Global Artificial Lift Systems Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027
MarketResearch.biz delivers in-depth insights on the global artificial lift systems market in its upcoming report titled, “Global Artificial Lift Systems Market Trends, Applications, Analysis, Growth, and Forecast: 2017 to 2027”. The global artificial lift systems market is estimated to register a CAGR of X.X% in terms of value during forecast period 2017–2027. The report offers in-depth insights, revenue details, and other vital information regarding the target market, and the various trends, drivers, restraints, opportunities, and threats till 2027. The report offers insightful and detailed information regarding the various key players operating in the market, their financials, supply chain trends, technological innovations, key developments, apart from future strategies, acquisitions & mergers, and market footprint. The global artificial lift systems market report has been segmented on the basis of product, application, and region.
This report is based on synthesis, analysis, and interpretation of information gathered regarding the target market from various sources. Our analysts have analyzed the information and data and gained insights using a mix of primary and secondary research efforts with the primary objective to provide a holistic view of the market. In addition, an in-house study has been made of the global economic conditions and other economic indicators and factors to assess their respective impact on the market historically, as well as the current impact in order to make informed forecasts about the scenarios in future.
Artificial lift systems are used to increase flow rate of crude oil by pumping or injecting gas to lift oil. Artificial lift systems are used to improve productivity of the well, when naturally driven reservoir energy is insufficient to push the oil. Artificial lift systems are majorly used in oil and gas industry to improve the production of oil reservoirs.
Increasing oil exploration activities is a key factor expected to drive growth of the global market over the forecast period. In addition, growing technological advancements to improve efficiency across the exploration & production technology, and production of multiphase gas handling pumps are other factors expected to further fuels growth of the target market. Furthermore, increasing government investments and strategies to improve production of crude oil are other important factors expected to propel growth of this market in the near future.
However, decreasing prices of crude oil is a key factor expected to restrain growth of the international artificial lift systems market over the forecast period. In addition, high cost of artificial lift equipment and lack of skilled professionals are other factors expected to hamper growth of the target market in the near future.
Ongoing trend observed in the target market is increasing adoption of technologically advanced systems which includes smart alarms, real-time monitoring, and retrofit capability.
Increasing production from mature fields is expected to create potential revenue opportunities for players operating in the target market. In addition, technological advancements regarding the web-based monitoring systems and automated services are the other factors expected to provide various opportunities for manufacturer in the near future.
The market in North America dominates the target market in terms of revenue over the forecast period, owing to increasing adoption of artificial lift systems due to presence of low-pressure oil wells in various countries in the region. The market in Asia Pacific is expected to register significant share in terms of revenue over the forecast period. In addition, the market in Middle East & Africa is expected to account for significant share in the target market over the forecast period, owing to increasing adoption rate of wireline services and tools in this region.
Global artificial lift systems market segmentation:
Segmentation by product:
- Rod Lifts
- Electrical Submersible Pumps
- Progressive Cavity Pumps
- Gas Lift
- Hydraulic Pumps
- Others (Plunger Lift)
Segmentation by application:
Segmentation by region:
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Attribute Report Details Market Size Ask For Market Size Growth Rate Ask For Growth Rate Key Companies Ask For Companies Report Coverage Revenue analysis, Competitive landscape, Key company analysis, Market Trends, Key segments, Distribution Channel, Market Dynamics, COVID-19 Impact Analysis and more… Historical Data Period 2015-2020 Base Year 2022 Forecast Period 2022-2031 Region Scope North America, Europe, Asia-Pacific, South America, Middle East & Africa Country Scope United States, Canada and Mexico, Germany, France, UK, Russia and Italy, China, Japan, Korea, India and Southeast Asia, Brazil, Argentina, Colombia etc.Saudi Arabia, UAE, Egypt, Nigeria and South Africa Revenue in US$ Mn
- Baker Hughes Incorporated
- Dover Corporation
- GE Energy Services, Inc.
- Halliburton Company
- National Oilwell Varco, Inc.
- Weatherford International Ltd.
- Schlumberger Limited
- Aker Solutions
- Novomet Artificial Lift Nigeria Ltd.
- BCP Group
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