The global artificial lift is valued at around 9.5 bn in 2021 and is expected to grow at a CAGR of more than 6% during the forecast period (2021-2027).
A comprehensive overview of the global Artificial Lift market is recently added by UnivDatos Market Insights to its humongous database. The report has been aggregated by collecting informative data from various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Artificial Lift market globally. This report offers a detailed analysis of the latest industry developments and trending factors that are influencing market growth. Furthermore, this statistical market research repository examines and estimates the global Artificial Lift market at regional and country levels. The global artificial lift is valued at around 9.5 bn in 2021 and is expected to grow at a CAGR of more than 6% during the forecast period (2021-2027).
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Market Overview
Artificial lift is a process used on oil wells to increase pressure within the reservoir and encourage oil to the surface. When the natural drive energy of the reservoir is not strong enough to push the oil to the surface, artificial lift is employed to recover more production. Artificial lift is generally required on most of the wells at some time during their production life or to increase oil well life. Factors such as accelerating investments toward exploration of subsea areas coupled shifting trends toward unconventional reserves coupled with the increase in demand for energy along with industrialization and a rise in population and urbanization boost the growth of the artificial lift market.
Also, major exploration and production (E&P) firms are shifting their focus toward the event of unconventional oil and gas reserves, together with oil, shale gas, tight oil, tight gas, and coal bed alkane series (CBM), which in turn escalating the demand for the artificial lift for carrying throughout E&P activities for the optimum production within the coming years.
COVID-19 Impact
The coronavirus pandemic was declared a public health emergency worldwide by World Health Organization (WHO) in 2020. The strict guidelines were issued by governments and local authorities, and industrial, and commercial activities even all non-essential operations were halted which had suspended the activities of end-users. COVID-19 has adversely affected the artificial lift market.
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The global Artificial Lift market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
By Type, the market is primarily categorized into:
• ESP
• PCP
• Gas Lift
• Rod lift
• Others
Based on type, the artificial lift market is segmented into ESP, PCP, Gas lift, Rod lift, and others. The rod lift segment caters to extensive market share in the artificial lift market and is expected to grow at an influential rate during the forecasted period. Rod lifts have high salvage value for downhole equipment and can handle gas and corrosion efficiently during the artificial lift process. Such benefits are expected to boost the demand for artificial lifts in the coming years. Thus, the rising need to prevent gas & corrosion handling during artificial lift operations is driving the rod lift segment.
By Well Type, the market is primarily segmented into:
• Horizontal
• Vertical
Based on well type, the artificial lift market is bifurcated into horizontal and vertical. The horizontal well segment caters to a considerable share of the artificial lift market and is expected to witness high growth during the forecasted period. It is mainly due to the difference in the production rates and horizontal wells becoming increasingly common and productive in the recent years, which would dominate its position in the forecasted period.
By Application, the market is primarily segmented into:
• Onshore
• Offshore
Based on application, the artificial lift market is classified into onshore and offshore. The offshore segment caters to a considerable share of the artificial lift market and is expected to witness high growth during the forecasted period. The growth of this segment is primarily driven by the cost reduction and digitalization of the oil & gas offshore projects. This would ultimately create new opportunities for the w artificial lift market during the forecast period. In addition, new oilfield discoveries in offshore regions are expected to increase the drilling operations. Such developments offshore are driving the artificial lift market.
Global Artificial Lift Market Geographical Segmentation Includes:
· North America (United States, Canada, Rest of North America)
· Europe (Germany, UK, Spain, Italy, France, Rest of Europe)
· Middle East & Africa (UAE, Saudi Arabia, Egypt, Nigeria, South Africa, and Rest of MEA)
· Asia-Pacific (China, Japan, India, Australia, Rest of APAC)
· Rest of the World
Based on the estimation, The Middle East and Africa acquired an extensive market share in the artificial lift market and is expected to grow at an extensive rate mainly owing to the majority of oil field constitute by this region and coupled with increasing consumption of oil, the discoveries of new reserves are ongoing in many countries in MEA region.
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The major players targeting the market include:
· General Electric Company
· Man Diesel & Turbo SE
· Ebara Corporation
· Mitsubishi Heavy Industries Compressor Corporation
· Atlas Copco Energas GmbH
· Solar Turbine Inc.
· Burckhardt Compression Holding AG
· Ariel Corporation
· Neuman & Esser Group
· Hitachi, Ltd
Competitive Landscape
The degree of competition among prominent companies has been elaborated by analyzing several leading key players operating globally. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the global carbon-neutral data center market. The major players have been analyzed by using research methodologies for getting insight views on market competition.
Key questions resolved through this analytical market research report include:
· What are the latest trends, new patterns, and technological advancements in the global Artificial Lift market?
· Which factors are influencing the global Artificial Lift market over the forecast period?
· What are the global challenges, threats, and risks in the global Artificial Lift market?
· Which factors are propelling and restraining the global Artificial Lift market?
· What are the demanding global regions of the global Artificial Lift market?
· What will be the market size in the upcoming years?
· What are the crucial market acquisition strategies and policies applied by the companies?
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