Increase in demand for energy across the world, improve in production efficiencies at mature fields, and rise in deep, ultra-deep offshore oil production drive the growth of the global artificial lift system market.
PORTLAND, Ore., Feb. 23, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Artificial Lift System Market by Lift Type (Reciprocating Rod Lift, Electric Submersible Pumps, Gas lift, Progressing Cavity Pumps, Jet Pump, and Others), Application (Onshore and Offshore), Mechanism (Pump Assisted and Gas Assisted), and Well Type (Horizontal and Vertical): Global Opportunity Analysis and Industry Forecast 2021-2030". According to the report, the global artificial lift system industry generated $26.3 billion in 2020, and is anticipated to generate $55.3 billion by 2030, witnessing a CAGR of 7.7% from 2021 to 2030.
Prime determinants of growth
Increase in demand for energy across the world, improve in production efficiencies at mature fields, and rise in deep, ultra-deep offshore oil production drive the growth of the global artificial lift system market. However, lack of skilled workers and high cost of artificial lift equipment hinder the market growth. On the other hand, increase in subsea drilling activities presents new opportunities in the coming years.
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Covid-19 Scenario
- The outbreak of the COVID-19 pandemic has had a negative impact on the growth of the global artificial lift system market, owing to reduction in activities in reservoirs.
- The pandemic led to disruption of demand for oil and also affected a wide range of industries such as coal and renewable oil & gas, owing to the implementation of lockdown. This in turn, hampered the growth of the global artificial lift system market, especially during the initial period.
- However, the market is going to recoup soon in 2022.
The offshore segment to maintain its leadership status throughout the forecast period
Based on application, the offshore segment held the highest market share in 2020, accounting for more than two-thirds of the global artificial lift system market, and is estimated to maintain its leadership status throughout the forecast period. Moreover, the same segment is projected to manifest the highest CAGR of 7.8% from 2021 to 2030. Rise in oil & gas offshore production is the major driving factor for the offshore artificial lift system market.
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The horizontal segment to maintain its lead position during the forecast period
Based on well type, the horizontal segment accounted for the largest share in 2020, contributing to more than two-thirds of the global artificial lift system market, and is projected to maintain its lead position during the forecast period. Moreover, the same segment is expected to portray the largest CAGR of 7.8% from 2021 to 2030. Horizontal well is a type of directional drilling technique. Operators use it to retrieve oil and natural gas in situations in which the shape of the reservoir is abnormal or difficult to access. It permits access to subsurface reservoirs that may not be accessible from directly above. All the mentioned applications of horizontal technique act as the major driving factor for the market.
North America to maintain its dominance by 2030
Based on region, North America held the highest market share in terms of revenue 2020, accounting for nearly two-fifths of the global artificial lift system market. Rise in oil & gas offshore production and onshore act as the major driving factor for the offshore artificial lift system market. The same region is also expected to witness the fastest CAGR of 8.1% during the forecast period.
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Leading Market Players
- 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
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