A recent report published by Infinium Global Research on artificial lift system market provides in-depth analysis of segments and sub-segments in the global as well as regional artificial lift system market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional artificial lift system market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global artificial lift system market. According to the report, the global artificial lift system market is projected to grow at a healthy CAGR over the forecast period of 2019-2025.
Artificial lift technologies are involved in further improvements in manufacturing and design coupled with new software, electronics, sensor technologies, data transfer, and data management. It is a range of production engineering methods used to lift hydrocarbons and water from a producing reservoir. Shifting trends toward unconventional wells coupled with the growing number of mature fields will drive the market size. Mature wells account for over 70% of the total oil & gas production across the world. Some wells contain sufficient pressure for oil to rise to the surface without stimulation. Nearly 96% of the oil wells in the US require an artificial lift from the very beginning.
Globally increasing demand for energy, improving production efficiencies at mature fields, and increasing deep, ultra-deep offshore oil production are driving the growth of the artificial lift system market. It is a relatively simple system and units can be easily changed to other wells with minimum cost. Furthermore, rising investments toward technological advancement to improve efficiency across the complete spectrum of exploration & production technology will drive the growth of the market. Advances such as real-time monitoring, smart alarms, and retrofit capability will stimulus market growth. However, the high cost of artificial lift equipment and strict government policies are hindering the growth of the market. Lack of skilled workers to handle artificial lift systems also hampers the growth of the market. Moreover, the rise in subsea drilling activities and increasing levels of exploration activities are anticipated to provide plenty of opportunities for market growth in the future.
Geographically, North America dominates the artificial lift system market due to the existence of low-pressure oil wells coupled with the continual increase in oil consumption. The greater adoption of the artificial lift system is owing to low-pressure oil wells in the North America region. The Saudi Arabia market is boosting the market growth due to the availability of proven oil reservoirs along with escalating focus toward mature fields. Huge investments across the upstream sector along with growing oil & gas production and consumption will further complement the business landscape in Saudi Arabia.
The report on global artificial lift system market covers segments such as type, and component. On the basis of type, the sub-markets include electric submersible pump system, progressive cavity pump system, rod lift system, hydraulic piston system, and other types. On the basis of component, the sub-markets include pump, motor, cable system, drive head, separator, pump jack, sucker rod, gas-lift valves, gas-lift mandrels, controller, and other components.
The report provides profiles of the companies in the market such as Ebara Corporation, Mitsubishi Heavy Industries Compressor Corporation, General Electric Company, MAN Energy Solutions SE, Atlas Copco Energas GmbH, Solar Turbine Inc., Burckhardt Compression Holding AG, Hitachi, Ltd, Ariel Corporation, Neuman & Esser Group, and other companies.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of artificial lift system market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.
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