Lift Market is experiencing significant growth
due to the rising elderly population and increasing demand for
mobility solutions. Innovations in stair lift technology and
supportive government initiatives are driving market expansion.
Meanwhile, the global Oil and Gas Instrumentation Market is also on
the rise, fueled by advancements in automation and the need for
precise monitoring in oil and gas operations. Both markets are
expected to witness robust growth, driven by technological
advancements and the increasing emphasis on safety and
efficiency.
Research Analysis
Artificial lift systems are essential technologies used in the
oil and gas industry to enhance hydrocarbon recovery from
reservoirs, particularly when reservoir pressure declines. These
systems help maintain production from vertical wells drilled in
conventional and unconventional sources, including conventional
reservoirs and shale gas reserves. Two common types of artificial
lift systems are rod lift and gas lift. Rod lift uses a rod pump to
lift fluids (oil or gas) to the surface, while gas lift utilizes
pressurized gas to lift the fluids. Operators employ these systems
in mature fields and heavy oil production to maximize reservoir
energy and improve overall efficiency. The market for artificial
lift systems continues to evolve, with advancements in web-based
monitoring, automated services, and integration with renewable
energy sources such as solar, wind, biomass energy, hydroelectric
power, and geothermal power. These innovations contribute to the
sustainable production of hydrocarbons and the reduction of
environmental impact.
Market Research Overview
Artificial lift systems are essential technologies used in
hydrocarbon recovery to enhance oil and gas production from
reservoirs with declining reservoir pressure. These systems help
maintain production levels by lifting fluids (oil or gas) to the
surface in conventional reservoirs, vertical and horizontal wells,
and unconventional resources such as shale gas. The drilling
process and commercial activities drive the demand for artificial
lift systems in infrastructure development, petroleum products, and
industrial development to meet transportation needs. Rod lift and
gas lift are common artificial lift methods used in the industry.
Rod lift uses a series of rods, pumps, and other components like
sucker rods, rod guides, couplings, pony rods, stabilizers, and
sinker bars to lift fluids to the surface. Gas lift systems, on the
other hand, inject gas into the production tubing to reduce the
weight of the fluid column and help lift it to the surface. As
reservoirs mature and conventional sources decline, the focus on
unconventional resources like shale gas reserves increases.
Artificial lift systems play a crucial role in heavy oil production
and extraction from mature fields. Additionally, the shift towards
clean energy sources like solar, wind, biomass, hydroelectric
power, geothermal power, and renewable energy is driving innovation
in artificial lift systems to reduce environmental impact and
improve efficiency. Web-based monitoring and automated services are
becoming increasingly popular in the industry to optimize
artificial lift system performance and reduce operational costs.
Electric submersible pumps and cavity pumps are alternative
artificial lift methods gaining popularity for their efficiency and
reliability. Overall, the artificial lift systems market is
expected to grow significantly due to the increasing demand for
hydrocarbon production and the need for cost-effective and
efficient methods for crude oil extraction.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Type
-
- ESP Systems
- RLP Systems
- PCP Systems
- Others
- End-user
-
- Onshore Oil And Gas Industry
- Offshore Oil And Gas Industry
- Geography
-
- North America
- Europe
- APAC
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
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Email: media@technavio.com
Website: www.technavio.com/
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