Dublin, Oct. 07, 2022 (GLOBE NEWSWIRE) -- The "Global Artificial Lift Market by Type (ESP, PCP, Rod Lift, Gas Lift), Mechanism (Pump Assisted (Positive Displacement, Dynamic Displacement), Gas Assisted), Well Type (Horizontal, Vertical), Application (Onshore, Offshore) and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The artificial lift market is projected to grow from an estimated USD 6.9 billion in 2022 to USD 8.7 billion by 2027, at a CAGR of 4.8% during the forecast period.
The primary drivers of the market include rising demand for oil across the globe and the increasing need for maximizing the production potential of mature oil & gas fields.
By mechanism, the pump assisted segment is estimated to lead the market from 2022 to 2030
The artificial lift market is segmented by mechanism into pump assisted and gas assisted. The pump assisted segment is not only expected to hold a larger market share but is also projected to witness a higher growth rate during the forecast period.
This high growth rate can be attributed to the higher adoption rate of ESP and PCPs.
By well type, the horizontal segment is projected to register a higher CAGR from 2022 to 2027
By well type, the artificial lift market is segmented into horizontal and vertical wells. Although the vertical segment is estimated to hold a larger market share, the horizontal segment is projected to grow at a higher rate during the forecast period.
This growth can be attributed to large discoveries of shale reserves and increasing hydraulic fracturing in the North American region.
4 Premium Insights 4.1 Attractive Opportunities in Artificial Lift Market 4.2 Artificial Lift Market, by Region 4.3 Artificial Lift Market Share, by Type 4.4 Artificial Lift Market Share, by Mechanism 4.5 Artificial Lift Market Share, by Well Type 4.6 Artificial Lift Market Share, by Application 4.7 North America: Artificial Lift Market, by Application and Country
5 Market Overview 5.1 Introduction 5.2 Market Dynamics 5.2.1 Drivers 5.2.1.1 Advancements in Upstream Activities Concerning Unconventional Oil & Gas Reserves 5.2.1.2 Growing Requirement for Maximizing Production Potential of Mature Fields 5.2.1.3 Increase in Global Oil Demand 5.2.1.4 Rise in Heavy Oil Production 5.2.2 Restraints 5.2.2.1 Decreasing Capex of Oilfield Operators and Upstream Service Providers 5.2.3 Opportunities 5.2.3.1 New Oilfield Discoveries 5.2.3.2 Digitalization and Automation 5.2.4 Challenges 5.2.4.1 Transition Toward Adoption of Renewable Energy Sources 5.2.4.2 Application of Alms in Horizontal Wells 5.3 Trends/Disruptions Impacting Customers' Businesses 5.3.1 Revenue Shift and New Revenue Pockets in Artificial Lift Market 5.4 Supply Chain Analysis 5.4.1 Raw Material Suppliers 5.4.2 Artificial Lift Manufacturers 5.4.3 Artificial Lift Service Providers 5.4.4 Oilfield Operators 5.5 Ecosystem/Market Map 5.6 Key Conferences and Events 5.7 Regulatory Analysis 5.7.1 Regulatory Bodies, Government Agencies, and Other Organizations 5.8 Patent Analysis 5.9 Porter's Five Forces Analysis 5.10 Technology Analysis 5.11 Pricing Analysis 5.12 Key Stakeholders and Buying Criteria 5.13 Case Study Analysis 5.13.1 Novomet's Impactful Perforation Solution in Ecuador
6 Artificial Lift Market, by Type 6.1 Introduction 6.2 Rod Lifts 6.2.1 Rise in Use of Artificial Rod Lifts in Oil & Gas Industry for Oil Drilling 6.3 Electrical Submersible Pumps 6.3.1 Efficient Manufacturing Design and Operational Characteristics to Support Adoption 6.4 Gas Lift Systems 6.4.1 Low Operating Costs to Boost Market Growth 6.5 Progressive Cavity Pumps 6.5.1 Demand for Progressive Cavity Pumps in Shallow Wells Expected to Rise 6.6 Others
7 Artificial Lift Market, by Mechanism 7.1 Introduction 7.2 Pump Assisted 7.2.1 Positive Displacement 7.2.1.1 Increasing Adoption of Rod Lift Pumps and Pcps in North America and Middle East & Africa to Drive Market 7.2.2 Dynamic Displacement 7.2.2.1 Rise in Multistage Drilling Operations to Drive Market 7.3 Gas Assisted 7.3.1 More Vertical Gas Wells Adopting Gas-Assisted Systems
