Artificial lift refers to the use of artificial means to increase the flow of fluids, such as crude oil or water, from the well of output. This is usually accomplished by using a mechanical device inside the well (known as a pump or a velocity string) or by reducing the weight of the hydrostatic column by injecting gas into the fluid at some distance down the well. A newer method called Continuous Belt Transportation (CBT) uses an oil-absorbing belt to remove from marginal and idle fields.
Artificial lift is required in wells when there is a lack of pressure in the reservoir to lift the generated fluids to the ground but often used in naturally flowing wells (which do not theoretically require it) to raise the flow rate above what would flow naturally. The fluid created can be oil, water or a combination of oil and water, typically combined with a certain amount of gas.
Artificial Lift Systems Market Overview:
Artificial Lift Systems market is expected to reach 12.71 billion USD in by 2021, increasing from 9.67 Billion USD in 2021.
Recent Developments:
In May of 2019, Quick Connector, Inc., a market leader of artificial lift wellhead system provider has introduced a gas lift wellhead solution that allows flexibility to connect capillary lines to the gas lift without the expense or delay of sourcing from the conventional wellhead supplier.
In February of 2019, Tenaris, a global leader of the market, announced that they are looking forward to opening a new manufacturing plant, specifically for manufacturing sucker rods in Conroe, Texas. The development of the plant will be completed by the second quadrant of 2019, with entirely advanced and efficient equipment for more productivity.
Market Growth:
The Artificial Lift Systems market was estimated at USD 9.67 Billion in 2021 and is expected to expand at a CAGR of 5.6% to USD 12.71 Billion by 2026.
Drivers and Restraints of Artificial Lift Systems Market:
Drivers:
Restraints:
Artificial Lift Systems Market Segmentation:
By Type:
Based on the Type, the Artificial Lift Systems market is segmented into, Rod Lift, Electrical Submersible Pumps (ESP), Gas Lift, Progressive Cavity Pumps (PCP). Of these, in terms of market share, the Electrical Submersible Pumps (ESP) segment dominated the global market and is expected to maintain this trend across the whole forecast periods. The versatility of the ESP is the significant factor that accounted for its market share. It is calculated that the segment accounts for 43% of the total market share. It is the ideal technology for moderate to high production rates, including highly deviated wells, remote and subsea deep-water wells. Due to its lower installation cost and relatively long life, the sucker rod pump is the most popular type of artificial lift systems.
By Application:
Based on the Application, the Artificial Lift Systems market is segmented into Onshore and Offshore. Of these, the offshore segment provides lucrative opportunities for industry players and is expected to show higher growth compared to the other sections. North America, Europe, MEA, and APAC have large-scale onshore exploration activities that contribute a large part to the growth of artificial lifts. In the coming years, offshore exploration activities are projected to see massive growth due to the vast potential of oil and gas reserves.
Artificial Lift Systems Region-wise analysis:
Based in region, Artificial Lift Systems can be segmented into:
North America is the largest revenue-generating market estimated at US$ 4.5 billion in 2020. By 2025, the area is expected to reach a market value of US$ 6.7 billion, rising at a CAGR of 7.3 percent. The wider use of the artificial lift system is due to low-pressure oil wells in the area. Nevertheless, Asia-Pacific would be the fastest-growing market with expected revenue of US$ 3.1 million by 2025, rising at 9.4 percent CAGR during the forecast period. This rapid growth in the LAMEA area is possibly due to the rapid maturation of oil fields due to years of production.
Key Players of Market:
Some of the key players of the Global Artificial Lift Systems market include Tenaris, Quick Connecter, Dover Artificial Lift, Baker Hughes, Halliburton Company, Kudu Industries, Flotek Industries, Inc., Weatherford International, Schlumberger Ltd, among others.
RESEARCH METHODOLOGY:
The research of Artificial Lift Systems market takes place in two phases namely-
Secondary Research The first phase of the research process is extensive secondary research and identification of the related intelligence. Secondary data is compiled from various sources. Extensive secondary research helps in generating hypotheses and identifying critical areas of interest that are investigated through primary research.
Primary Research This entails conducting hundreds of primary interviews with industry participants and commentators in order to validate the data points obtained from secondary research and to fill the data gaps. A primary interview provides first-hand information on the market size, market trends, growth trends, competitive landscape, future outlook, etc. It also helps in deciding the scope and deliverables of the study in terms of the requirement of the market. Primary research involves E-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment, and sub-segment across geographies.
