Artificial Lift Systems Market 2024 Strategic Assessment - General Electric, Schlumberger Limited, Halliburton, Weatherford, Borets, National Oilwell Varco, JJ Tech

The Artificial Lift Systems Market report research highlights key dynamics of the global sector. The potential of the industry has been investigated along with the key challenges. The current market scenario and prospects of the sector has also been studied.

The electric submersible pump is another dependable technology that can handle volumes as large as 90,000 barrels per day drawn from great depths. Considering that ESPs are the most economic lifts that have proven to be very efficient, the increasing deployment of ESPs in oil fields has added stimulus to artificial lift industry outlook. ESPs can operate in horizontal wells as well in high angle ones, in addition to being able to change reservoir conditions due to variable speed drives. The rapid evolution in ESP technology has made this system capable of operating in gassy and abrasive environments - courtesy, the development of abrasion resistant zirconia bearings that has enhanced the run life of ESPs, eventually propelling artificial lift systems industry size.

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Artificial lifts are being used in approximately 950,000 wells around the globe to improve production rates after nature pressure has declined. These lifts have motors and pumps that are controlled by variable speed drives to provide better insight and control over oil pumping in different stages. Variable speed drives have been developed over the recent decades and have integrated oil industry specific programs, enabling operators and engineers working with artificial lifts to access new opportunities with better control.

Growth Drivers: Artificial Lift Systems Market
o Increasing number of matured oil fields
o Shifting trends toward unconventional wells
o Increasing subsea production
o Growing demand for crude oil
o Increased government focus toward development of mature fields

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Digital intelligence is also paving major pathways for the growth of artificial lift systems market, as is evident from the instance of Silverwell Technology Ltd. securing a significant investment from British entrepreneur Lloyd Dorfman. Being a prominent provider and manufacturer of digital intelligent artificial lifts, Silverwell's procurement of funds from Dorfman, that acquired a 20% equity interest in the company, indicates the interest the oil industry has taken in the development of digitally intelligent artificial lifts.

Market Competitors:
o General Electric
o Schlumberger Limited
o Halliburton
o Weatherford
o Borets
o National Oilwell Varco
o JJ Tech
o Dover Corporation
o Aker Solutions
o NOVOMET
o BCP Group
o Occidental Petroleum
o Shengli Oilfield Highland Petroleum Equipment

Report Content
o Chapter 1 Methodology & Scope
o Methodology
o Market definitions
o Market estimation & forecast parameters
o Data Sources
o Primary
o Secondary
o Paid Sources
o Public Sources
o Chapter 2 Executive Summary
o 2.1 Artificial lift systems industry 3600 synopsis, 2013 - 2024
o 2.1.1 Business trends
o 2.1.2 Technology trends
o 2.1.3 Application trends
o 2.1.4 Regional trends

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