The onshore artificial lift systems global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Onshore Artificial Lift Systems Market, 2024 report by The Business Research Company
offers comprehensive insights into the current state of the market and
highlights future growth opportunities.
Market Size -
The onshore artificial lift systems market size has grown strongly in recent
years. It will grow from $9.87 billion in 2023 to $10.66 billion in 2024 at a
compound annual growth rate (CAGR) of 8.0%.
The growth in the historic period can be attributed to increasing demand
for crude oil and natural gas, aging oil fields with declining natural
pressure, growing government initiatives and regulations supporting domestic
oil and gas production, and growing focus on maximizing oil recovery from
mature fields.
The onshore artificial lift systems market size is expected to see strong
growth in the next few years. It will grow to $14.62 billion in 2028 at a
compound annual growth rate (CAGR) of 8.2%.
The growth in the forecast period can be attributed to the increasing
complexity of reservoirs and well conditions, growing adoption of
digitalization and automation in the oil and gas industry, expansion of
unconventional oil and gas production, environmental concerns, and regulatory
pressures. Major trends in the forecast period include integration of smart
monitoring solutions, implementation of digital twin technology, shift towards electrification
of onshore artificial lift systems, adoption of remote monitoring and control
systems, and integration of onshore artificial lift systems with renewable
energy sources.
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Scope Of Onshore Artificial Lift Systems Market
The Business Research Company's reports encompass a wide range of information,
including:
1. Market Size (Historic and Forecast): Analysis of the market's historical
performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market
landscape.
4. Key Segments: Breakdown of the market into its primary segments and their
respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and
geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting
the market.
Onshore Artificial Lift Systems Market Overview
Market Drivers -
Rising oil and gas production is expected to propel the onshore artificial lift
systems market going forward. Oil and gas production refers to the process of
extracting hydrocarbons, primarily crude oil and natural gas, from underground
reservoirs and bringing them to the surface for further processing, refinement,
and distribution. Oil and gas production is rising due to increasing global
energy demand, expanding industrialization, and the discovery of new reserves.
Onshore artificial lift systems enhance oil and gas production by increasing
flow rates and maintaining pressure in wells, which is crucial for extracting
hydrocarbons efficiently from reservoirs. They optimize output by mitigating
natural declines, improving recovery rates, and supporting sustained
operations. For instance, in March 2024, according to the Energy Information
Administration, a US-based government agency, crude oil production in the
United States increased to 13,295 barrels per day in December 2023, marking a 6.68%
growth from the 12,138 barrels per day recorded in December 2022. Similarly,
natural gas production in the US rose to 128,977 million cubic feet per day in
December 2023, compared to 121,123 million cubic feet per day in December 2022.
Therefore, rising oil and gas production is driving the growth of the onshore
artificial lift systems market.
Market Trends -
Major companies operating in the onshore artificial lift systems market are
focusing on developing advanced technologies, such as jet pump technology, to
gain a competitive edge in the market. Jet pump technology enhances the fluid
lifting capabilities of onshore artificial lift systems, optimizes production
rates, and reduces downtime. For instance, in February 2021, Wanner
International Ltd., a UK-based industrial equipment supplier, launched a new
Hydra-Cell jet pump hydraulic artificial lift solution that utilizes jet pump
technology. This innovative solution aims to significantly reduce the cost of
lifting a barrel of fluid in oil and gas production, which will generate
substantial savings over the lifetime of a well. The technology features a
seal-free, no-packaging system that is suitable for mainstream oil and gas
production, eliminating the need for workover rigs or slick line units for servicing
or production optimization.
The onshore artificial lift systems market covered in this report is segmented
–
1) By Technology: Rod Lift, Electrical Submersible Pump, Progressive Cavity
Pump, Gas Lift, Hydraulic Pumps, Other Technologies
2) By Mechanism: Pump Assisted, Gas Assisted
3) By Application: Oil, Gas
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Regional Insights -
North America was the largest region in the onshore artificial lift systems
market in 2023. Asia-Pacific is expected to be the fastest-growing region in
the forecast period. The regions covered in the onshore artificial lift systems
market report are Asia-Pacific, Western Europe, Eastern Europe, North America,
South America, Middle East, Africa.
Key Companies -
Major companies operating in the onshore artificial lift systems market are
General Electric Company, Schlumberger NV, Halliburton Oil Well Cementing Co.,
Atlas Copco Energas GmbH, Tenaris S.A, Dover Corporation, National Oilwell
Varco Inc., Weatherford International plc, Aker Solutions ASA, Alkhorayef
Petroleum, Lufkin Industries LLC, Flotek Industries Inc., Haimo Technologies
Group Corp., SPOC Automation, Lift Solutions Inc., 3P Services GmbH And Co. KG,
Rimera Group, Linc Energy Systems, World Oil Tools Inc., Torqueflow Sydex Ltd.,
PetroLift Systems Inc., Oil Dynamics GmbH, Upwing Energy Inc., Elkam
Table of Contents
1. Executive Summary
2. Onshore Artificial Lift Systems Market Report Structure
3. Onshore Artificial Lift Systems Market Trends And Strategies
4. Onshore Artificial Lift Systems Market – Macro Economic Scenario
5. Onshore Artificial Lift Systems Market Size And Growth
…..
27. Onshore Artificial Lift Systems Market Competitor Landscape And Company
Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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