Press release
Artificial Lift System Market Thrives with Trends, Size, and Market Segments || General Electric Company, Schlumberger Limited, Baker Hughes Co., Halliburton Company LLC, Atlas Copco Energas GmbH, Novomet Inc
Artificial Lift System Market
The Business Research Company offers in-depth market insights through Artificial Lift System Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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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Market Segmentation:
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
Major Driver - Rising Oil Demand To Drive Market Growth
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.
Competitive Landscape:
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.
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Top Trend - Advanced Product Optimization Software Reshaping The Market
Major companies operating in the artificial lift systems market are developing new products such as product optimization software to gain a competitive edge in the market. Product optimization software refers to a category of computer programs designed to enhance and maximize the efficiency, performance, and overall value of a specific product or a range of products. For instance, in May 2022, ChampionX Artificial Lift, a US-based artificial lift systems company, launched its XSPOC production optimization software, XSPOC 3.2, which integrates artificial intelligence (AI) for enhanced autonomous control in oil and gas production. The software now includes features for uplift and economic opportunities in both rod- and gas-lifted wells, introducing plunger lift analytics for quick identification and trending of common plunger lift issues. Leveraging AI and machine learning, XSPOC 3.2 enables operators to focus on high-priority wells while maintaining optimal performance across their assets, addressing the challenges posed by constrained resources and the complexities of the oil and gas industry.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Artificial Lift System Market Characteristics
3. Artificial Lift System Market Trends And Strategies
4. Artificial Lift System Market - Macro Economic Scenario
5. Artificial Lift System Market Size And Growth
…..
27. Artificial Lift System Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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