Artificial lift systems market worth US$13 billion by 2026

The global artificial lift systems market is projected to grow from US$8.4 billion in 2018 to US$13 billion in 2026. The market he is expected to grow at a CAGR of 5.32%. Rising Energy Demand, Increased Oil and Gas Production are Creating New Growth Opportunities for the Artificial Lift Market: Fortune Business Insights™

PUNE, India, Jan. 31, 2023 (GLOBE NEWSWIRE) — The global artificial lift systems market size was valued at US$8.4 billion in 2018, with a market value of US$13, according to the latest report published by Fortune Business Insights is projected to grow at a value of $1 billion by 2026, with a CAGR of 5.32% for him during the forecast period. North America is expected to dominate the artificial lift systems market during the forecast period. An increasing number of oilfields are requiring artificial lift systems to increase production to boost market growth during the forecast period.

The artificial list system provides production capacity that reduces operating costs. It also provides a long-lasting healthy lifespan. These are the two major factors contributing to the growth of the market. The unprecedented total demand for hydrocarbons will help the global artificial lift systems market to grow rapidly.

Request a sample copy of our research report: https://www.fortunebusinessinsights.com/enquiry/request-sample-pdf-pop/artificial-lift-system-market-100467

artificial lift system Market range:

Drivers and restraints:

Major key players likely to dominate the global market

The artificial lift system market size is influenced by major players across the globe. Weatherford is a leading player in the artificial lift systems industry. The company offers advanced technology to optimize the overall production capacity of oil wells. Weatherford has set his $1 billion target for margin and his EBITDA combined by the end of 2019. Apergy also provides comprehensive artificial lift solutions to various oil companies around the world. Meanwhile, the company is regarded as the world’s most powerful ESP solution provider. Other prominent players in the market are Schlumberger, Baker Hughes, GE company, Dover Corporation, Borets International, Novomet, National Oil Well Varco, Halliburton, Summit ESP, John Crane, SPOC Automation, Flotek Industries, Inc., Quick Connector, Inc. , among others.

story continues

Factors such as increasing energy demand and growth in oil and gas production are expected to boost the demand for artificial lift systems. New technology developments such as electric submersible pumps and progressive his cavity pumps are also bringing new growth opportunities to the market.

However, high cost of artificial lift systems and shortage of skilled manpower are some of the challenges expected to hinder the market growth.

Impact of COVID-19

A detailed qualitative impact analysis of the COVID 19 outbreak includes identifying and investigating the following aspects:

Analyzed industry trends related to COVID-19. Based on upstream and downstream markets, we have analyzed the impact of COVID-19 on the product industry chain. It analyzes the impact of COVID-19 on different regions and major countries.

The COVID-19 pandemic has had a major impact on the artificial lift systems industry. Declining oil demand and falling oil prices impacted overall oil and gas production. This has led to lower demand for artificial lift systems as production has declined.

Additionally, the supply chain disruptions caused by the pandemic have also impacted the artificial lift systems industry. A shortage of raw materials and the difficulty of transporting equipment and personnel to offshore oil rigs further impacted the market.

However, the industry is beginning to recover and demand for artificial lift systems is expected to increase in the coming years, driven by growth in oil and gas production and the need for more efficient production methods. The market is expected to recover as it begins to recover from the pandemic.

To learn more about the short-term and long-term impact of COVID-19 on this market, please visit:https://www.fortunebusinessinsights.com/industry-reports/artificial-lift-system-market-100467

Report segmentation:

Ability to handle harsh conditions increases demand to propel electric submersible pumps

This report categorizes the global artificial lift systems into three segments: by application, by type and by geography. In terms of application, the market is further classified into onshore and offshore. By type, the market is segmented into sucker rod pumps, gas lifts, progressive cavity pumps, hydraulic pumps, electric submersible pumps, and others. Among these types of pumps, electric submersible pumps are the most widely adopted pumps worldwide. This is due to the fact that these pumps are perfectly capable of operating in harsh environmental conditions. In addition, it can handle large flow rates. They account for over 40% of the global artificial list system market.

Regional Insight

Increase in number of exploration activities that could boost European countries’ growth

Geographically, the global artificial lift systems market is segmented into Latin America, Europe, North America, Middle East, Africa, and Asia Pacific. Among these regions, in North America, the United States currently holds the largest share of the artificial wrist systems market, accounting for more than 40% of her artificial lifts distributed globally. The number of gas and oil exploration activities is increasing, coupled with the technological advancements that have boosted the market on this continent.

Fortune Business Insights states that in North America, countries such as Alaska, Texas, North Dakota, and the Permian region are expected to witness growth in artificial lift systems during the forecast period. This is because production in these areas has recently peaked. Europe, on the other hand, is projected to show substantial growth due to the increasing number of explorations being conducted in the North Sea region.

competitive environment

Tenaris, Quick Connector, Inc. and Other Leading Companies Focus on Product Launches and Strengthen Positions

Quick Connector, Inc., a leading provider of artificial lift wellhead solutions based in the United States, announced in May 2019 the launch of a new product called the QCI Gas Lift Wellhead Hanger and Adapter. This product offers many benefits and features to complete your gas lift. It also avoids the delays and costs of sourcing from traditional wellhead suppliers. Tenaris, the steel pipe manufacturer and supplier, announced in February 2019 that it will open a sucker rod facility in Texas. The facility offers the latest technology that reduces production times and increases efficiency. Prior to this, in December 2018, Baker Hughes, a fullstream gas and oil company, partnered with an oil development company in Oman to announce the launch of the first-ever artificial repair facility and lift assembly. Its main purpose was to support PDO operations. It also targets customers in the region who are looking for cost savings and efficient oil production.

major industry developments

• July 2019, EnscoRowan has received approval to drill three development wells in the Manora field in the Gulf of Thailand. The company will use a jack-up ENSCO 115 rig to drill the well and will soon produce the well using an electric submersible pump for artificial lift.

• May 2019, Quick Connector, Inc., a leading artificial pumped wellhead solution provider, has launched a gas lift wellhead solution. This gives you the flexibility to add capillary lines to your gas lift without the costs and delays of sourcing from traditional wellhead suppliers.

List of major players present in the market

• Weatherford

• Schlumberger Limited

• baker fuse

• Dover Corporation

• Borets International

• National Oilwell Barco

• Halliburton

• Summit ESP, LLC

• John Crane

• SPOC automation

• Flotech Industries

• Quick Connector Co., Ltd.

Questions? Ask the Experts: https://www.fortunebusinessinsights.com/enquiry/speak-to-analyst/artificial-lift-system-market-100467

segmentation:

By type

by application

table of contents:

continuation…

Get a customized research report. https://www.fortunebusinessinsights.com/enquiry/customization/artificial-lift-system-market-100467

about us:

Fortune Business Insights™ provides professional enterprise analytics and accurate data to help organizations of all sizes make timely decisions. We tailor innovative solutions for our clients to help them address their unique business challenges. Our goal is to provide clients with holistic market intelligence by providing a detailed overview of the markets in which they operate.

inquiry:

Fortune Business Insights™ Pvt.

USA: +1 424 253 0390

UK: +44 2071 939123

Asia Pacific: +91 744 740 1245

Email: sales@fortunebusinessinsights.com