Artificial Lift Market: Current Analysis and Forecast (2021-2027)

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The Global Artificial Lift 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.

Artificial Lifts, Application, 2020

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 facilitate customers with hi-tech and innovative products/technologies.

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Insights Presented in the Report

“Amongst Type, rod lifts segment holds the major share”

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.

“Amongst well type, horizontal segment holds the major share”

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.

“Amongst application, offshore segment holds the major share”

Based on application, the artificial lift market is classified into onshore and offshore. The offshore segment caters to a considerable share of the artificial lift market and is expected to witness high growth during the forecasted period. The growth of this segment is primarily driven by the cost reduction and digitalization of the oil & gas offshore projects. This would ultimately create new opportunities for the w artificial lift market during the forecast period. In addition, new oilfield discoveries in offshore regions are expected to increase the drilling operations. Such developments offshore are driving the artificial lift market.

“Middle East & Africa represents one of the extensive market shares of global Artificial Lift Market”

For a better understanding of the market dynamics of global drilling waste management. 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.

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Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

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The Global Artificial Lift market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

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Research Methodology

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Artificial Lift market were the three major steps undertaken to create and analyze the adoption of Artificial Lifts in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Artificial Lift market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the Artificial Lift market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Artificial Lift market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, mechanism, well type, application, and region. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Artificial Lift market. Further, we conducted factor analysis using dependent and independent variables such as accelerating investments toward exploration of subsea areas coupled with shifting trends toward unconventional reserves. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Artificial Lift market sector across the globe.

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Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Artificial Lift market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach were applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of the Artificial Lift market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global Artificial Lift market in terms of the category offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

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Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Artificial Lift market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the type, mechanism, well type, and application in the global Artificial Lift market.

The main objective of the Global Artificial Lift Market Study

The current & future market trends of the global Artificial Lift market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the Artificial Lift market in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of type, mechanism, well type, and application.
• Define and analysis of the regulatory framework for the Artificial Lift market industry.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the Artificial Lift market for the major region.
• Major regions studied in the report include Asia Pacific, Europe, Middle East & Africa, North America, and the Rest of the World.
• Company profiles of the Artificial Lift market and the growth strategies adopted by the market players to sustain in the fast-growing market

Deep dive regional level analysis of the industry

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