by The global artificial lift system market is experiencing robust growth, driven by the rapid development of unconventional oil and gas resources worldwide and the increasing number of mature reservoirs. The surge in demand for energy and fossil fuels across various industries, including transportation, has led to a significant shift towards unconventional sources such as shale oil, shale gas, coal-bed methane, and oil sands. However, these resources often lack natural pressure, making artificial lift devices essential for extracting them to the surface.
According to the US Energy Information Administration (EIA), there are approximately 7,576.6 trillion cubic feet of shale gas and 418.9 billion barrels of tight oil available globally, with predictions indicating that global unconventional natural gas output will reach 1.9 trillion cubic meters by 2050. Tight sands output is also expected to increase substantially, from 200 to 314.1 billion cubic meters, between 2019 and 2050, making them a significant component of unconventional extraction.
The demand for artificial lift systems is further bolstered by the aging wells and mature reservoirs that contribute to approximately two-thirds of worldwide oil production. These fields experience a natural decline in reservoir pressure, resulting in decreased production output. Artificial lift systems come to the rescue by increasing reservoir pressure, thereby boosting oil and gas flow to the surface, which fuels the growth of the artificial lift system market.
Untapped offshore reserves also play a vital role in enhancing the demand for artificial lift systems, particularly in the offshore segment. Methods such as hydraulic pumping, gas lift, electric submersible pumps (ESP), and progressing cavity pumps (PCP) are commonly employed in offshore oil wells. As offshore regions harbor vast undiscovered reserves, corporations are increasingly exploring these areas for oil and gas development. The decommissioning of 2500-3000 offshore projects between 2019 and 2040, as they reach the end of their operating lifespan, further emphasizes the importance of artificial lift methods in regions like the Gulf of Mexico and the North Sea, where shallow fields are maturing.
North America is poised to dominate the global artificial lift systems market, driven by increased exploration and production activities, especially in response to shale finds. Market participants in the region are investing in larger multi-well complexes and implementing cutting-edge artificial lift technologies, fueling demand for these systems. The regions focus on aging oilfields and substantial investments in the upstream sector, particularly in the Permian Basin, are expected to drive growth. Furthermore, exploration efforts in the North Sea region, led by countries like Norway, Germany, and the United Kingdom, are set to drive significant growth in Europe.
The global artificial lift system market is characterized by fierce competition, with key players including Halliburton, Baker Hughes Company, JJ Tech, Weatherford, AccessESP, NOV, Borets International, Apergy, Schlumberger, DistributionNow, Novomet, and Oilserv.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/artificial-lift-system-market
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COMTEX_441955805/2840/2023-10-16T03:49:40
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
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