Global Artificial Lift Market is expected to foresee significant growth. The Middle East & Africa to lead the growth!
- Vikas Kumar
- May 31, 2022
- ENERGY & POWER, NEWS
- Artificial Lift Market Analysis, Artificial Lift Market forecast, Artificial Lift Market Growth, Artificial Lift Market news, Artificial Lift Market Share, Artificial Lift Market Size, Artificial Lift Market trend
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The global Artificial Lift market is valued at around 9.5 bn in 2021 and is expected to grow at a CAGR of more than 6% during the forecast period 2021-2027). The Artificial Lift market demand is increasing at propelling rate over the years and is expected to witness influential growth during the forecasted period as well. Factors that are positively accentuating its market size such as soaring energy demand has encouraged producers to search for the method to improve production and economies for oil wells. In addition, the production of oil requires energy to lift the fluids from the reservoir to the surface. Hence, escalating the market demand for the artificial lift to increase reservoir pressure and encourage crude oil to the surface.
Moreover, in emerging economies production activities increasingly focus on mature oilfields, and new and innovative artificial lift technologies combined with the latest techniques are leading the way to maximize production to enable operators to remain competitive accentuating the market demand for artificial lift market in coming years as well.
For a detailed analysis of the Global Artificial Lift Market browse through https://univdatos.com/report/artificial-lift-market/
Artificial lift is a process used on oil wells to increase pressure within the reservoir and encourage oil to the surface. When the natural drive energy of the reservoir is not strong enough to push the oil to the surface, artificial lift is employed to recover more production. Artificial lift is generally required on most of the wells at some time during their production life or to increase oil well life. Factors such as accelerating investments toward exploration of subsea areas coupled shifting trends toward unconventional reserves coupled with the increase in demand for energy along with industrialization and a rise in population and urbanization boost the growth of the artificial lift market.
Also, major exploration and production (E&P) firms are shifting their focus toward the event of unconventional oil and gas reserves, together with oil, shale gas, tight oil, tight gas, and coal bed alkane series (CBM), which in turn escalating the demand for the artificial lift for carrying throughout E&P activities for the optimum production within the coming years.
For a detailed analysis of the Covid-19 Impact on the industry browse through https://univdatos.com/get-a-free-sample-form-php/?product_id=20573
The coronavirus pandemic was declared a public health emergency worldwide by World Health Organization (WHO) in 2020. The strict guidelines were issued by governments and local authorities, and industrial, and commercial activities even all non-essential operations were halted which had suspended the activities of end-users. COVID-19 has adversely affected the artificial lift market.
Based on type, the artificial lift market is segmented into ESP, PCP, Gas lift, Rod lift, and others. The rod lift segment caters to extensive market share in the artificial lift market and is expected to grow at an influential rate during the forecasted period. Rod lifts have high salvage value for downhole equipment and can handle gas and corrosion efficiently during the artificial lift process. Such benefits are expected to boost the demand for artificial lifts in the coming years. Thus, the rising need to prevent gas & corrosion handling during artificial lift operations is driving the rod lift segment.
Based on the mechanism, the artificial lift market is categorized into pump-assisted (positive displacement, dynamic displacement), and gas-assisted. The gas-assisted segment caters to a considerable share of the artificial lift market and is expected to witness high growth during the forecasted period. The gas-assisted mechanism is used to reduce the load on the reservoir by injecting gas and pushing the product to the surface which improves the artificial lift performance, and its production can range from hundreds to several thousand barrels of fluid per day.
Based on well type, the artificial lift market is bifurcated into horizontal and vertical. The horizontal well segment caters to a considerable share of the artificial lift market and is expected to witness high growth during the forecasted period. It is mainly due to the difference in the production rates and horizontal wells becoming increasingly common and productive in the recent years, which would dominate its position in the forecasted period.
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For a better understanding of the market adoption, the report provides a detailed analysis of major regions and countries including North America (US, Canada, Rest of North America), Europe (Germany, UK, Spain, Italy, France, Rest of Europe), Middle East & Africa (UAE, Saudi Arabia, Egypt, Nigeria, South Africa, and Rest of MEA), Asia-Pacific (China, Japan, India, Australia, Rest of APAC), ROW. The Middle East and Africa acquired an extensive market share in the artificial lift market and is expected to grow at an extensive rate mainly owing to the majority of oil field constitute by this region and coupled with increasing consumption of oil, the discoveries of new reserves are ongoing in many countries in MEA region.
Some of the major players operating in the market are General Electric Company, Man Diesel & Turbo SE, Ebara Corporation, Mitsubishi Heavy Industries Compressor Corporation, Atlas Copco Energas GmbH, Solar Turbine Inc., Burckhardt Compression Holding AG, Ariel Corporation, Neuman & Esser Group, Hitachi, Ltd. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.
Global Artificial Lift Market Segmentation
Market Insight, by Type
• ESP
• PCP
• Gas Lift
• Rod lift
• Others
Market Insight, by Mechanism
- Pump Assisted
- Positive Displacement
- Dynamic Displacement
- Gas-Assisted
Market Insight, by Well Type
- Horizontal
- Vertical
Market Insight, by Application
- Onshore
- Offshore
Market Insight, by Region
- North America Artificial Lift Market
- United States
- Canada
- Rest of North America
- Europe Artificial Lift Market
- Germany
- United Kingdom
- Spain
- Italy
- France
- Rest of Europe
- Middle East & Africa Artificial Lift Market
- UAE
- Saudi Arabia
- Egypt
- Nigeria
- South Africa
- Rest of MEA
- Asia-Pacific Artificial Lift Market
- China
- Japan
- India
- Australia
- Rest of Asia-Pacific
- Rest of the World
Top Company Profiles
• General Electric Company
• Man Diesel & Turbo SE
• Ebara Corporation
• Mitsubishi Heavy Industries Compressor Corporation
• Atlas Copco Energas GmbH
• Solar Turbine Inc.
• Burckhardt Compression Holding AG
• Ariel Corporation
• Neuman & Esser Group
• Hitachi, Ltd
