The oil industry has internalised new processes that have eased several complex operations for oilfield workers. Emergence of digital oilfields has created room for growth within the global artificial lift systems market in recent times
ALBANY, New York, Feb. 6, 2020 /PRNewswire/ -- The need for artificial lift systems across the oil industry is not a nascent trend. For several years, exploration activities across wells and digs have been managed using lifting systems. However, development of leading-edge lifting technologies has helped in garnering the trust of decision makers in the industry. Integration of digital technologies with complex systems across oilfields has accelerated the pace of exploration. The total volume of revenues within the global artificial lift systems market is expected to touch US$ 12.3 Bn by 2027-end, rising up from a value of US$ 8.1 Bn in 2018. The CAGR of the global artificial lift systems market for the period between 2019 and 2027 is tabulated at 5%. The growth of this market largely depends on the pace of digital transformation in the oil industry.
The quest of the oil industry to embrace wholesome digital maturity has transcended as an important driver of demand within the global artificial lift systems market. Apart from serving premium utility to explorers, artificial lift systems also contribute towards enhancing safety across oilfields.
An integrated set of components is used to develop artificial lifts used in the oil industry. Motor, Pump, and Cables are the primary components used in such lifts, and the collective availability of these components defines the rate of manufacturing.
Despite the evident relevance of hardware technologies in artificial lift systems, software technologies are used to monitor and examine the functioning of these lifts.
Based on the type of system, hydraulic systems used in artificial lifts outperform all other systems. Other technologies such as sucker rod lift and gas lift are also used across the industry.
Get detailed insights and factual evidence to study the growth dynamics of the Global Artificial Lift Systems Market (Component: Hardware [Pump, Motor, Cable System, Pump Jack, Sucker Rod, and Others] and Software; and System: Electrical Submersible Pumping [ESP], Sucker Rod Lift, Progressing Cavity Pumping [PCP], Gas Lift, Hydraulic Pumping, and Others) - 2019 – 2027 at:
Global Artificial Lift Systems Market: Demand Drivers
The oil industry has achieved greater agility, resilience, and control over its operations through the use of digital technologies. The benefits of holistic digital transformation across oilfields reflect in the form of reduced downtime, increase pace of exploration, and minimal wastage. Therefore, the value of the global artificial lift systems market is set to touch new heights in the times to follow.
Oil spills across oilfields have dramatically reduced post the induction of digital technologies. The ability to keep a check on leakage or spillage in the oil industry can be a means of profit generation in the oil industry.
The safety of engineers and technicians who work inside mines and wells is of utmost importance for the industry. Therefore, use of artificial lift systems has gathered momentum over the past decade.
Need for reducing downtimes in the oil industry, coupled with the willingness of oilfield operators to integrate new digital technologies, has also aided market growth.
Challenges for Artificial Lift Systems Market Players
Limited budget of oilfield operators and companies has deprived them of the ability to integrate digital technologies such as artificial lift systems.
Oilfield infrastructure is often ill-equipped to support the integration of artificial lift systems. In order to optimize the benefits of artificial lift systems, oilfield operators are required to overhaul their digital infrastructure.
Exploration activities conducted across remote and peripheral areas often bank on manual capabilities and basic lifting aids.
Global Artificial Lift Systems Market: Regional Analysis
The uncontested supremacy of the Middle East in oil exploration activities has helped in driving sales across the global market. Several foreign units and investors are buying stakes and shares in oil companies in the Middle East. The investments garnered from such initiatives shall trickle down to the global artificial lift systems market. The Europe market is also slated to attract fresh revenues in the years to follow.
As digital transformation of oilfields gathers momentum, the vendors in the global artificial lift systems market can gradually tap into the requirements of the end-users. These vendors can focus on capturing new territories in Eastern and Central Europe where exploration activities are on a rise. Some of the leading players in the global artificial lift systems market are National Oilwell Varco, Superior Energy Services, Inc, Halliburton Inc., Occidental Petroleum Corporation, and Flowco Production Solutions.
Analyze artificial lift systems market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study,
Transparency Market Research has segmented the artificial lift systems market based on component, system, and region.
Global Artificial Lift Systems Market: Segmentation
Artificial Lift Systems Market Component Outlook (Revenue, USD Million 2019-2027)
Others (including Drive Head, Separator, Sensor, and Coriolis Meter)
Artificial Lift Systems Market System Outlook (Revenue, USD Million 2019-2027)
Electrical Submersible Pumping (ESP)
Sucker Rod Lift
Progressing Cavity Pumping (PCP)
Others (including Plunger Lift)
Artificial Lift Systems Market Region-wise Outlook (Revenue, USD Million 2019-2027)
Russia & CIS
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of Middle East & Africa
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