Global Artificial Lift Systems Market Size, Share, Growth Analysis, By Well type (Horizontal, and Vertical), By Product(Rod Lifts, Electrical Submersible Pumps)

Description

Global Artificial Lift Systems Market size was valued at USD 6.58 billion in 2021 and is poised to grow from USD 6.9 billion in 2022 to USD 10.03 billion by 2030, at a CAGR of 4.8% during the forecast period (2023-2030).

The Global Artificial Lift Systems Market refers to the industry encompassing technologies used in enhancing oil production from wells by lifting fluids to the surface. It includes methods such as rod lifts, electric submersible pumps, gas lift systems, and hydraulic pumps. Factors driving this market include increased oil exploration and production activities. The market has witnessed growth due to rising energy demand and technological advancements in extraction methods. Key players in this market include Schlumberger, Baker Hughes, and Weatherford International. The market is projected to continue expanding due to ongoing developments in the oil and gas sector. Top-down and bottom-up approaches were used to estimate and validate the size of artificial lift systems and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Segmental Analysis

The global artificial lift systems market is segmented on the basis of well type, product, and region. Based on well type, the market is segmented into horizontal, and vertical. In terms of product, the market is grouped into rod lifts, electrical submersible pumps, progressive cavity pumps, gas lift, hydraulic pumps, and others. Regionwise, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Drivers

Rising Energy Needs

The continual global escalation in energy demand, specifically for oil and gas, is propelled by factors such as population expansion, industrial progress, and transportation necessities. This surge in demand significantly propels the artificial lift systems market, as operators aim to optimize production and proficiently extract hydrocarbons from reservoirs to fulfill the energy prerequisites of diverse industries.

Restraints

Price Instability in the Oil Market

The worldwide oil and gas sector is prone to price changes driven by multiple elements such as geopolitical occurrences, supply and demand shifts, and economic situations. Oscillations in oil prices have the potential to influence investment choices, causing operators to be more careful when considering the adoption of novel artificial lift systems or the expansion of production. The presence of market uncertainties can act as a restraint on the progression of the artificial lift systems market.

Market Trends

Digital transformation and automation have emerged as significant patterns within the artificial lift systems sector. The incorporation of Internet of Things (IoT) sensors, data analysis, and artificial intelligence facilitates live tracking, anticipatory maintenance, and fine-tuning of lifting procedures. These innovations elevate the effectiveness, dependability, and safety of artificial lift systems, ultimately resulting in heightened efficiency and economical benefits.

Product Code: SQMIG10B2055

Executive Summary

Market Overview
Wheel of Fortune
Research Methodology
Information Procurement
Secondary & Primary Data Sources
Market Size Estimation
Market Assumptions & Limitations

Parent Market Analysis

Market Overview
Market Size
Market Dynamics
Drivers
Opportunities
Restraints
Challenges
Key Market Insights
Technology Analysis
Pricing Analysis
Supply Chain Analysis
Value Chain Analysis
Ecosystem of the Market
IP Analysis
Trade Analysis
Startup Analysis
Raw Material Analysis
Innovation Matrix
Pipeline Product Analysis
Macroeconomic Indicators
Top Investment Analysis
Key Success Factor
Degree of Competition
Market Dynamics & Outlook
Market Dynamics
Drivers
Opportunities
Restraints
Challenges
Regulatory Landscape
Porters Analysis
Competitive rivalry
Threat of Substitute Products
Bargaining Power of Buyers
Threat of New Entrants
Bargaining Power of Suppliers
Skyquest Special Insights on Future Disruptions
Political Impact
Economic Impact
Social Impact
Technical Impact
Environmental Impact
Legal Impact
Global Artificial Lift Systems Market by Well type
Market Overview
Horizontal
and Vertical
Global Artificial Lift Systems Market by Product
Market Overview
Rod Lifts
Electrical Submersible Pumps
Progressive Cavity Pumps
Gas Lift
Hydraulic Pumps
and Others
Global Artificial Lift Systems Market Size by Region
Market Overview
North America
USA
Canada
Europe
Germany
Spain
France
UK
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Latin America
Brazil
Rest of Latin America
Middle East & Africa (MEA)
GCC Countries
South Africa
Rest of MEA
Competitive Landscape
Top 5 Player Comparison
Market Positioning of Key Players, 2021
Strategies Adopted by Key Market Players
Top Winning Strategies
By Development
By Company
By Year
Recent Activities in the Market
Key Companies Market Share (%), 2021
Key Company Profiles
Baker Hughes (US)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Borets International Limited (UK)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Dover Corporation (US)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Schlumberger Limited (US)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Halliburton (US)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Weatherford International (US)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
National Oilwell Varco (US)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
General Electric (US)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Tenaris (US)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Novomet (UK)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Flotek Industries (US)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Apergy Corporation (US)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Grundfos Holding A/S (Denmark)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Kudu Industries (US)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Sulzer AG (Switzerland)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Cameron International (US)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
John Crane (US)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Flowserve Corporation (US)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Canadian Advanced ESP Inc. (Canada)
Company Overview
Business Segment Overview
Financial Updates
Key Developments
Netoil (UK)
Company Overview
Business Segment Overview
Financial Updates
Key Developments

Global Artificial Lift Systems Market Size, Share, Growth Analysis, By Well type (Horizontal, and Vertical), By Product(Rod Lifts, Electrical Submersible Pumps) - Industry Forecast 2023-2030