ARTIFICIAL LIFT SYSTEMS MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Global artificial lift systems market is estimated to be valued at USD 8.46 Bn in 2024 and is expected to reach USD 14.35 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 7.8% from 2024 to 2031.

Report Description:

Artificial lift systems are mechanical devices that are used to reduce reservoir pressure and raise produced fluids to the surface in wells that does not have sufficient internal reservoir pressure or gas lift to flow to the surface. Artificial lift technologies assist in extraction of hydrocarbon fluids such as crude oil and natural gas from underground reservoirs. Various types of artificial lift systems including pumping systems, gas lift systems, and plunger lift systems are utilized depending on the reservoir characteristics and production economics. Rising exploration and production activities in mature oil and gas fields has boosted demand for artificial lift systems globally over the past few years. Growing need to recover remnants from producing reservoirs and maximize asset value is expected to drive the growth of artificial lift systems market during the forecast period.

Market Dynamics:

Global artificial lift systems market growth is driven by declining production from mature oil & gas fields and increasing deepwater and ultra-deepwater E&P activities. However, high installation and maintenance costs associated with artificial lift systems can hamper the market growth. Advancing technological capabilities in artificial lift solutions offers new opportunities for the market players. Advancements in automation, IoT, AI and digitalization widens the scope of artificial lift systems. Rising exploration and production of unconventional resources such as tight oil and shale gas also drive the market growth. However, stringent environmental regulations around hydraulic fracturing and shifting focus towards renewable energy can hamper the market growth.

Key features of the study:

- This report provides in-depth analysis of the global artificial lift systems market, and provides market size (US$ Billion) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year

- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market

- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends, regional outlook, and competitive strategies adopted by key players

- It profiles key players in the global artificial lift systems market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies

- Key companies covered as a part of this study include GE Oil and Gas , John Crane Group , Baker Hughes Company , Apergy , Borets International , Schlumberger , Haliburton , Dover Corporation , AccessESP , Novomet , National Oil Well Varco Inc. , Weatherford , OILSERV , JJ Tech , Flotek Industries Inc. , Schlumberger , cairn Oil & Gas, Alkhorayeh Petroleum Services Limited

- Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics

- Global artificial lift systems market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts

- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global artificial lift systems market

Market Segmentation

• By Application
• • Onshore
  • Offshore
• By Component
• • Pump
  • Motor
  • Cable System
  • Controller
  • Others
• By Lift Type
• • Pressurized Water Reactor (PWR)
  • Electric Submersible Pumps
  • Gas lift
  • Progressing Cavity Pumps
  • Jet pump
  • Others
• By Mechanism
• • Pump Assisted
  • Gas Assisted
• By Regional
• • North America
  • Latin America
  • Europe
  • Asia Pacific
  • Middle East & Africa
• Key Players
  • GE Oil and Gas
  • John Crane Group
  • Baker Hughes Company
  • Apergy
  • Borets International
  • Schlumberger
  • Haliburton
  • Dover Corporation
  • AccessESP
  • Novomet
  • National Oil Well Varco Inc.
  • Weatherford
  • OILSERV
  • JJ Tech
  • Flotek Industries Inc.
  • Schlumberger
  • cairn Oil & Gas
  • Alkhorayeh Petroleum Services Limited