Artificial Lift Market worth $9.0 billion by 2028

News provided by

28 Aug, 2023, 06:30 ET

Share this article

CHICAGO , Aug. 28, 2023 /PRNewswire/ -- Artificial Lift Market is projected to reach USD 9.0 billion in 2028 from USD 7.3 billion in 2023 at a CAGR of 4.4% according to a new report by MarketsandMarkets™. Artificial lift comprises techniques in the oil and gas sector to boost hydrocarbon production from wells with insufficient natural pressure. Employed when reservoir pressure is inadequate, methods like rod lift systems, electric submersible pumps, gas lift, and hydraulic pumping enhance flow rates. These mechanisms enable more efficient recovery, compensating for declining reservoir pressure and optimizing production in mature wells. The growing requirement to maximize the production potential of mature fields is one of the leading factors driving the growth of the Artificial Lift Market, as the demand for oil and gas is constantly growing. Digitalization and automation to enable better analysis of good conditions present promising opportunities for the Artificial Lift Market. However, the risks associated with decreasing CapEX of oilfield operators and upstream service providers have hindered the growth of the market in recent years and are expected to restrain the market's growth during the forecast period.

Browse in-depth TOC on "Artificial Lift Market"

251 - Tables 60 - Figures 227 – Pages

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=879

Artificial Lift Market Scope:

Report Coverage

Details

Market Size

USD 9.0 billion in 2028

Growth Rate

4.4% of CAGR

Largest Market

North America

Market Dynamics

Drivers, Restraints, Opportunities & Challenges

Forecast Period

2023-2028

Forecast Units

Value (USD Million/Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Artificial Lift Market by Type, Mechanism, Well Type, Application, and Region.

Geographies Covered

Asia Pacific, North America, Europe, South America, and Middle East & Africa.

Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunities

New oilfield discoveries to promote production activities

Key Market Drivers

Growing requirement to maximize the production potential of mature fields

The Rod Lift System, by type, is expected to grow at the highest CAGR during the forecast period.

Based on type, the Artificial Lift Market has been split into rod lift systems, electric submersible pumps, progressive cavity pumps, gas lift systems, and others. Rod lift systems are expected to grow at the highest CAGR during the forecasted period. The most prevalent form of the artificial lift system is the rod lift. Operating through mechanisms like sucker rod pumps and beam pumps, rod lifts employ a surface power supply to operate a downhole pump assembly, constituting a method of artificial lift.

The pump-assisted segment, by mechanism, is expected to be the largest segment during the forecast period.

This report segments the Artificial Lift Market based on mechanism into two segments: pump-assisted and gas assisted. The pump-assisted segment is expected to be the largest segment during the forecast period owing to the Rise in multistage drilling operations. This segment is further categorized, by type, into positive displacement and dynamic displacement pumps. Artificial lift methods with pump assistance encompass ESPs, PCPs, plunger lifts, hydraulic systems, linear lifts, and rod lifts. These pumps elevate the bottom-hole pressure within the tubing, facilitating the upward movement of sufficient fluid to the surface.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=879

North America is expected to be the largest region in the Artificial Lift Market.

North America is expected to be the largest Artificial Lift Market during the forecast period. The North American region comprises major economies such as US, Canada, and Mexico. The Artificial Lift Market in North America is primarily fueled by the robust infrastructure and thriving oil & gas sector. An accelerated surge in both upstream and downstream operations, coupled with a buoyant outlook for the oil & gas industry, forms the core drivers propelling the regional Artificial Lift Market. Notably, the share of horizontal wells surged from 5.4% in 2011 to 18.1% in 2021. The escalating presence of unconventional reserves like tight oil and shale gas stands as a key impetus behind the escalated demand for artificial lift solutions across the United States and Canada.

Key Market Players:

Some of the major players in the Artificial Lift Market are SLB (US), Baker Hughes Company (US), Halliburton (US), Weatherford (US), and ChampionX (US). The major strategies adopted by these players include new product launches, acquisitions, contracts, agreements, collaborations, and expansions.

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=879

Recent Developments

Browse Adjacent Markets: Energy and Power Market Research Reports & Consulting

Related Reports:

Hydraulic Fracturing Market - Global Forecast to 2028

Offshore Support Vessel Market - Global Forecast to 2028

Perforating Gun Market - Global Forecast to 2027

Well Intervention Market - Global Forecast to 2026

Coiled Tubing Market - Global Forecast to 2025

Transmission Sales Market - Global Forecast to 2024

About MarketsandMarkets™:

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:

Mr. Aashish MehraMarketsandMarkets™ INC.630 Dundee RoadSuite 430Northbrook, IL 60062USA: +1-888-600-6441Email: [email protected]Research Insight: https://www.marketsandmarkets.com/ResearchInsight/artificial-lift-systems-market.asp Visit Our Website: https://www.marketsandmarkets.com/Content Source: https://www.marketsandmarkets.com/PressReleases/artificial-lift-systems.asp

Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg

SOURCE MarketsandMarkets