Global Artificial Lift Market Outlook to 2028

Global Artificial Lift Market Outlook to 2028

With China and India facing a power crisis, rising energy prices in Europe and Japan in the wake of a global energy crunch, a revival of the global economy with enhanced vaccination, the gradual restoration of supply chains globally points to a surge in demand for oil. Despite this, the OPEC+ alliance has decided to raise oil output modestly lower than the demand. The IEA expects the global energy crunch to boost oil demand by half a million barrels per day.

Cynics forecast low oil prices due to possible inflation triggered by soaring coal and gas prices in China, India, and Europe. In contrast, optimists forecast a spike in price, with oil pushed to the frontier as an alternative fuel. The IEA expects the global energy crunch to boost oil demand by half a million barrels per day. The surge in oil demand combined with the strong dollar could result in higher prices for oil and boost oilfield services.

The US witnessed an increasing well count for the 6th week in a row. The US oil and gas rig count, an indicator of future output, rose 10 to 543 in the week to Oct 15, 2021.

Artificial lift is employed to generate flow from a well when there is no flow /low flow or increase the flow from a well to produce at a higher rate. Artificial lift refers to any system that adds energy to the fluid column in a wellbore to initiate and improve production from the well. There are diverse artificial lifts based on the operating principle- Sucker Rod Pumping, Gas Lift, Electric Submersible Pumps, and the like. Artificial lift is utilized in Enhanced oil recovery from wells. Artificial lift systems maximize reservoir and wellbore recovery by applying lifting technology, intelligent field management solutions, and related services throughout the life of the well.

Depending on the production volume, wellsite location, fluid properties, and other factors, a choice of artificial lift is made. For wells with high production capacity (both onshore and offshore), Electric Submersible Pumps are ideal. However, to avoid movement in the well, a gas lift is ideal since it does not involve a lot of mechanical components. Sucker Rod pumps are ideal for limited depths on land. Progressive Cavity Pumping is ideal for heavy fluids or fluids with solid content.

Artificial lift systems are the de facto production optimization systems in place. With the end of easy oil and the desire to have a low cost per barrel, artificial lift seems inevitable for optimizing the process. As the world population increases, the oil demand is also set to increase despite the Zero carbon emission goals of many countries, at least until 2030. This scenario points to a surge in demand in the near future.

Overall global demand for oil and gas, depletion rates of existing wells, customers’ willingness to invest in the development, and ongoing production of oil and gas resources are the main drivers for Artificial lift. Current and future crude oil prices and natural gas prices tend to affect production. Rig count, footage drilled, and exploration and production investment by oil and gas operators often function as leading indicators of the level of drilling and development activity in the oil and gas sector.

Blackridge Research's Global Artificial Lift Market report provides insights into the current global and regional market demand scenario and its outlook.

The study offers a detailed analysis of various factors instrumental in affecting the artificial lift market's growth. The study also comprehensively analyses the artificial lift market by segmenting it based on geography (North America, Europe, Asia-Pacific, Rest of the World) and by Operating Process (Electric Submersible Pump, Gas lift, Sucker Rod Pump, Hydraulic Pump, Progressive Cavity Pump, Plunger lift)

The report also addresses present and future market opportunities, market trends, developments, and the impact of Covid-19 on the artificial lift market, important commercial developments, trends, regions, and segments poised for the fastest-growth, competitive landscape.

Further, artificial lift market size, demand forecast, growth rates, and trade (imports and exports) will also be provided in the report.
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