8 Artificial Lift Market, by Well Type 8.1 Introduction 8.2 Horizontal 8.2.1 Esps, Jet Pumps, and Pcps Used in Horizontal Well Drilling 8.3 Vertical 8.3.1 Vertical Well Drilling Considered Conventional Method of Oil & Gas Extraction
9 Artificial Lift Market, by Application 9.1 Introduction 9.2 Onshore 9.2.1 Redevelopment of Mature Onshore Oilfields Along with Growing Shale Activities to Drive Market 9.3 Offshore 9.3.1 Maturing Shallow Oilfields Driving Offshore Artificial Lift Market
10 Artificial Lift Market, by Region
11 Competitive Landscape 11.1 Overview 11.2 Market Share Analysis 11.3 Market Evaluation Framework 11.4 Revenue Analysis of Top Market Players 11.5 Recent Developments 11.5.1 Deals 11.5.2 Product Launches 11.5.3 Other Developments 11.6 Competitive Leadership Mapping 11.6.1 Stars 11.6.2 Emerging Leaders 11.6.3 Pervasive Players 11.6.4 Participants 11.7 Company Footprint Analysis
12 Company Profiles 12.1 Key Companies 12.1.1 Schlumberger Limited 12.1.1.1 Business and Financial Overview 12.1.1.2 Products & Services Offered 12.1.1.3 Recent Developments 12.1.1.4 Analyst's View 12.1.1.4.1 Key Strengths/Right to Win 12.1.1.4.2 Strategic Choices Made 12.1.1.4.3 Weaknesses and Competitive Threats 12.1.2 Weatherford 12.1.2.1 Business and Financial Overview 12.1.2.2 Products & Services Offered 12.1.2.3 Recent Developments 12.1.2.4 Analyst's View 12.1.2.4.1 Key Strengths/Right to Win 12.1.2.4.2 Strategic Choices Made 12.1.2.4.3 Weaknesses and Competitive Threats 12.1.3 Baker Hughes Company 12.1.3.1 Business and Financial Overview 12.1.3.2 Products & Services Offered 12.1.3.3 Recent Developments 12.1.3.4 Analyst's View 12.1.3.4.1 Key Strengths/Right to Win 12.1.3.4.2 Strategic Choices Made 12.1.3.4.3 Weaknesses and Competitive Threats 12.1.4 Halliburton 12.1.4.1 Business and Financial Overview 12.1.4.2 Products & Services Offered 12.1.4.3 Recent Developments 12.1.4.4 Analyst's View 12.1.4.4.1 Key Strengths/Right to Win 12.1.4.4.2 Strategic Choices Made 12.1.4.4.3 Weaknesses and Competitive Threats 12.1.5 Nov Inc. 12.1.5.1 Business and Financial Overview 12.1.5.2 Products & Services Offered 12.1.5.3 Analyst's View 12.1.5.3.1 Key Strengths/Right to Win 12.1.5.3.2 Strategic Choices Made 12.1.5.3.3 Weaknesses and Competitive Threats 12.1.6 Ebara Corporation 12.1.6.1 Business and Financial Overview 12.1.6.2 Products & Services Offered 12.1.6.3 Recent Developments 12.1.7 Tenaris 12.1.7.1 Business and Financial Overview 12.1.7.2 Products & Services Offered 12.1.7.3 Recent Developments 12.1.8 Distributionnow 12.1.8.1 Business and Financial Overview 12.1.8.2 Products & Services Offered 12.1.8.3 Recent Developments 12.1.9 Championx 12.1.9.1 Business and Financial Overview 12.1.9.2 Products & Services Offered 12.1.9.3 Recent Developments 12.1.10 Borets 12.1.10.1 Business Overview 12.1.10.2 Products & Services Offered 12.1.10.3 Recent Developments 12.1.11 Oilserv 12.1.11.1 Business and Financial Overview 12.1.11.2 Products & Services Offered 12.1.12 Novomet 12.1.12.1 Business and Financial Overview 12.1.12.2 Products & Services Offered 12.1.13 Jj Tech 12.1.13.1 Business Overview 12.1.13.2 Products & Services Offered 12.1.14 Camco 12.1.14.1 Business Overview 12.1.14.2 Products & Services Offered 12.1.14.3 Recent Developments 12.1.15 Rimera Group 12.1.15.1 Business Overview 12.1.15.2 Products & Services Offered 12.1.15.3 Recent Developments 12.2 Other Players 12.2.1 Mrc Global Inc. 12.2.2 Alkhorayef Petroleum 12.2.3 Cairn Oil & Gas 12.2.4 AccessESP 12.2.5 Valiant Artificial Lift Solutions
For more information about this report visit https://www.researchandmarkets.com/r/dr1jd1
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