Artificial Lift System Market Trends, Challenges, In-Depth Insights, Strategies (2022-2027)
Posted by aartimurkute on July 26th, 2022
In the past few decades, crude oil and petroleum reserves have been diminishing at a steady pace. Meanwhile, the demand for energy has exhibited paced increase across the globe. Such stark discrepancy between the demand and supply of energy has incentivised the stakeholders to seek unconventional sources of oil and gas. Unconventional sources such as shale oil and gas, coal-bed methane, and oil sands require more sophisticated means of drilling due to lower natural pressure. The global artificial lift system market is expected to flourish in the coming years as these systems are specifically built to extract resources in absence of natural pressure. In addition, the global unconventional natural gas output is projected to reach a staggering amount of 1.9 trillion cubic meters by 2050. This points to the presence of countless opportunities present in the global artificial lift system market in the coming years.
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Growing Demand for Unconventional Sources of Energy to Accelerate Market Growth
Globally, the consumption of energy has been growing exponentially while the traditional sources of energy such as petroleum and coal are beginning to deplete. Under such circumstances, stakeholders are exploring unconventional sources of fossil fuels. Resources such as shale oil, shale gas, oil sands, and coal-bed methane require extra effort during extraction. To this end, the demand for artificial lift systems has grown by leaps and bounds owing to their effectiveness in overcoming such challenges. Today, approximately two-thirds of the total oil production worldwide comes from mature fields that have low natural pressure. Artificial lift systems are required for extraction in such conditions, creating considerable possibilities for the expansion of global artificial lift system market.
Robust Offshore Drilling Activities to Open New Avenues for Growth in Global Artificial Lift System Market
Consistently diminishing energy resources have coerced industry players to adopt novel techniques for extraction. This has created headways in the offshore drilling segment as this exploration activity is expected to increase during the study period. Hydraulic pumping, electrical submersible pumps (ESP), progressing cavity pumps (PCP), and gas lift are some of the common artificial lift systems used for offshore exploration. As these are vastly undiscovered reserves, market players have to dedicate extra efforts while discovering viable sources. As a result, offshore projects require considerably bigger investments in comparison to onshore projects. The growing fuel demands and uncharted territory of offshore exploration are creating significant economic opportunities in the global artificial lift system market.
North America to Emerge as Dominant Region Owing to Paced Demand for Shale Oil
The artificial lift system market in North America is expected to offer lucrative business possibilities owing to increasing fossil fuel exploration and production activities. The recent discovery of shale reserves in North America has attracted tremendous interest from market players. Large multi-well complex projects are being proposed and artificial lift systems are also being upgraded with state-of-art technology to improve efficiency. Promising fuel supplies, the concentration of major market entities, and technological advancements are set to establish North America as the leading region in the artificial lift system market.
Notable Market Participants
Some of the most prominent market players in the global artificial lift system market include Baker Hughes Company (US), Halliburton (US), Weatherford (Switzerland), JJ Tech (US), NOV (US), Borets International (Russia), AccessESP (US), Apergy (US), Schlumberger (US), DistributionNow (US), Oilserv (UAE), and Novomet (Russia).
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Joined: January 21st, 2021
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