Selbyville, Delaware, Feb. 09, 2021 (GLOBE NEWSWIRE) -- According to industry experts, North America artificial lift systems market size is expected to undergo a remunerative growth through 2027, largely driven by rising production from shale reserves and spike in the demand for petroleum products. Moreover, upsurge in number of mature oil fields, and growing funding in development of offshore reserves are accelerating the industry expansion. Further, shifting preference for brownfield transformation as they require low investments will enhance the business scenario in the forthcoming years.
Besides, growing investments in R&D activities, along with technological advancements like real-time data analysis & management are set to propel the industry to new heights. Apart from this, upcoming plans to fulfill the escalating crude oil demand will positively impact the market dynamics.
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Market segmentation overview
Technology landscape
North America artificial lift systems market technology landscape is categorized into rod lift, gas lift, progressive cavity pumps, hydraulic pumps, electrical submersible pumps, and others. Of these, progressive cavity pumps are expected to witness an increased demand, creditable to inclination towards waxy crude, and their efficiency in low-productivity wells. Benefits like high sand cut rating, easy usability across horizontal and directional drilling, and reliability in viscous crude oil well are encouraging the product adoption. Additionally, low maintenance cost and lesser space footprint are further enhancing the product demand.
Application spectrum
North America artificial lift systems market application scope is categorized into onshore, and offshore. Decreasing production from conventional wells, rising inclination toward unconventional reserves, along with drilling across deep and ultra-deep offshore regions are expected to boost the industry growth. Moreover, growing focus towards offshore field development due to abundance of oil reserves is expanding the business horizon.
Onshore segment is also slated to witness a positive growth trend over the analysis timeframe, in view of mounting investments for the development of new oil & gas fields as a result of declining production from existing onshore wells.
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Geographical fragmentation
As per the report, North America artificial lift systems industry size spans across United States and Canada. Among these, Canada is expected to capture significant portion of the industry share over the forecast duration, mainly due to increasing crude oil consumption coupled, with abundance of aging and matured fields across the country. Besides, high recovery factor and noticeable economic & environment benefits has favored the adoption of artificial lift systems in the area. Apart from this, ongoing redevelopment activities for existing fields which can operate on low capital funding and provide fast returns is complementing the industry outlook.
North America Artificial Lift Systems Market Technology Landscape (Value, USD, 2017-2027)
- Electrical Submersible Pumps
- Progressive Cavity Pumps
- Rod Lift
- Gas Lift
- Hydraulic Pumps
- Others
North America Artificial Lift Systems Market Application Spectrum (Value, USD, 2017-2027)
- Onshore
- Offshore
North America Artificial Lift Systems Market Geographical Fragmentation (Value, USD, 2017-2027)
- United States
- Canada
North America Artificial Lift Systems Market Company Profiles (Value, USD, 2017-2027)
- AccessESP, LLC
- Canadian Advanced ESP, Inc.
- Occidental Petroleum Corp.
- BCP Group
- Aker Solutions ASA
- NOV, Inc. (formerly National Oilwell Varco)
- Borets International Ltd.
- Weatherford International plc
- Halliburton Company
- Schlumberger Ltd.
- General Electric
Table of Content:
Chapter 1 Methodology and Scope
1.1 Research Methodology
1.2 List of data sources
1.2.1 Primary
1.2.2 Secondary
Chapter 2 Executive Summary
2.1 North America artificial lift system market snapshot
Chapter 3 North America Artificial Lift System Market Trends
3.1 Industry coverage
3.2 Industry size & forecast, 2017 - 2027
3.3 Value chain analysis
3.3.1 Company product snapshot
3.4 Innovation landscape
3.5 Regulatory norms & directives
3.6 COVID - 19 impact on industry outlook
3.7 Drivers & restraints
3.7.1 Market drivers
3.7.2 Market restraints
3.8 Product growth mapping
3.9 Industry analysis - Porter's
3.10 Competitive benchmarking, 2020
3.11 PEST Analysis
Chapter 4 North America Artificial Lift System Market Share, By Technology (USD)
4.1 North America artificial lift system market share by technology, 2020 & 2027
4.2 Progressive Cavity Pumps
4.2.1 Market estimates and forecast, 2017 - 2027
4.2.2 Market estimates and forecast, by country, 2017 - 2027
4.3 Electrical Submersible Pumps
4.3.1 Market estimates and forecast, 2017 - 2027
4.3.2 Market estimates and forecast, by country, 2015 - 2026
4.4 Gas Lift
4.4.1 Market estimates and forecast, 2017 - 2027
4.4.2 Market estimates and forecast, by country, 2017 - 2027
4.5 Rod Lift
4.5.1 Market estimates and forecast, 2017 - 2027
4.5.2 Market estimates and forecast, by country, 2017 - 2027
4.6 Hydraulic Pumps
4.6.1 Market estimates and forecast, 2017 - 2027
4.6.2 Market estimates and forecast, by country, 2017 - 2027
Chapter 5 North America Artificial Lift System Market Size, By Application (USD)
5.1 North America artificial lift system market share by application, 2020 & 2027
5.2 Onshore
5.2.1 Market estimates and forecast, 2017 - 2027
5.2.2 Market estimates and forecast, by country, 2017 - 2027
5.3 Offshore
5.3.1 Market estimates and forecast, 2017 - 2027
5.3.2 Market estimates and forecast, by country, 2017 - 2027
Chapter 6 North America Artificial Lift System Market Report, By Country (USD)
Related Report:
Scissor Lift Market Size, Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2020-2026
The scissor lift market is projected to expand significantly through the forthcoming timeframe owing to the rapidly expanding construction and mining sector. A scissor lift is a machine that is specifically designed to shift personnel and equipment in a vertical direction. These lifts are capable of handling any applications, that would otherwise require a ladder, a scaffolding or a tower, with added safety . Scissor lifts are primarily used in construction sites, offering a safe, rising platform, and a steady enclosure. It effectively helps workers in accomplishing a plethora of tasks at high rises, including close inspections and cable wiring installations & repair.
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