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Artificial Lift System Market 2024 - Growth by Regional Segments, Upcoming Business Strategies, Industry Revenue And Forecast by 2033
Artificial Lift System Market
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According to The Business Research Company's, 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 Drivers and Trends:
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.
New product development is a key trend gaining popularity in the artificial lift systems market. The challenging oil production environment worldwide has forced companies operating in the artificial lift systems market to provide new and advanced products and services to fulfil the market demand. These new products offer several advantages such as new design features, better operational ability, and may cut down costs well. For instance, in February 2021, Wanner International, a UK-based Industrial equipment supplier launched a new Hydra-Cell jet pump hydraulic artificial lift solution. The seal-free, no-packing system, suitable for mainstream oil and gas production, offers significant cost savings over a well's lifetime, featuring a unique design that combines a seal-less Hydra-Cell Surface Power Fluid Pump with downhole jet pump technology, optimizing production efficiency and reducing maintenance and servicing costs compared to traditional pump technologies. The solution is controllable, highly efficient, and suitable for a range of applications, including conventional oil and gas production, frac fluid unloading, gas well dewatering, and well tests.
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Major Key Players of the Market:
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.
Artificial Lift System Market 2024 Key Insights:
• 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%.
• Rising Oil Demand To Drive Market Growth
• Product Innovations Transforming The Artificial Lift Systems Market
• North America was the largest region in the artificial lift systems market in 2023
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