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Industry Trends
Artificial Lift Systems market size crossed USD 10 billion in 2020 and is set to register over 7% CAGR between 2021 and 2027. Accelerating investments toward exploration of subsea areas coupled with shifting trends toward unconventional reserves will propel the business landscape. Growing industry inclination toward the expansion and optimization of mature and abandon wells has instituted a favorable business scenario for the industry players.
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| Report Coverage | Details |
|---|---|
| Base Year: | 2020 |
| Market Size in 2020: | 10.1 Billion (USD) |
| Forecast Period: | 2021 to 2027 |
| Forecast Period 2021 to 2027 CAGR: | 7.1% |
| 2027 Value Projection: | 17.4 Billion (USD) |
| Historical Data for: | 2017 to 2020 |
| No. of Pages: | 230 |
| Tables, Charts & Figures: | 281 |
| Segments covered: | Technology, Application |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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Upsurge in demand for sour crude along with shifting trends toward revitalizing of aging fields will augment the business expansion
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Artificial lift systems market from progressive cavity pump is projected to surpass USD 1 billion by 2027. Growing exploration & production activities across offshore and onshore areas propelled by the crude oil price recovery will drive the market statistics. Accelerating demand for waxy crude oil across several countries including Saudi Arabia, Kuwait and Egypt will complement the business outlook.
Electrical submersible pump segment is anticipated to grow on account of their ability to operate in highly deviated and subsea deepwater wells. Robust growth in redevelopment of aging and matured wells along with upsurge in demand for petroleum products will boost the artificial lift systems industry trends. Furthermore, the accelerating use in harsh climatic conditions across the offshore areas will complement the industry statistics.
Increasing investments toward development of deep and ultra-deep regions will enhance the industry scenario
Growing focus on developing the untapped offshore sites with fast depletion of the onshore hydrocarbons will propel the artificial lift systems market demand. Substantial improvement in breakeven prices owing to prevailing oil price recovery along with upcoming deep-water projects primarily across the Gulf of Mexico and Western Africa will support the industry expansion. The analyses of the long-term supply demand scenario further highlight the requirement of new production facilities and assets which will augment the industry landscape.
Artificial lift systems market from onshore application is set to register over 6.5% CAGR through 2027. Increasing exploration & production activities owing to recovering oil prices will complement the use of ALS across the onshore areas. Accelerating crude oil consumption across the emerging economies along with upsurge in energy demand will augment the business outlook.
North America is set to dominate the global artificial lift system market demand
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North America, Europe, and Asia Pacific accounts for over 80% of the global artificial lift system market share. Increasing penetration of shale reserves, low oil prices and development of Lower-48 blocks has provided significant opportunities for business expansion. Wide availability of aging and matured wells along with large potential across the offshore area will further boost the regional industry demand.
Europe artificial lift systems market is projected to register more than 7% CAGR through 2027. Growing number of mature fields across the region along with inscrutable price fluctuations has provided favorable opportunities for business expansion. The increasing demand for gas particularly from Eastern Europe has led to the exploration of untapped subsea reserves majorly located across the Norway and the UK. The concerns toward domestic energy security have led countries to provide redevelopment permits to the E&P companies irrespective of the stringent emission norms prevailing across the region.
Ongoing inorganic growth ventures will act as a crucial point for industry participants
The leading industry players are focusing on digitalized solutions to enhance the production from aging fields and to meet the demand supply scenario prevailing in the industry. The key participants are laying prominence on forward integration and economies of scale to attain significant advantage in the long run. The major industry participants operating across the artificial lift systems market includes Schlumberger, Halliburton, Weatherford, Borets, General Electric, National Oilwell Varco, JJ Tech, Aker Solutions, NOVOMET, BCP Group, Occidental Petroleum, Shengli Oilfield, Canadian Advanced ESP, PCM, Elkam, APC, Petrolift, Rimera Group and ChamipionX.
Artificial lift systems market research report includes in-depth coverage of the industry with estimates & forecast in terms of USD from 2017 to 2027, for the following segments:
By Technology
- Progressive Cavity Pumps (PCP)
- Electrical Submersible Pumps (ESP)
- Gas Lift
- Rod Lift
- Hydraulic Pumps
- Others
By Application
- Onshore
- Offshore
The above information has been provided for the following regions and country:
- North America
- U.S.
- Canada
- Europe
- UK
- Norway
- Netherlands
- CIS & Eurasia
- Kazakhstan
- Turkmenistan
- Russia
- Azerbaijan
- Ukraine
- Asia Pacific
- China
- India
- Indonesia
- Thailand
- Malaysia
- Middle East & Africa
- Saudi Arabia
- UAE
- Oman
- Kuwait
- Turkey
- Iran
- Algeria
- Angola
- Nigeria
- Iraq
- Latin America
- Brazil
- Argentina
- Mexico
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