The Artificial Lift market is expected to increase in the coming years as a result of growing demand for oil and gas, the expansion of unconventional reserves, technological advancements, and government regulations. North America is expected to be the largest market during the forecast period 2023 to 2029.
Luton, Bedfordshire, United Kingdom, Feb. 27, 2023 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the artificial Lift Market.
The global artificial lift market is projected to reach USD 12.41 billion by 2029 from an estimated USD 8.0 billion in 2022, at a CAGR of 5.0% during the forecast period 2023 to 2029. The artificial lift market refers to the use of artificial means to increase the flow of hydrocarbons (oil and gas) from a wellbore to the surface. This is necessary when the natural pressure of a reservoir is not sufficient to bring the hydrocarbons to the surface.
Artificial lift systems are used extensively in the oil and gas industry to enhance the production rates of wells. These systems typically involve the use of pumps, gas lift systems, or other mechanisms to lift the hydrocarbons to the surface.
The artificial lift market is driven by a variety of factors, including the increasing demand for oil and gas, the aging of existing wells, and the need to maximize production rates. The market is also influenced by technological advancements in artificial lift systems, which have resulted in more efficient and cost-effective systems.
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The use of artificial lift is commonly employed in wells that have no flow or require an increase in the flow rate. Both oil and gas wells often need artificial lift at some stage in their lifespan to extract liquids from the formation and accelerate gas flow. As a result of population growth, urbanization, and industrialization, the artificial lift systems market is predicted to expand in response to increased energy demand. Traditional energy sources are being relied upon more heavily as energy consumption increases, leading to natural resource depletion. These factors have contributed to the demand for advanced artificial lift systems for oil exploration, which is expected to drive market demand in the foreseeable future.
The global industrial manufacturing and transportation sectors, as well as the demand for oil consumption, have grown rapidly, leading to an increase in demand for artificial lift systems. These systems are utilized in non-stop drilling to increase output, but the current reservoir pressure in wells is often inadequate to bring fluids to the surface. The majority of wells require some form of assistance to extract hydrocarbons. Artificial lift systems have been developed to assess oil wells during high reservoir oil pressure, increasing efficiency by 85-90% and assisting in supplementing and maintaining reservoir pressure.
Different types of artificial lift systems are employed based on the well's properties and technological availability, leading to anticipated global market expansion in the coming years. Increasing global oil consumption, along with economic growth in various industries such as transportation, aviation, and power generation, is predicted to result in higher hydrocarbon demand, leading to a rise in artificial lift demand. This is projected to drive market demand even further, with manufacturers striving to engage in product development to better serve customer needs. For example, Baker Hughes introduced the LEAP adaptive assembly line in 2016 to improve oil and natural gas output while addressing unconventional production's technical challenges, resulting in improved efficiency, increased ultimate recovery, and optimized production.
Artificial Lift Market size value in 2022
Revenue in USD Million, volume in units, CAGR from 2022 to 2029
Revenue forecast, company ranking, competitive landscape, growth factors, trends
By Type; Well Type; Application and By Region
North America; Europe; Asia Pacific; Latin America; MEA
U.S.; Canada; UK; Germany; Russia; Norway; China; India; Japan; Indonesia; Malaysia; Brazil; Mexico; Saudi Arabia; UAE; Kuwait; Iran.
Halliburton (US), Schlumberger (US), Baker Hughes Company (US), Weatherford (Switzerland), NOV (US), Borets International (Russia), Oilserv (UAE), JJ Tech (US), Apergy (US), DistributionNow (US), Novomet (Russia), AccessESP (US), and Valiant Artificial lift Solutions (US).
Free report customization with purchase. Addition or alteration to country, regional & segment scope.
Companies Covered in Artificial Lift Market Report:
Valiant Artificial Lift Solutions (US).
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In February 2022, Upwing Magnetic Drive System (MDS) hermetically separates all the electrical components that are prone to failurefrom the harsh production fluids through placing them inside the well's annulus as a part of the permanent completion. This also simplifies the deployment coupled with intervention by using a slickline for the mechanical string of the system.
In August 2021, ChampionX Technologies introduced XSPOC production optimization software in order to deliver higher efficiencies in wells for artificial lift.
In April 2021, Microsoft Azure announced to allow the development of Ambyint’s production along with lift optimization applications for Energy and Power (E&P) related companies in the existing Azure environments.
In January 2019, Baker Hughes and ESP collaborated to design an efficient and customized artificial lift solution to be used the wells in the Bouri Field.
Key Market Segments: Global Artificial Lift Market
Frequently Asked Questions About This Report
How big is the Artificial Lift Market?
According to Exactitude Consultancy the Global Artificial Lift Market value is expected to reach USD 12.41 billion by 2029, growing at a 5.0% CAGR of Between Forecast Period 2023 and 2029.
What is the Artificial Lift Market growth?
The artificial lift systems market is expected to grow in response to rising energy demand, industrialization, and population and urbanization. Rising expansion of the industrial manufacturing and transportation sectors oil consumption demand have been increased rapidly globally.
Which segment accounted for the largest Artificial Lift Market share?
North America region will lead the artificial lift system market over the forecast period.
What are the factors driving the Artificial Lift Market?
Heavy oil is liquid petroleum of less than 20°API gravity or more than 200 cP viscosity at reservoir conditions. Heavy oil is typically heated to lower its viscosity and pump it to the surface.
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