The Artificial Lift Systems Market to grow by USD 4.10 Billion from 2022 to 2027

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18 Aug, 2023, 00:00 ET

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NEW YORK, Aug. 18, 2023 /PRNewswire/ -- The artificial lift systems market is to grow by USD 4,103.16 million from 2022 to 2027 and register a CAGR of 6.76%, according to Technavio's latest market research report estimates. With a focus on identifying dominant industry influencers, Technavio's reports present a detailed study by the way of synthesis, and summation of data from multiple sources. This report offers an up-to-date analysis of the current market scenario, the latest trends and drivers, and the overall market environment. The report is segmented by Type, End-user, and Geography. North America is estimated to contribute 55% to the growth of the global market during the forecast period. The growth in the region is due to the rising adoption of artificial lift systems and their use in both onshore and offshore oil and gas industries. The dominance of the shale gas industry and the competitiveness of the market in the region are other growth factors. Besides artificial lifts and real-time monitoring can promote the growth of the domestic artificial lift system installation and maintenance market by product and service providers. Hence, these factors are expected to drive market growth in the region during the forecast period. Technavio offers in-depth market insights that assist global businesses to obtain growth opportunities. Read Sample Report

The report also covers the following areas:

The artificial lift systems market is fragmented, and the degree of fragmentation will accelerate. The growing demand for oil and natural gas will offer immense growth opportunities. However, the High maintenance cost of artificial lift systems will hamper the market growth.

Artificial Lift Systems Market 2023-2027: Segmentation

The ESP systems segment will account for a major share of the market's growth during the forecast period. There is an increasing preference for ESP systems in major oil-producing countries such as Saudi Arabia, Russia, Canada, Nigeria, and Iraq. This system can be applied in onshore and offshore oil and gas fields which is one of the reasons for its implementation. Additionally, another reason end-user industries prefer ESP systems is that these systems can extract tremendous amounts of oil per day from wells up to 16,000 feet deep. Hence, these factors are expected to drive segment growth during the forecast period.

Artificial Lift Systems Market 2023-2027: Company Analysis and Scope

Some of the major companies in the artificial lift systems market include Baker Hughes Co., ChampionX Corp., General Petroleum Holdings Pty Ltd., Gulf Coast Pump and Supply, Halliburton Co., JJ Tech, Levare International, Liberty Lift Solutions LLC, NOV Inc., Novomet Group, NOW Inc., OiLSERV, PCM Artificial Lift Solutions, Premium Artificial Lift Systems Ltd, Rockwell Automation Inc., Schlumberger Ltd., SSI Artificial Lift, Torqueflow-Sydex Ltd., Valiant Artificial Lift Solutions LLC, and Weatherford International Plc. To help businesses improve their market position, Technavio's report provides a detailed analysis of around 15+ companies operating in the market. To leverage the current opportunities, market companies must strengthen their foothold in the fast-growing segments, while maintaining their positions in the slow-growing segments. Backed with competitive intelligence and benchmarking, our research reports on the artificial lift systems market are designed to provide entry support, customer profile & M&As as well as go-to-market strategy support.

Company Offering

Artificial Lift Systems Market 2023-2027: MKarket Dynamics

Key Drivers

The growing demand for oil and natural gas is a key factor driving market growth. The growth is due to the industrial and household activities in the developing economies. Various factors such as transportation needs and the rapid increase in world population are significantly boosting the energy needs of these countries. In addition, the demand for oil and natural gas production from mature fields onshore and offshore is also increasing. One of the main reasons for the increase in demand for oil and natural gas from developing countries such as India, China, Malaysia, and Brazil is due to the volatile nature of oil and gas prices. Hence, these factors are expected to drive market growth during the forecast period.

Major Trends- The increasing adaptation to non-conventional energy sources in Europe is a major trend in the market.

Significant Challenges- The need for high investment in offshore oil and gas operations is a significant challenge restricting market growth.

Drivers, Trends, and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

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Artificial Lift Systems Market 2023-2027: Key Highlights

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Artificial Lift Systems Market Scope

Report Coverage

Details

Base year

2022

Historic period

2017-2021

Forecast period

2023-2027

Growth momentum & CAGR

Accelerate at a CAGR of 6.76%

Market growth 2023-2027

USD 4,103.16 million

Market structure

Fragmented

YoY growth 2022-2023(%)

6.26

Regional analysis

North America, Europe, APAC, Middle East and Africa, and South America

Performing market contribution

North America at 55%

Key countries

US, Canada, China, Japan, and Spain

Competitive landscape

Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

Key companies profiled

Baker Hughes Co., ChampionX Corp., General Petroleum Holdings Pty Ltd., Gulf Coast Pump and Supply, Halliburton Co., JJ Tech, Levare International, Liberty Lift Solutions LLC, NOV Inc., Novomet Group, NOW Inc., OiLSERV, PCM Artificial Lift Solutions, Premium Artificial Lift Systems Ltd, Rockwell Automation Inc., Schlumberger Ltd., SSI Artificial Lift, Torqueflow-Sydex Ltd., Valiant Artificial Lift Solutions LLC, and Weatherford International Plc

Market dynamics

Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period

Customization purview

If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Type

7 Market Segmentation by End-user

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Company Landscape

12 Company Analysis

13 Appendix

About US

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contact

Technavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]Website: www.technavio.com

SOURCE Technavio