PUBLISHER: The Business Research Company | PRODUCT CODE: 1484836
PUBLISHER: The Business Research Company | PRODUCT CODE: 1484836
Onshore artificial lift systems are utilized in oil and gas production to optimize the flow of hydrocarbons from wells to the surface, thereby overcoming natural pressure declines in reservoirs and ensuring efficient extraction. These systems are instrumental in maintaining production rates and prolonging the economic viability of onshore wells.
The primary technologies employed in onshore artificial lift systems include rod lifts, electrical submersible pumps, progressive cavity pumps, gas lifts, hydraulic pumps, and other related methods. Rod lift, for instance, utilizes a series of connected rods to mechanically raise fluid from a wellbore to the surface. These lifts utilize various mechanisms, such as pump-assisted and gas-assisted techniques, and find extensive use in both oil and gas applications.
The onshore artificial lift systems market research report is one of a series of new reports from The Business Research Company that provides onshore artificial lift systems market statistics, including onshore artificial lift systems industry global market size, regional shares, competitors with a onshore artificial lift systems market share, detailed onshore artificial lift systems market segments, market trends and opportunities, and any further data you may need to thrive in the onshore artificial lift systems industry. This onshore artificial lift systems market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 expansion observed in the historical period can be attributed to several factors. These include the increasing demand for crude oil and natural gas, the presence of aging oil fields experiencing declining natural pressure, growing government initiatives and regulations supporting domestic oil and gas production, and a heightened 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 anticipated growth in the forecast period can be attributed to several key factors. These include the increasing complexity of reservoirs and well conditions, a growing adoption of digitalization and automation within the oil and gas industry, the expansion of unconventional oil and gas production methods, rising environmental concerns, and regulatory pressures. Major trends expected in the forecast period include the integration of smart monitoring solutions to enhance operational efficiency, the implementation of digital twin technology for predictive maintenance and optimization, a shift towards electrification of onshore artificial lift systems for reduced emissions and improved efficiency, the adoption of remote monitoring and control systems for enhanced safety and productivity, and the integration of onshore artificial lift systems with renewable energy sources to promote sustainability.
The onshore artificial lift systems market is poised for growth as a result of the anticipated increase in oil and gas production. This production surge, driven by escalating global energy demands, expanding industrialization, and the discovery of fresh reserves, underscores the critical role of onshore artificial lift systems. These systems play a pivotal role in enhancing production rates and maintaining optimal pressure levels within wells, thus facilitating efficient hydrocarbon extraction from reservoirs. By offsetting natural declines and bolstering recovery rates, onshore artificial lift systems ensure sustained operational effectiveness. Notably, in March 2024, crude oil production in the United States surged to 13,295 barrels per day, marking a 6.68% rise from December 2022 figures. Similarly, natural gas production increased to 128,977 million cubic feet per day during the same period, highlighting the significant momentum in the sector. Hence, the onshore artificial lift systems market is expected to experience expansion due to the projected rise in oil and gas production.
Key players in the onshore artificial lift systems arena are strategically investing in advanced technologies to gain a competitive edge. Among these innovations, jet pump technology stands out for its ability to enhance fluid lifting capacities and optimize production rates while minimizing downtime. A prime example of this technological advancement is showcased by Wanner International Ltd., a UK-based industrial equipment supplier, which introduced its Hydra-Cell jet pump hydraulic artificial lift solution in February 2021. This groundbreaking solution aims to substantially reduce the cost of fluid lifting in oil and gas production operations, delivering substantial savings over the well's lifecycle. Notably, the technology boasts a seal-free, no-packaging system suitable for mainstream oil and gas production, obviating the need for workover rigs or slick line units for servicing or production optimization.
In July 2022, Baker Hughes Company, a prominent US-based oilfield services provider, bolstered its artificial lift solutions portfolio through the acquisition of AccessESP Holdings Limited. This strategic move aims to fortify Baker Hughes' position in the market by integrating cutting-edge technologies aimed at lowering intervention costs, minimizing downtime, and enhancing operational efficiency for oil and gas operators. AccessESP Holdings Limited, a US-based oil and energy firm specializing in technology and services for oil and gas recovery, brings a wealth of expertise in onshore artificial lift systems to augment Baker Hughes' offerings.
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
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.
The countries covered in the onshore artificial lift systems market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The onshore artificial lift systems market consists of sales of plunger lift systems, sucker rods, hydraulic jet pumps, downhole pumps, gas separators, and plunger lift controllers. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Onshore Artificial Lift Systems Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on onshore artificial lift systems market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for onshore artificial lift systems ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The onshore artificial lift systems market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.