(MENAFN- PR Newswire)
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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Technavio has announced its latest market research report titled Global artificial lift systems market 2024-2028
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| 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.
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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
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio
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