Dublin, Sept. 14, 2023 (GLOBE NEWSWIRE) -- The "Global Artificial Lift Market by Type (ESP, PCP, Rod Lift, Gas Lift), Mechanism (Pump Assisted (Positive Displacement, Dynamic Displacement), Gas Assisted), Well Type (Horizontal, Vertical), Application (Onshore, Offshore) and Region - Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global artificial lift market is on the verge of significant growth, with estimations indicating a substantial increase from USD 7.3 Billion in 2023 to a projected USD 9.0 Billion by 2028. Core Drilling Casing
This robust growth is expected to be driven by several key factors, including increased upstream activities in the oil & gas industry and the heightened extraction of heavy oil and shale gas production. As the demand for oil continues to rise globally, the need for enhanced hydrocarbon production and recovery methods, such as artificial lift technologies, has become paramount, propelling the artificial lift market forward.
Rising Exploration and Production of Unconventional Oil & Gas Resources to Drive Artificial Lift Market from 2023 to 2028
North America to Register Highest CAGR in Artificial Lift Market During Forecast Period
Onshore Segment and US Held Largest Shares of Artificial Lift Market in North America in 2022
Rod Lift Systems Held Largest Share of Artificial Lift Market in 2022
Onshore Applications Captured Major Market Share in 2022
Vertical Segment Accounted for Larger Share of Artificial Lift Market in 2022
Pump-Assisted Segment Dominated Artificial Lift Market in 2022
Rod Lift Systems to Dominate the Market
In terms of technology, rod lift systems are poised to be the leading segment within the artificial lift market during the forecast period. This dominance can be attributed to several advantages offered by rod lift systems, including cost-effectiveness, versatility in handling various well conditions, and efficient hydrocarbon extraction capabilities. The resurgence of shale developments and the redevelopment of mature wells in North America and the Middle East & African regions also contribute significantly to the substantial market share of rod lift systems.
The application segment reveals that onshore activities will hold the largest market share in the artificial lift market throughout the forecast period. The onshore oil & gas industry, particularly in North America, is undergoing rapid transformation, resulting in a heightened demand for improved operational efficiency to boost production from oil & gas wells. Increased onshore shale activities and enhanced oil recovery operations in mature oilfields have further driven the demand for artificial lift methods.
Gas-Assisted Systems as Key Players
Segmented by mechanism, the gas-assisted segment, which includes gas lift and plunger lift systems, is expected to become the second-largest segment of the artificial lift market during the forecast period. Gas-assisted artificial lift systems play a vital role in wells with high gas-to-oil ratios, lifting heavier hydrocarbons to the surface. This mechanism is anticipated to drive the artificial lift market's growth in the coming years.
Vertical Wells Take the Lead
In terms of well type, vertical wells are expected to dominate the artificial lift market during the forecast period. Vertical drilling remains a conventional method of oil & gas extraction, offering access to reserves directly below the surface. Most vertical wells are currently mature, driving the demand for artificial lift operations to maximize hydrocarbon recovery.
North America Leads the Way
North America is set to be the largest region in the artificial lift market during the forecast period. This growth is fueled by the rapid increase in upstream and downstream activities, coupled with a positive outlook for the oil & gas industry in the region. The transition from predominantly vertical wells to a higher percentage of horizontal wells, driven by fracking activities and horizontal drilling operations, has created opportunities for artificial lift systems such as ESPs and PCPs to address industry challenges.
Advancements in Upstream Activities Concerning Unconventional Oil & Gas Reserves
Growing Requirement to Maximize Production Potential of Mature Fields
Increase in Global Oil Demand
Rise in Heavy Oil Production
Decreasing Capex of Oilfield Operators and Upstream Service Providers
New Oilfield Discoveries to Promote Upstream Activities
Digitalization and Automation to Better Analyze Well Conditions
Transition Toward Renewable Energy Sources
Application of Artificial Lift Methods in Horizontal Wells
Novomet's Impactful Perforation Solution Reduced Power Consumption for Ecuador-Based Oil & Gas Producer
National Energy Services Reunited Corp.
Penguin Petroleum Services (P) Limited
Estimated Market Value (USD) in 2023
Forecasted Market Value (USD) by 2028
For more information about this report visit https://www.researchandmarkets.com/r/lmny8m
Tapered Tools About ResearchAndMarkets.com ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.