Latin America Artificial Lift Market Set To Expand At A Staggering 4.3% CAGR, Reaching USD 1,208.32 Million By 2032 | PMR

(MENAFN- GlobeNewsWire - Nasdaq) The region has a notable capacity for oil and gas production, along with growing energy demand is boosting the Latin America artificial life market.

New York, USA, Dec. 09, 2024 (GLOBE NEWSWIRE) -- market Overview:

The global Latin America artificial lift market size is projected to grow from USD 731.20 million in 2022 to USD 1,208.32 million by 2032, at a CAGR of 4.3%, according to a new report by Polaris Market Research.

Artificial lift is a procedure utilized to lower the producing bottom hole pressure (BHP) on the configuration to acquire an elevated production rate from the well. This can be executed with an affirmative expulsion downhole pump, such as a beam pump or a progressive cavity pump (PCP), to lessen the unconfined pressure at the pump input. It can also be executed with a downhole centrifugal pump, which could be a constituent of an electrical submersible pump system (ESP). A bottommost bottom hole flowing pressure and elevated flow rate can be obtained with gas lift in which the solidity of the fluid in the tubing is lessened, and augmenting gas assists in uplifting the fluid.

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Key Insights from Report

• The market for Latin America artificial lift is significantly shaped by prominent oil and gas-producing nations such as Brazil, Mexico, Venezuela, Colombia, and Argentina, among others.
• The Latin America artificial lift market segmentation is mainly based on mechanism, type, well type, application, and country.
• Based on the mechanism, the gas-assisted segment is expected to experience the highest CAGR during the forecast period.
• By region, the report provides market insights into Brazil, Mexico, Argentina, Colombia, and the Rest of Latin America.

Latin America Artificial Lift Market Scope

Report Attributes	Details
Market size value in 2022	USD 731.20 million
Market size value in 2023	USD 825.54 million
Revenue Forecast in 2032	USD 1208.32 million
CAGR	4.3% from 2023-2032
Base year	2022
Historical data	2019-2021
Forecast period	2023-2032

Market's Growth Drivers

Growing Population : The energy demand is escalating because of population growth, endeavors to enhance residing standards and urbanization. But this demand is surpassing the incorporation of contemporary oil reserves and the aggregate and proportion of unearthing are reducing. Thus, a growing requirement prevails to improve productivity and efficiency in mature oil waterbodies which is contributing to the Latin America artificial lift market growth.

Surge of ESPs : The offshore market for electric submersible pumps (ESPs) is anticipated to encounter a rise in demand due to a plethora of resources and escalated funding. ESPs are approved in massive oil wells that have extended or covered their most elevated oil generation phase. Additionally, the evolution of the contemporary exploration field is expected to offer sizeable possibilities for the market.

Technological Progressions : The advancement of contemporary technologies, such as smart control systems and real-time observation, has rendered the market more economical, pushing the acquisition in the region. Governments in Latin America are taking enterprises to encourage the advancement of the oil and gas sector, involving acquiring an artificial lift to escalate production. The rowing funding in the oil and gas framework in Latin America involving pipelines, refineries, and production provisions is driving the demand for artificial lift to escalate the making and conveyance of oil and gas.

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List of Latin America Artificial Lift Market Key Players

• National-Oilwell Varco, Inc.
• Schlumberger Limited
• Novomet Group
• Halliburton Company
• Weatherford International Ltd
• Baker Hughes Company
• Borets Company Llc, General Electric Co.
• Dover Artificial Lift, Llc
• Occidental Petroleum Corporation and Novomet Oil Services Holding Ltd
• Tenaris S.A.
• Borets International Limited
• Kudu Industries Inc

Geographical Analysis

Latin America accounted for the largest Latin America artificial lift market share. This region has several oil reserves. Many countries in Latin America, such as Brazil, Venezuela, and Mexico, have notable oil reserves and are prominent crude oil makers. The growing demand for energy in the region has caused an escalation in oil generation, which subsequently boosted the demand for the market.

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Market Segmentation

By Mechanism Outlook

• Pump Assisted
  • Positive
  • Dynamic
• Gas Assisted

By Type Outlook

• Electric Submersible Pump (ESP)
• Progressive Cavity Pump (PCP)
• Rod Lift
• gas lift
• Others

By Well Type Outlook

• Horizontal
• Vertical

By Application Outlook

• Onshore
• Offshore

By Country Outlook

• Brazil
• Mexico
• Argentina
• Colombia
• Rest of Latin America

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About Polaris Market Research & Consulting, Inc:

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.

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