Artificial Lift Systems Market size to exceed $17bn by 2027
Published Date: January 29, 2021 Authors: Ankit Gupta, Abhishek Chopra
Artificial Lift Systems Market size is expected to surpass USD 17 Billion by 2027, as reported in the latest study by Global Market Insights, Inc.
Artificial lift systems industry is set to grow owing to depleting onshore hydrocarbon reserves coupled with the upsurge in consumption of natural gas and crude oil. Rapidly maturing oil fields owing to the continuous extraction of hydrocarbons along with the abundant availability of low-pressure oil wells will complement the business outlook. Moreover, the advent of shale revolution primarily across North America will boost the industry share.
Paradigms shift toward development of unconventional reserves will drive the artificial lift systems market statistics
Increasing investments toward technological advancement to improve the efficiency across the complete spectrum of exploration and production technology will boost the product demand. Shifting trends toward development of unconventional reserves including shale plays on account of decline in conventional crude oil resources will augment the industry dynamics. Moreover, increasing number of stripper and marginal wells along with expanding exploration activities across the deep and ultra-deep areas will complement the business outlook.
Increasing investments toward revitalization of aging fields across the onshore fields will boost the product adoption
Growing focus toward the development of unconventional reserves across the U.S. along with ongoing investment in the upstream sector will accelerate the deployment of artificial lift systems across onshore fields. Ongoing new discoveries of hydrocarbon reserves along with the development of several on-hold/delayed projects will positively complement the artificial lift systems market outlook.
The Covid-19 pandemic has led to the delay of various pipeline projects and has led to significant decline in the investments across the sector. The lockdown imposed across various countries has significantly led to a drop in the overall oil & gas demand which has further restraint the development of projects. However, with the reopening of economies the industry will witness a significant growth as the consumption of oil and gas will witness a sharp increase in the coming years.
Browse key industry insights spread across 230 pages with 239 market data tables & 42 figures & charts from the report, “Artificial Lift Systems Market Statistics By Technology (Progressive Cavity Pumps, Electrical Submersible Pumps, Gas Lift, Rod Lift, Hydraulic Pumps, Others), Application (Onshore, Offshore), Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Rod lift pumps will gain traction on account of their wide acceptance across the onshore fields
Rod lift pumps accounted for over 30% across the global artificial lift systems market in 2027. Increasing investments toward redevelopment of aging fields along with development of shale plays will boost the product demand. The ability of these pumps to offer excellent operating flexibility, greater efficiency and high salvage value has enhanced their deployment across wide array of onshore fields. Furthermore, growing E&P investments across several Asia Pacific and African nations along with increasing demand for petroleum products will boost the product demand.
Gas lift technology has wide applications in natural gas & oil fields and deep-water subsea projects. Excellent sand, solid, & gas handling ability and flexibility to production rates variations are some of the key features which have enhanced their deployment spectrum. In addition, technological advancement along with shifting trends toward development of matured fields will boost the artificial lift systems industry trends. Furthermore, increasing investments toward the deep and ultra-deep offshore areas coupled with technological advancement in the product design will complement the business outlook.
Accelerating demand for petroleum products along with increasing exploration activities will boost the Asia Pacific artificial lift systems market outlook
Asia Pacific artificial lift systems industry is set to surpass USD 3 billion by 2027. Increasing demand for refined petroleum products has led to an upsurge in investments toward redevelopment activities by regional industry players. In addition, the declining recovery factor of fields has led to rapid development of these services across the nations. The increasing investments toward advanced technologies and a perception toward an increase in the crude oil prices in the post Covid-19 era, has led to a significant capital funding by major industry players toward redevelopment programs, which will further strengthen the industry statistics.
The growing technically challenging greenfield exploration and a long-term growing energy demand has sparked a potential toward redevelopment of fields across the Asia Pacific region. The advanced technological know-how and less laws governing the industry has provided significant opportunities to major players for investment. Furthermore, the declining conventional reserves and exploration of shale plays across China and Indonesia has also encouraged the artificial lift systems market outlook.
Key players operational across the industry includes Borets, Schlumberger, ChamipionX, Halliburton, Rimera Group, Weatherford, Petrolift, General Electric, APC, National Oilwell Varco, Elkam, JJ Tech, PCM, Aker Solutions, Canadian Advanced ESP, NOVOMET, Shengli Oilfield, Occidental Petroleum and BCP Group. The leading industry players are focusing on inorganic growth ventures to expand their market presence globally.
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