Overview and Scope
Onshore artificial lift systems refer to equipment and techniques used in oil and gas production to enhance the flow of hydrocarbons from wells to the surface. These systems typically involve pumps or gas lift mechanisms to overcome the natural pressure decline in reservoirs, ensuring efficient extraction. They play a crucial role in maintaining production rates and extending the economic life of onshore wells.
Sizing and Forecast
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.
To access more details regarding this report, visit the link:
https://www.thebusinessresearchcompany.com/report/onshore-artificial-lift-systems-global-market-report
Segmentation & Regional Insights
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
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.
Intrigued to explore the contents? Secure your hands-on sample copy of the report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=14967&type=smp
Major Driver Impacting Market Growth
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.
Key Industry Players
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
The onshore artificial lift systems market report table of contents includes:
1. Executive Summary
2. Onshore Artificial Lift Systems Market Characteristics
3. Onshore Artificial Lift Systems Market Trends And Strategies
4. Onshore Artificial Lift Systems Market – Macro Economic Scenario
5. Global Onshore Artificial Lift Systems Market Size and Growth
.
.
.
32. Global Onshore Artificial Lift Systems Market Competitive Benchmarking
33. Global Onshore Artificial Lift Systems Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Onshore Artificial Lift Systems Market
35. Onshore Artificial Lift Systems Market Future Outlook and Potential Analysis
35.3.2 Competitor Strategies
36. Appendix
Explore the trending research reports from TBRC:
https://www.thebusinessresearchcompany.com/report/power-liftgate-global-market-report
https://www.thebusinessresearchcompany.com/report/artificial-lift-system-global-market-report
https://www.thebusinessresearchcompany.com/report/power-liftgate-global-market-report
Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: [email protected]
Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
Facebook: https://www.facebook.com/TheBusinessResearchCompany
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Blog: https://blog.tbrc.info/
Healthcare Blog: https://healthcareresearchreports.com/
Global Market Model: https://www.thebusinessresearchcompany.com/global-market-model
