Artificial Lift Systems Market Worth $17 Billion by 2027, Says Global Market Insights, Inc.
The Artificial Lift Systems Industry is expected to register more than a 7% CAGR between 2021 and 2027, propelled by the increasing number of aging fields, along with shifting trends toward unconventional reserves.
SELBYVILLE, Del., February 4, 2021 (Newswire.com) - The artificial lift systems market value is projected to cross USD 17 billion by 2027, as reported in the latest study by Global Market Insights, Inc. Increasing investments toward the development of deep and ultra-deep areas along with development shale reserves will boost the industry growth. The upsurge in the number of mature and abandonment fields, along with ongoing automation and customization of various well redevelopment services, will propel the business landscape.
The hydraulic pump segment is anticipated to grow on account of its high tolerance for solids and corrosive fluids, lack of moving parts, and ease-of-installation. Furthermore, lesser maintenance and good operating flexibility in terms of production rate, depth and temperature will influence the product demand. In addition, increasing exploration activities across deepwater areas along with rapidly changing production volumes will positively influence the business landscape.
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Growing inclination toward devising an economic well recovery process, along with declining production from conventional wells, will boost the onshore artificial lift systems industry demand. Moreover, an upsurge in the expansion of unconventional reserves across China, the U.S., and Indonesia, coupled with customized turnkey solutions, provided by industry players will propel the industry outlook.
Some of the key findings of the artificial lift systems market report include:
- The global market is growing rapidly, owing to the increasing number of mature wells along with revitalizing of aging fields.
- Growing investments for the development of unconventional wells including shale plays is set to boost business development.
- Key players operational across the artificial lift systems market are Borets, Schlumberger, Halliburton, General Electric and National Oilwell Varco.
- Growing investments toward technological advancement coupled with ongoing innovations across the complete spectrum of E&P activities.
Browse key industry insights spread across 230 pages with 239 market data tables & 42 figures & charts from the report, "Artificial Lift Systems Market Forecasts by Application (Onshore, Offshore), Technology (Progressive Cavity Pumps, Electrical Submersible Pumps, Gas Lift, Rod Lift, Hydraulic Pumps, Others), Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2021 - 2027" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/artificial-lift-systems-market-report
Increasing demand for sour crude primarily across Kuwait, Egypt and Saudi Arabia will propel the progressing cavity pump segment of the industry. Increasing E&P activities across onshore & offshore areas along with recent oil price recovery will boost the business growth. In addition, low maintenance cost, high efficiency and a compact size make its adoption preferable. Furthermore, the capability to operate in both horizontal and directional wells will uplift the product penetration.
The upsurge in the number of aging fields is anticipated to be a major driving factor influencing the Middle East & Africa artificial lift systems' market statistics. The increasing investments by private and public companies toward redevelopment projects across the nations has favoured the business trends. Furthermore, the redevelopment programs initiated by respective government authorities will also institute a favourable business scenario for the industry players.
The impact of Covid-19 pandemic has led to a decline in the private and public investments along with delays in pipeline projects which in turn may influence the industry statistics. However, ongoing government measures to restart the operations across industries, manufacturing facilities and infrastructure projects is set to boost the industry size.
Access the TOC of this report at https://www.gminsights.com/toc/detail/artificial-lift-systems-market-report
Browse Related Report:
Electric Submersible Pump Market Statistics by Operation (Single Stage, Multistage), Industry (Oil & Gas {Onshore, Offshore}, Sewage & Wastewater, Agriculture, Building Services), By Well (Borewell {Sewage & Wastewater, Agriculture, Building Services}, Open well {Sewage & Wastewater, Agriculture, Building Services}), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 - 2025
https://www.gminsights.com/industry-analysis/electric-submersible-pump-market
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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Source: Global Market Insights, Inc.
