Press release
Rising Oil Demand To Drive Market Growth: Transformative Forces Shaping the Artificial Lift System Market Landscape in 2025
Artificial Lift System
What Will the Artificial Lift System Industry Market Size Be by 2025?
The market size for the artificial lift system has seen robust growth in the past few years. It is projected to increase from $11.35 billion in 2024 to $12.18 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 7.4%. The historical growth in this market can be credited to factors like enhanced deepwater and offshore exploration, superior well performance optimization, the decrease in reservoir pressure, economical feasibility, and better downhole monitoring.
What's the Long-Term Growth Forecast for the Artificial Lift System Market Size Through 2029?
In the coming years, the market size of the artificial lift system is predicted to witness robust growth, reaching $17.16 billion by 2029 with an 8.9% Compound Annual Growth Rate (CAGR). This growth during the forecast period can be linked to the increased production of shale oil and gas, a shift towards energy sustainability, offshore development initiatives, the implementation of electric submersible pumps, and expanding markets in emerging economies. Key trends expected during this forecast period include the application of Enhanced Oil Recovery (EOR) techniques, remote surveillance and automation, plunger lift systems, advancements in sensor technology, and the integration of the Internet of Things (IoT) with edge computing.
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What Are the Key Growth Drivers Fueling the Artificial Lift System Market Expansion?
The growth of the artificial lift systems market is set to be driven by an increase in oil production. Artificial lift systems are applied in oil wells to augment the pressure in the reservoirs and enhance the flow of oil to the surface. They are commonly employed in oil extraction wells when the natural drive energy falls short in facilitating the oil's upward movement. Although oil wells hold sufficient natural pressure during the early production phases, this pressure declines over time, leading to a heightened need for artificial lift systems for efficient production. The International Energy Agency, an intergovernmental organization based in France, predicts in November 2023, that by 2024 the global demand for oil will rise by 1.5 million barrels per day, reaching around 102.4 million barrels per day. Therefore, the escalating oil production is stimulating the market for artificial lift systems.
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Which Fast-Growing Trends Are Poised to Disrupt the Artificial Lift System Market?
The trend of developing new products is escalating in the artificial lift systems market, driven by the demanding oil production scenario globally. To meet market needs, businesses involved in the artificial lift systems sector are compelled to offer novel and modernized products and services. These new introductions boast of unique design attributes, improved operational capabilities, and potentially lower expenses. For instance, Schlumberger Limited, a US-based tech firm, unveiled two novel artificial lift system pieces, the Reda Agile compact wide-range electric submersible pump (ESP) system and the rodless Reda PowerEdge electric submersible progressing cavity pump (ESPCP) system, in April 2024. These systems, accompanied by digital services for continuous real-time supervision and optimization, boost functional stability, enable faster installation and production, and curtail power usage, operational expenses, and CO2 emissions. Use of a single PowerEdge ESPCP system for the remaining well life, instead of standard rod lift installations in non-conventional wells, helps cut down on workovers and production lags.
How Is the Artificial Lift System Market Segmented?
The artificial lift systemmarket 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
Subsegments:
1) By Electric Submersible Pump (ESP): Standard ESP Systems, High-Temperature ESP Systems, Offshore ESP Systems
2) By Progressing Cavity Pump (PCP): Standard PCP Systems, High-Viscosity PCP Systems, Offshore PCP Systems
3) By Gas Lift: Continuous Gas Lift, Intermittent Gas Lift, Dual Gas Lift Systems
4) By Rod Lift: Beam Pumping Systems, Pump Jack Systems, Variable Speed Rod Pumping Systems
5) By Other Types: Hydraulic Lift Systems, Pneumatic Lift Systems, Jet Pump Systems
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Which Companies Are Leading the Charge in Artificial Lift System Market Innovation?
Major companies operating in the artificial lift system market include General Electric Company, Schlumberger Limited, Baker Hughes Co., Halliburton Company LLC, Atlas Copco Energas GmbH, Novomet Inc., Tenaris S.A., Cameron International Corporation, Dover Corporation, National Oilwell Varco Inc., MAN Energy Solutions, Ebara Corporation, Weatherford International Ltd., ChampionX Corporation, 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.
Which Regions Are Leading the Global Artificial Lift System Market in Revenue?
North America was the largest region in the artificial lift systems market in 2024. The regions covered in the artificial lift system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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