Surge in oil exploration activities and optimization of upstream assets is expected to drive the demand for global artificial lift systems market in forecast period.
According to TechSci Research report, “Global Artificial Lift Systems Market By Type (Electric Submersible Pump, Progressive Cavity Pump, Rod Lift, Gas Lift, and Others), By Application (Onshore, Offshore), By Component (Pump, Motor, Cable System, Controller, Others), By Company, By Region, Forecast & Opportunities, 2026”, Global artificial lift systems market is expected to witness robust growth in the next five years owing to surge in shale oil and heavy oil gas production across the globe. Various immature oil reserves present around the globe are unable to push oil through them, and major oil requirements are fulfilled by existing mature oil reserves only. Artificial lift systems aid in optimizing extraction through existing oil reserves and to nullify decline rate of oil reserves, thereby fostering the demand for global artificial lift systems market. Technological innovations in upgrading existing artificial lift systems technology are boosting major companies for economical extraction via artificial lift systems through existing oil reserves. Recovery of global crude prices around the globe is fueling the global artificial lift systems market.
However, the advent of IOR technology and technological advancement of smart water flooding may create hindrance in the growth of the global artificial lift systems market.
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Global artificial lift systems market is segmented by type, application, component, region, and company. Based on type, market is further categorised into electric submersible pump, progressive cavity pump, rod lift and gas lift. Electric submersible pumps are dominating in 2020 and is expected to hold major market share during the next five years. low space requirements and ability to push fluid through low pressure wells efficiently. Also, electric submersible pumps can perform even at bad environment conditions. It can handle higher volume and work efficiently even at great depths. Rod lift segment is expected to witness fastest incremental growth owing to easy-to-use nature and efficiency over its counterparts. Rod lift ability to pump down the well to very low pressure is another factor contributing to the market growth. It aids in preventing oil and gas corrosion during the extraction process thereby making it a preferred choice for artificial lift systems. Based on application, global artificial lift systems market is segregated into onshore and offshore. Offshore segment is expected to hold major market share during the forecast period. Offshore consists of plethora of untapped reserves for oil and gas extraction. Many reserves have reached the end of their operational lives thereby requires artificial lift systems for extraction of oil and gas reserves from the immature reserves thereby boosting the growth of global artificial lift systems market.
Schlumberger Limited, Weatherford International plc, Halliburton Limited, Baker Hughes Incorporated, Dover Corporation, National Oilwell Varco, Inc., ChampionX Corporation, Borets International Limited, Chelpipe Group (ZAO Rimera), OiLSERV FZCO are the leading players operating in global artificial lift systems market. Manufacturers are increasingly focusing on research and development process to fuel higher growth in the market. To meet evolving customer demand with respect to better efficiency and durability, several artificial lift systems manufacturers are coming up with their technologically advanced offerings.
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“Huge investments in exploration and drilling activities is expected to aid the growth for global artificial lift systems market. Reliance of consumers on conventional sources of energy is naturally depleting the existing resources, thereby the shift to exploration of unconventional energy sources such as shale oil, natural gas and others is expected to propel the global artificial lift systems market till 2026” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Artificial Lift Systems Market By Type (Electric Submersible Pump, Progressive Cavity Pump, Rod Lift, Gas Lift, and Others), By Application (Onshore, Offshore), By Component (Pump, Motor, Cable System, Controller, Others), By Company, By Region, Forecast & Opportunities, 2026” has evaluated the future growth potential of global artificial lift systems market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the of global artificial lift systems market.
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