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Artificial Lift System Global Market Report 2024 - By Size, Share, Report, Trends, Forecast To 2033
The Business Research Company presents an extensive market research report on the Artificial Lift System Global Market Report 2024 , furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The artificial lift system market size has grown strongly in recent years. It will grow from $10.47 billion in 2023 to $11.43 billion in 2024 at a compound annual growth rate (CAGR) of 9.2%. The growth in the historic period can be attributed to increased deepwater and offshore exploration, optimization of well performance, reservoir pressure decline, economic viability, improved downhole monitoring.
The artificial lift system market size is expected to see strong growth in the next few years. It will grow to $16.24 billion in 2028 at a compound annual growth rate (CAGR) of 9.2%. The growth in the forecast period can be attributed to rise in shale oil and gas production, energy transition and sustainability, offshore development projects, adoption of electric submersible pumps, market expansion in emerging economies. Major trends in the forecast period include enhanced oil recovery (EOR) techniques, remote monitoring and automation, plunger lift systems, advancements in sensor technologies, integration of IoT and edge computing.
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Key Market Players:
Major companies operating in the artificial lift system market report are General Electric Company, Schlumberger Limited, Baker Hughes Co., Halliburton Company LLC, Atlas Copco Energas GmbH, Novomet Inc., Tenaris S.A., Cameron International Corporation, Hitachi Ltd., Dover Corporation, National Oilwell Varco Inc., MAN Energy Solutions, Ebara Corporation, Weatherford International Ltd., ChampionX Corporation, Solar Turbines Incorporated, John Crane Group Limited, Burckhardt Compression Holding AG, Summit ESP, Neuman & Esser Group, Ariel Corporation, Flotek Industries Inc., Mitsubishi Heavy Industries Compressor Corporation, Evolution Oil Tools Inc., Canadian Advanced ESP Inc., JJ Tech Ltd., SPOC Automation Inc., Quick Connector Inc., Sivam SpA, Borets International Ltd.
Market Drivers:
The increase in production of oil is expected to propel the growth of the artificial lift systems market going forward. Artificial lift systems are used in oil wells to increase the pressure within the reservoirs and increase the movement of oil to the surface. These systems are extensively used in oil production wells when natural drive energy is insufficient to increase the movement of oil to the surface. Though the oil wells possess required natural pressure during the initial stages of production, the pressure decreases over time and increase the demand for artificial lift systems for effective production. For instance, a report published in March 2021 by IEA (The International Energy Agency), projected that by 2026, global oil consumption will reach 104.1 mb/d (mb/d- thousand barrels per day). This represents an increase of 4.4 mb/d from 2019 levels. Therefore, the increase in the production of oil is driving the artificial lift systems market.
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https://www.thebusinessresearchcompany.com/report/artificial-lift-system-global-market-report
The artificial lift system market covered in this report is segmented -
1) By Type: ESP, PCP, Gas Lift, Rod lift, Other Types
2) By Mechanism: Pump Assisted, Gas Assisted
3) By Application: Onshore, Offshore
4) By Well Type: Horizontal, Vertical
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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