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The Global Artificial Lift System Market It is expected to grow from $8.4 billion in 2018 to $13 billion in 2026. The market is expected to grow at a CAGR of 5.32%. Rising demand for energy, increased production of oil and gas offers new opportunities in the human lift market: Fortune Business Insights™
PUNE, India, Jan. 31, 2023 (GLOBE NEWSWIRE) — According to the latest report published by Fortune Business Insights, the global artificial lift system market was valued at USD 8.4 billion in 2018 and is forecast to grow by USD 13. billion in the year by 2026, at a CAGR of 5.32% during the forecast period. North America is expected to dominate the artificial lift system market during the forecast period. During the forecast period, the number of oil fields that require artificial lift systems to increase production is increasing to boost market growth.
A synthetic detailing system provides production capacity, which in turn, reduces the cost of operation. It also provides long lasting health. These are the two main factors that contribute to the growth of the market. The ever-increasing demand for hydrocarbons will help the global artificial lift system market to grow rapidly.
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Artificial lifting system Market Scope:
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Report coverage |
Details |
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Forecast time |
2019-2026 |
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Forecast period 2019 to 2026 CAGR |
5.32% |
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2026 value prediction |
13 billion dollars |
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Foundation year |
2018 |
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Market size in 2018 |
46.60 billion dollars |
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Historical data b |
2015-2017 |
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Number of pages |
110 |
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Covered parts |
Type, Application, Geography |
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Growth drivers |
Major key players are likely to dominate the global market. |
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High potential and growth in offshore exploration |
Drivers and restrictions:
Major key players are likely to dominate the global market.
The artificial lift systems market size is influenced by some key players across the globe. Weatherford is a leading player in the artificial lift systems industry. The company provides advanced technology to optimize the overall production capacity of the oil well. Weatherford It has set a target of $1 billion in margins and EBITDA by the end of 2019. Apergy is also providing comprehensive artificial lift solutions to various oil companies around the world. Meanwhile, the company is considered the strongest ESP solution provider in the world. Other prominent players in the market include Schlumberger, Baker Hughes, GE Company, Dover Corporation, Boretts International, Novomet, National Oil Well Varco, Halliburton, Summit ESP, John Crane, SPOC Automation, Flotek Industries, Inc., Quick Connector, Inc. ., among others.
Factors such as increasing energy demand and increasing oil and gas production are expected to drive the demand for artificial lift systems. The development of new technologies such as electric submersible pumps and progressive cavity pumps are providing new growth opportunities to the market.
However, the high cost of artificial lifts and lack of skilled manpower are some of the challenges that are expected to hinder the growth of the market.
The impact of Covid-19
An in-depth qualitative analysis of the impact of the Covid-19 pandemic involves identifying and examining the following aspects:
We analyzed industry trends in the context of Covid-19. We analyzed the impact of Covid-19 on the production industry chain based on upstream and downstream markets. We examine the impact of Covid-19 on different regions and major countries.
The Covid-19 pandemic has had a significant impact on the artificial lift system industry. The decline in oil demand and the drop in oil prices have affected overall oil and gas production. This in turn has reduced demand for artificial lift systems due to reduced production.
In addition, supply chain disruptions caused by the pandemic have also impacted the artificial lifting systems industry. Shortages of raw materials, as well as difficulties in transporting equipment and workers to oil tankers overseas, further impacted the market.
However, the industry has begun to recover, and in the coming years the demand for artificial lift systems will increase due to the growth of oil and gas production and the need for more efficient production methods. The market is expected to bounce back as the global economy begins to recover from the pandemic.
To learn more about the short-term and long-term impact of Covid-19 on this market, please visit:https://www.fortunebusinessinsights.com/industry-reports/artificial-lift-system-market-100467
Report Section:
The ability to handle difficult conditions increases the demand for propeller electric pumps
The report segments the global Artificial Lift System into three segments namely, by application, by type, and by geography. In terms of application, the market is further classified into onshore and offshore. By type, the market is segmented into suction shaft pump, gas lift, progressive cavity pump, hydraulic pumps, electric submersible pumps and others. Among these types of pumps, the electric submersible pump is the most widely accepted pump worldwide. This is because these pumps are able to work properly in harsh environmental conditions. In addition, you can control a large amount of flow. They account for more than 40% of the global artificial intelligence system market.
Regional insights
An increase in the number of exploration activities is likely to increase growth in European countries.
Geographically, the global artificial lift systems market is segmented into Latin America, Europe, North America, the Middle East & Africa, and Asia Pacific. Among these regions, in North America, the US currently accounts for the largest artificial lift system market, accounting for more than 40% of artificial lifters distributed globally. In this continent, the number of gas and oil exploration activities has increased along with the technological advances that have boosted the market.
According to Fortune Business Insights, in North America, countries such as Alaska, Texas, North Dakota, and the Permian region are expected to witness growth in artificial lift systems during the forecast period. This is because production in these regions has recently peaked. On the other hand, Europe is predicted to show significant growth due to the increasing number of exploration activities in the North Sea area.
Competitive landscape
Tenaris, Quick Connector, Inc. And other key players have emphasized on product launches to strengthen their positions
Quick Connector, Inc., a leading gas lift wellhead solutions provider based in the United States, has announced the launch of their newest product, the QCI Gas Lift Wellhead Hanger and Adapter, in May 2019. The product offers many benefits and features for gas lift finishing. . It also avoids the delay and cost of refining through traditional well suppliers. Tenaris, a steel pipe manufacturer and supplier, has announced that it will open a sugarcane facility in Texas in February 2019. The facility offers modern technologies to reduce production time and increase efficiency. Earlier, in December 2018, Baker Hughes, a full-stream gas and oil company, announced the launch of its first manned maintenance and lift assembly in partnership with Petroleum Development Oman. Its main objective was to support PDO operations. They are also looking for cost reduction and efficient oil production targeting customers living in the region.
Key industry developments
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In July 2019, Enskorowan has received approval to drill three development wells in the Manora field in the Gulf of Thailand. The company drills the wells using a jack-up Ensco 115 rig and brings the well immediately into production using an electric oil pump with artificial lift.
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In May 2019, Quick Connector, Inc. is a leading artificial lift well solution provider. Launched a gas lift well solution that adds flexibility to gas lifts without the cost and resource delays of a traditional well supplier.
List of key players in the market
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Weatherford
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Schlumberger Limited
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Baker Hughes
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Dover Corporation
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Borets International
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National Oilwell Varco
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Halliburton
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Summit ESP, LLC
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John Crane
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SPOC automation
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Flotek Industries
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Quick Connector, Inc
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Class:
In kind
by application
Table of Contents:
Continued…
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