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In a recently published report, Global Artificial Lift Systems Market report for till 2030. The report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U S Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mention the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Global Artificial Lift Systems Market products.
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It is also anticipated to grow on account of the growing demand for alternative renewable energy sources, backed by the growing concern for pollution worldwide emitted from burning conventional fuel sources. Total electricity capacity from renewable energy sources around the world increased from around 750,000MW in 2000 to about 2,500,000MW in 2019. Additionally, electricity from hydropower energy, wind, solar, and bioenergy, grew from around 780000MW, 16000MW, 1200MW, and 29000MW in 2000 to 1300000MW, 620000MW, 580000MW, and 120000MW in 2019 respectively.
Artificial Lift Systemsis the mechanism to ease extraction of oil from oil reservoirs when natural pressure is not enough to push oil to the surface by building pressure inside the reservoir. TheArtificial Lift Systems Market was valued at USAD XXX Billion in 2015 and is expected to reach USAD XXX Billion by 2020, at a CAGR of XX% between 2015 and 2020.
When the natural pressure of the reservoir is not enough to push the oil to the surface, artificial lift is employed to achieve more production. While some wells generate enough pressure to push oil to the surface without stimulation, most don't, thus the need for artificial lift. In fact, more than three fourths of the oil reservoirs in the US require artificial lift from the very beginning. Although these wells initially possess enough pressure to push oil naturally, that pressure decreases over time, and artificial lift is then required. Therefore, artificial lift is generally required on all wells at some time during their production life.
Market Dynamics
The major factors boosting the market of Artificial Lift Systems are as under:
1. Majority of the oil wells in the world are mature or are on the verge of maturing. Tis is the major driver of the artificial lift systems as they help in extraction oil from mature wells.
2. Also, due to increasing demand for energy and oil resources the focus is shifting towards unconventional resources like shale gas, tight oil. This is given a boost to the international artificial lift systems market as they are required to explore these new energy reserves.
3. Industry efforts and attempts to optimise the oil production from a well and the recent recovery of oil prices after decline are also driving the market.
However, the major restraints to the growth of the Artificial Lift Systems Market are as under:
1. High cost of artificial lift equipment and operational and maintenance costs.
2. Lack of skilled workers and professionals.
3. Reducing prices or fluctuating price of crude oil also hamper the growth of the market as operational and capital costs are high.
4. Furthermore, failure of pump due to solid production could also result in sky-high operational costs and this results in reluctance in adopting artificial lift systems.
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Market Segmentation
The Artificial Lift Systems market is bifurcated on the basis of actuation type, component, application and region. The sub-segments for these segments are given below:
On the basis of Actuation Type
o Gas Assisted
o Pump Assisted
> Positive Displacement
> Dynamic Displacement
On the basis of Component
o Pump, Motor
o Cable System
o Drive Head
o Separator
o Pump Jack
o Sucker Rod
o Gas-lift Valves
o Gas-lift Mandrels
o Controller
o Others
On the basis of Application
o Onshore
o Offshore
On the basis of Region
o North America
o Europe
o Asia Pacific
o South and Central America
o Middle East and Africa
Geographic Analysis
Geographically the market is segmented into following different regions:North Americas, Europe, the Asia-Pacific, Latin America and Middle East and Africa. North America is the dominant shareholder in the market owing to the recent advances and research in the field of shale gas, availability of a large number of low pressure wells. Also, the region is seeing a spur in the use and adoption of non-conventionalresources of energy such as shale gas, tight oil and low marginal well count which is further expected to boost the market in the region.
However, Asia Pacific is expected to witness the highest CAGR in the forecast period due to the increased commercial and industrial activities in the region, increased allocation of funds for infrastructure which is increasing the demand for petroleum products. Also, the rapid urbanisation and industrialisation in countries like china and India is depleting the existing oil resources which is boosting the demand for artificial lift systems to explore mature oil resources.
Key Players
The key players who are driving the market of Artificial Lift Systems and determine its future are: Mitsubishi Heavy Industries Compressor Corporation, Baker Hughes Incorporated, Dover Corporation, Halliburton Company, LLC., National Oilwell Varco, Inc.,Weatherford International Ltd,National Oilwell Varco, SchlumbergerLimited, Cameron International, GE Oil & Gas, Tenaris, J J Tech.General Electric Company, Man Diesel & Turbo SE, Atlas Copco Energas GmbH, Solar Turbine Inc., Burckhardt Compression Holding AG, Ariel Corporation, Neuman & Esser Group, Ebara Corporation, Hitachi, Ltd.
Report ContentsRegional AnalysisReport Highlights
Market segments
Market Drivers, Restraints and Opportunities
Market Size & Forecast 2016 to 2022
Supply & Demand Value Chain
Market – Current Trends
Competition & Major Companies
Technology and R&D Status
Porters Five Force Analysis
Strategic and Critical Success Factor Analysis of Key Players
North America
US and Canada
Latin America
Mexico, Brazil, Argentina and Rest of Latin America
Western Europe
EU5 (Germany, France, Italy, Spain, U.K.)
Nordic Countries (Denmark, Finland, Norway, and Sweden)
Benelux (Belgium, The Netherlands, and Luxembourg)
Rest of Western Europe
Eastern Europe
Russia
Poland
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia and New Zealand
Rest of Asia Pacific
Middle East and Africa
GCC countries (Saudi Arabia, Oman, Qatar, Bahrain, UAE and Kuwait)
South Africa
North Africa
Rest of Middle East and Africa
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This report is an elaborate aggregation of primary inputs from industry experts and participants across the supply chain. It provides details on market segmentation which is derived from several product mapping exercises, macroeconomic parameters and other qualitative and quantitative insights. The impact of all such factors is delivered across multiple market segments and geographies.
Detailed Historical Overview (Market Origins, Product Launch Timeline, etc.)
Consumer and Pricing Analysis
Market dynamics of the industry
Market Segmentation
Estimated Market Sizing in terms of volume and value
Recent trends in Market and impact
Research Status and Technology Overview
Extensive Industry Structure Coverage
About Kenneth Research
Kenneth Research is a reselling agency providing market research solutions in different verticals such as Automotive and Transportation, Chemicals and Materials, Healthcare, Food & Beverage and Consumer Packaged Goods, Semiconductors, Electronics & ICT, Packaging, and Others. Our portfolio includes set of market research insights such as market sizing and market forecasting, market share analysis and key positioning of the players (manufacturers, deals and distributors, etc), understanding the competitive landscape and their business at a ground level and many more. Our research experts deliver the offerings efficiently and effectively within a stipulated time. The market study provided by Kenneth Research helps the Industry veterans/investors to think and to act wisely in their overall strategy formulation
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