Global Artificial Lift Systems Market Research Report Key Highlights:
1. Introduction
1.1 Market Definition
1.2 Study Deliverables
1.3 Base Currency, Base Year and Forecast Periods
1.4 General Study Assumptions
2. Research Methodology
2.1 Introduction
2.2 Research Phases
2.2.1 Secondary Research
2.2.2 Primary Research
2.2.3 Econometric Modelling
2.2.4 Expert Validation
2.3 Analysis Design
2.4 Study Timeline
3. Overview
3.1 Executive Summary
3.2 Key Inferences
3.3 Epidemology
4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
4.1 Market Drivers
4.2 Market Restraints
4.3 Key Challenges
4.4 Current Opportunities in the Market
5. Market Segmentation
5.1 By Type
5.1.1 Introduction
5.1.2 Rod Lift
5.1.3 Electrical Submersible Pumps ESP
5.1.4 Gas Lift
5.1.5 Progressive Cavity Pumps (PCP)
5.1.6 Others
5.1.7 Y-o-Y Growth Analysis
5.1.8 Market Attractiveness Analysis
5.1.9 Market Share Analysis
5.2 By Mechanism
5.2.1 Introduction
5.2.2 Gas Assisted
5.2.3 Pump Assisted
5.2.4 Y-o-Y Growth Analysis
5.2.5 Market Attractiveness Analysis
5.2.6 Market Share Analysis
5.3 By Application
5.3.1 Introduction
5.3.2 On Shore
5.3.3 Off Shore
5.3.4 Y-o-Y Growth Analysis
5.3.5 Market Attractiveness Analysis
5.3.6 Market Share Analysis
6. Geographical Analysis
6.1 Introduction
6.1.1 Regional Trends
6.1.2 Impact Analysis
6.1.3 Y-o-Y Growth Analysis
6.1.3.1 By Geographical Area
6.1.3.2 By Type
6.1.3.3 By Mechanism
6.1.3.4 Application
6.1.4 Market Attractiveness Analysis
6.1.4.1 By Geographical Area
6.1.4.2 By Type
6.1.4.3 By Mechanism
6.1.4.4 Application
6.1.5 Market Share Analysis
6.1.5.1 By Geographical Area
6.1.5.2 By Type
6.1.5.3 By Mechanism
6.1.5.4 Application
6.2 North America
6.1.1 Introduction
6.1.2 United States
6.1.3 Canada
6.3 Europe
6.2.1 Introduction
6.2.2 U.K
6.2.3 Spain
6.2.4 Germany
6.2.5 Italy
6.2.6 France
6.4 Asia-Pacific
6.3.1 Introduction
6.3.2 China
6.3.3 India
6.3.4 Japan
6.3.5 Australia
6.3.6 South Korea
6.5 Latin America
6.4.1 Introduction
6.4.2 Brazil
6.4.3 Argentina
6.4.4 Mexico
6.4.5 Rest of Latin America
6.6 Middle East & Africa
6.5.1 Introduction
6.5.2 Middle-East
6.5.3 Africa
7. Strategic Analysis
7.1 PESTLE analysis
7.1.1 Political
7.1.2 Economic
7.1.3 Social
7.1.4 Technological
7.1.5 Legal
7.1.6 Environmental
7.2 Porter’s Five analysis
7.2.1 Bargaining Power of Suppliers
7.2.2 Bargaining Power of Consumers
7.2.3 Threat of New Entrants
7.2.4 Threat of Substitute Products and Services
7.2.5 Competitive Rivalry within the Industry
8. Market Leader Analysis
8.1 Tenaris
8.1.1 Overview
8.1.2 Product Analysis
8.1.3 Financial analysis
8.1.4 Recent Developments
8.1.5 SWOT analysis
8.1.6 Analyst View
8.2 Quick Connecter
8.3 Dover Artificial Lift
8.4 Baker Hughes
8.5 Halliburton Company
8.6 Kudu Industries
8.7 Flotek Industries, Inc.,
8.8 Weatherford International
8.9 Schlumberger Ltd
9. Competitive Landscape
9.1 Market share analysis
9.2 Merger and Acquisition Analysis
9.3 Agreements, collaborations and Joint Ventures
9.4 New Product Launches
10. Market Outlook and Investment Opportunities
Appendix
a) List of Tables
b) List of Figures
