Artificial Lift Systems Market 2021 | Industry Analysis, Share, Growth by 2027
Artificial Lift Systems Market size is expected to grow rapidly between 2021 and 2027 led by robust investments towards the development of ultra-deep and deep shale reserves.
Delaware, United States – July 23, 2021 /MarketersMedia/ —
The artificial lift systems market is estimated to grow at a steady pace over the coming years owing to robust investments towards the development of ultra-deep and deep shale reserves. Current customization and automation of well reservoir development services along with rise in the number of abandonment and mature fields is likely to propel industry outlook.
There is an increasing demand for sour crude, mainly across Saudi Arabia, Egypt and Kuwait, which could drive progressive cavity pumps businesses. Recent oil price recovery and growing E&P activities in offshore and onshore areas could favor business outlook. The capability to perform in both directional and horizontal wells, high efficiency, a compact size and low maintenance cost makes the technology preferable. Technological advancements and preference towards brownfield projects are other factors fueling product demand.
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Driven by extensive product deployment, companies operating in the artificial lift systems market are working on advanced technologies and services. For example, in 2017, artificial lift solutions firm Schlumberger announced the launch of its new artificial lift management service which enhances artificial lift equipment performance, well production, and reduces operating costs. In view of such developments, Global Market Insights, Inc., suggests that the artificial lift systems market may register a CAGR of above 7% by 2027.
Mentioned below are some of the key trends driving artificial lift systems market expansion:
1) Middle East & Africa emerging as a promising business avenue
The Middle East & Africa artificial lift systems market is witnessing rapid growth owing to surge in the number of aging fields, technological advancements, and extensive R&D activities centered around oil extraction. The investments made by public and private companies towards redevelopment projects initiated by respective government authorities throughout nations is fueling business expansion.
2) Increasing adoption of hydraulic pumps
The hydraulic pumps segment is projected to grow on account of product features such as ease-of-installation, lack of moving parts, and high tolerance for corrosive fluids and solids. These pumps require less maintenance and have good operating flexibility in terms of depth, temperature and production. Changing production volumes and rise in exploration activities in deep water areas could drive the demand for these pumps over time.
3) Demand for onshore artificial lift systems
Increasing inclination towards planning of an economic well recovery process, as well as a decline in production from conventional wells, may drive the onshore application of artificial lift systems. Customized turnkey solutions are being offered by market players. Expansion of unconventional reserves is being conducted in the U.S., Indonesia, and China. Government plans to decrease import dependency and improve domestic production is likely to boost the deployment of artificial lift systems in onshore application.
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