The ever grossing demand for hydrocarbon will help the global artificial lift system market to grow at a fast pace. According to a report published by Fortune Business Insights, titled, “Artificial Lift System: Global Market Analysis, Insights, And Forecast, 2018-2028,” the global artificial lift system market is projected to reach USD 12,707.4Mn by the End of 2028. Fortune Business Insights has predicted that the market will rise from its 2018 valuation of USD 8,393.5 Mn at a CAGR of 5.32%. Artificial list system provides production capability that in turn, reduces the cost of operation. It also provides long lasting well life. These are the two major factors that will contribute to market growth.
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Top Players Overview:
- Schlumberger Limited
- Baker Hughes
- Dover Corporation
- Borets International
- National Oilwell Varco
- Summit ESP, LLC
- John Crane
- SPOC Automation
- Flotek Industries
- Quick Connector, Inc.
Key Market Driver – Numerous onshore and offshore E&P
Key Market Restraint – Environmental restrictions and government policies
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Key Industry Developments
- In February 2019, Tenaris will inaugurate a facility specially designed for sucker rod manufacturing in Conroe, Texas. The new facility will be functional by July 2019 with advanced technologies to optimize efficiencies and reduce production time.
- In December 2018, Baker Hughes is pleased to announce the inauguration of its first artificial lift assembly, repair facility in Oman to support Petroleum Development Oman (PDO) operations and other customers in the region aiming to optimize production, cutting cost, and enhancing oil production.
- In July 2019, Well Master Corporation has pleased to announce acquisition of leading provider of optimization solution T-Ram Canada Inc.
Fortune Business Insights provides a detailed evaluation of the global market by analyzing the factors driving the market. Besides this, it also discusses some of the economic trends prevailing in the energy and power industry. These trends are analyzed in the report to see an overall impact on the global market.
Increasing use of smart grids and smart metering are likely to help for the better management of power services. Better infrastructural facilities are also expected to encourage growth in the market.
The increased spending on oil and gas across the world is another factor likely to drive the Market. Rising investments in energy efficiency projects backed by governments may also stimulate growth in the market. The penetration of renewable sources is increasing, fueling demand for energy and which is expected to drive the Market.
The information used is derived from various primary and secondary sources. It also throws light on some of the major players operating in the market. The report studies profiles of these leading companies and their share in the market. It provides insights on some of the strategies adopted by these companies to survive competition and maintain their stronghold.
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1. By Component
2. By Technology
- Computer Vision
- Machine Learning
- Natural Language Processing
3. By Industry Vertical
- IT & Telecom
4. By Region
- North America (S. and Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
- Latin America (Brazil, Mexico and Rest of Latin America)
Ability to Handle Harsh Conditions Increases Demand for Propel Electrical Submersible Pumps
The report classifies the global artificial lift system into three segments, namely, by application, by type, and by geography. In terms of application, the market is further grouped into onshore and offshore. By type, the market is classified into sucker rod pump, gas lift, progressive cavity pump, hydraulic pumps, electrical submersible pumps, and others. Amongst these types of pumps, the electrical submersible pump is the most massively adopted pump across the globe. This is due to the fact that these pumps are perfectly abled to operate in harsh environmental conditions. Furthermore, they can handle a high volume of flow rate. They hold more than 40% of the global artificial list system market.
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Table of Content
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Key Developments: Mergers, Acquisition, Partnership, etc.
4.3. Latest Technological Advancement
4.4. Insights on Regulatory Scenario
4.5. Porters Five Forces Analysis
5. Global Artificial Lift Systems Market Analysis, Insights and Forecast, 2015-2028
5.1. Key Findings
5.2. Market Analysis, Insights and Forecast – By Type
5.2.1. Electric Submersible Pump
5.2.2. Sucker Rod Pump
5.2.3. Progressive Cavity Pump
5.2.4. Gas Lift
5.3. Market Analysis, Insights and Forecast – By Application
An Overview of the Impact of COVID-19 on this Market:
The emergence of COVID-19 has brought the world to a standstill. We understand that this health crisis has brought an unprecedented impact on businesses across industries. However, this too shall pass. Rising support from governments and several companies can help in the fight against this highly contagious disease. There are some industries that are struggling and some are thriving. Overall, almost every sector is anticipated to be impacted by the pandemic.
We are taking continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreak across industries to help you prepare for the future.
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