Wilmington, Delaware, United States, Sept. 21, 2023 (GLOBE NEWSWIRE) -- The artificial lift systems market was estimated to have acquired US$ 6.6 billion in 2018. It is anticipated to register a 5 % CAGR from 2019 to 2027 and by 2027, the market is likely to gain US$ 12.3 billion.
The key element driving the market for artificial lift systems is the data-driven decision-making. Software plays a pivotal role in collecting, analyzing, and interpreting data from artificial lift systems. Operators rely on software solutions to monitor well performance, identify issues, and make data-driven decisions for optimizing production.
The demand for artificial lift systems is also being driven by remote monitoring and control. Modern artificial lift systems are equipped with sensors and control systems that generate a wealth of real-time data. Software enables operators to remotely monitor and control these systems, improving efficiency and reducing operational costs.
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Market Snapshot:
| Report Coverage | Details | |
| Estimated Value | US$ 12.3 Bn | |
| Growth Rate - CAGR | 5% | |
| Forecast Period | 2019-2027 | |
| No. of Pages | 176 Pages | |
| Market Segmentation | By Component, System, Region | |
| Regions Covered | North America, Latin America, Europe, Asia Pacific, Middle East & Africa | |
| Companies Covered | Schlumberger Limited, Weatherford International Plc, Baker Hughes, a GE Company, Apergy Corporation, Borets International Limited, etc | |
Key Findings of the Market Report
- By component, the software component segment of the market is expected to reach a value of ~US$ 2.6 billion by 2027-end.
- The dominance of the software segment in the artificial lift systems market can be attributed to several major factors, including efficiency enhancement, cost reduction, remote field operations, and asset management. Safety and compliance, and historical data analysis are other major factors fueling the segmental growth.
- By System, the sucker rod lift segment is anticipated to reach a value of ~US$ 5.1 billion by 2027, owing to the major factors such as proven technology, cost-effectiveness, ease of maintenance, and energy efficiency.
- Compatibility with deviated wells, as well as reliable artificial lift method are other factors driving the segmental growth.
Market Trends for Artificial Lift Systems
- Artificial lift systems are increasingly integrated with digital technologies and automation to enable real-time monitoring, predictive maintenance, and remote control, improving system performance and reducing downtime.
- The ability to remotely monitor and control artificial lift systems through IoT (Internet of Things) platforms is gaining traction, allowing operators to optimize production from anywhere.
- AI and machine learning are being utilized to analyze large volumes of data from artificial lift systems, providing valuable insights for predictive maintenance and operational optimization.
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Global Market for Artificial Lift Systems: Regional Outlook
Various reasons are propelling the growth of the artificial lift systems market in different regions. These are:
North America
- The abundant shale resources in North America, particularly in the United States and Canada, have led to a significant increase in unconventional oil and gas production. Artificial lift systems are essential for optimizing production from shale wells, especially as reservoir pressure declines.
- North America has a substantial number of conventional oil and gas fields that are reaching maturity. Artificial lift systems are crucial for extending the production life of these fields and maximizing recovery.
- Ongoing advancements in artificial lift technologies, such as the development of high-efficiency electric submersible pumps (ESPs), smart pumping systems, and automation, are driving their adoption in North American oil and gas operations.
Asia Pacific
- Many countries in Asia Pacific, such as China, India, Indonesia, Malaysia, and Australia, have substantial oil and gas reserves. Exploration and production activities in both onshore and offshore fields are expanding, necessitating artificial lift systems for efficient reservoir recovery.
- The region has a significant presence of offshore oil and gas fields in the South China Sea, Bay of Bengal, and the Australian coast. Deepwater and ultra-deepwater projects require advanced artificial lift systems to overcome the challenges of high-pressure environments and maximize production.
- Several mature oilfields in Asia Pacific require enhanced oil recovery (EOR) techniques, including artificial lift systems, to maintain or increase production rates.
Global Artificial Lift Systems Market: Key Players
A few dominant firms hold the majority of the market share in the artificial lift systems industry. The market's major companies are concentrating on diversifying their product lines.
The big players' primary strategy includes mergers and acquisitions. In order to acquire a competitive edge in the industry, market competitors are concentrating on offering high-quality services.
The following companies are well-known participants in the global Artificial Lift Systems market:
- Schlumberger Limited
- Weatherford International Plc
- Baker Hughes
- a GE Company
- Apergy Corporation
- Borets International Limited
- Superior Energy Services Inc.
- National Oilwell Varco
- Halliburton Inc.
- Occidental Petroleum Corporation
- Flowco Production Solutions
- Novomet
- OiLSERV
Partial Table of Content (ToC):
1. Executive Summary
1.1. Market Outlook
1.2. Key Facts and Figures
1.3. Key Trends
1.4. TMR’s Growth Opportunity Wheel
2. Market Overview
2.1. Market Segmentation
2.2. Market Indicators
3. Market Dynamics
3.1. Drivers and Restraints Snapshot Analysis
3.1.1.1. Drivers
3.1.1.2. Restraints
3.1.1.3. Opportunities
3.2. Porter’s Five Forces Analysis
3.2.1. Threat of Substitutes
3.2.2. Bargaining Power of Buyers
3.2.3. Bargaining Power of Suppliers
3.2.4. Threat of New Entrants
3.2.5. Degree of Competition
3.3. Regulatory Scenario
3.4. Value Chain Analysis
3.5. List of Hardware Vendors – Artificial Lift Systems Market
3.6. List of Software Vendors – Artificial Lift Systems Market
3.7. Global Crude Oil Production Outlook, by Region, 2018
4. Digitalization in Artificial Lift Systems
4.1. Introduction
4.1.1. Strategic Investment
4.1.2. Joint Venture
4.1.3. New Product Development
4.2. Key Developments
4.3. Key Findings
4.4. Recent Developments and Successful Implementations
4.5. Comp Analysis, by Key Providers
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Key developments in the global artificial lift systems market are:
- In 2023, Baker Hughes Company launched a new artificial lift system that uses gas lift and ESP technology together to improve production in challenging wells.
- In 2023, Halliburton developed a new ESP system that is designed to operate in extreme temperatures and pressures.
- In the same year, Schlumberger acquired Endeavor Energy Services, a leading provider of coiled tubing services. The acquisition expands Schlumberger's portfolio of artificial lift solutions.
- In 2022, Weatherford awarded two five-year artificial lift contracts by Tatweer Petroleum in Bahrain.
- In 2022, ChampionX acquired the US Rod and Patriot Pump, two leading providers of sucker rod pumps.
Global Artificial Lift Systems Market Segmentation
Component
- Hardware (Pump, Motor, Cable System, Pump Jack, Sucker Rod, and Others)
- Software
System
- Electrical Submersible Pumping (ESP)
- Sucker Rod Lift
- Progressing Cavity Pumping (PCP)
- Gas Lift
- Hydraulic Pumping
- Others (including Plunger Lift)
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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