The global Artificial Lift Systems Market is on the rise, with a projected reach of US$15.18 billion by 2029, boasting a remarkable CAGR of 5.32% during the forecast period.
Unconventional Wells and Mature Fields
Shifting industry trends toward unconventional wells and an increasing number of mature fields are propelling the Artificial Lift Systems Market. Mature wells account for over 70% of global oil & gas production, many of which are in secondary or tertiary phases. Schlumberger, a prominent player in the industry, devised a strategy to maximize artificial lift performance in a Latin American mature field, successfully reactivating ten abandoned wells.
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Technological Advancements
Investments in technological advancements are revolutionizing the E&P (Exploration & Production) sector. Innovations like real-time monitoring, smart alarms, and retrofit capabilities are boosting efficiency across the industry. Multiphase gas handling pumps are a prime example of such innovation, ensuring continuous operation of ALS systems on a global scale.
Artificial Lift Systems Market Segment Analysis:
The three main categories of the global market are technology, application, and geography. In 2022, rod lift is anticipated to lead the market based on technology. The market for rod lift ALS is expected to expand due to its straightforward design, ease of operation, and affordable running costs. Additionally, the capacity to hoist high-temperature oil and the high efficiency of between 50 and 60% will further enhance the market environment. The primary factors that will drive product market penetration are availability in various sizes, longevity, and relatively low installation costs.
Onshore Market has the most market share within the application sector. An rising number of aging fields combined with a growing concentration on heavy oil reserves will fuel market expansion.
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Key Players
1. General Electric 2. Schlumberger 3. Halliburton 4. Weatherford 5. Borets 6. National Oilwell Varco 7. JJ Tech 8. Dover Corporation 9. Aker Solutions 10. NOVOMET 11. BCP Group 12. Occidental Petroleum 13. Baker Hughes Company 14. Oilserv 15. Apergy 16. DistributionNow 17. Novomet 18. AccessESP 19. Dover Corporation 20. Shengli Oilfield 21. Canadian Advanced ESP 22. Elkam 23. Petrolift
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