MEA artificial lift systems market to gain traction through 2027
The rising focus on revitalizing the aging fields will anchor the artificial lift systems market forecast. There are numerous investments registered towards the development of deep as well as ultra-deep areas and shale reserves. This has led to a consistent rise in automation and the customization of several redevelopment services for wells.
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The expansion in the number of mature wells and abandonment fields has resulted in various technological progressions and a higher preference for brownfield projects. It has been estimated that the global artificial lift systems market size will expand at more than 7% CAGR through 2027.
Annual revenue for artificial lift systems from the hydraulic pump technology segment will witness significant inclination through the next few years. This is owing to the high tolerance rate for solids and corrosive fluids offered by the pumps along with the ease-of-installation and absence of moving parts. This technology works with minimum maintenance and renders good operating flexibility with regard to production rate, depth, and temperature. The rapid change in the production volumes has led to a surge in the number of exploration activities, specifically in deep water areas.
The demand for onshore artificial lift systems will gain considerable momentum with growing efforts to establish an economic well recovery process on account of the decreasing production from conventional wells. Furthermore, the rise in the number of unconventional reserves in China, the U.S., and Indonesia has paved the way for various industry participants to come up with customized turnkey solutions. Favorable government plans and regulations have also been initiated to upgrade domestic manufacturing and mitigate the chances of import dependency.
Artificial lift systems industry share from progressing cavity pumps is anticipated to strike a prominent growth rate through 2027 due to their strong abilities to function in horizontal and directional wells. The growth can also be attributed to the rising adoption of sour crude mainly across Kuwait, Egypt, and Saudi Arabia. The recent recovery of the oil prices has led to a significant expansion in E&P activities across onshore & offshore regions. The progressing cavity pumps are also highly preferred considering their compact size, high efficiencies, and decreased maintenance costs.
The installation of artificial lift systems in the Middle East & Africa region will reach a significant revenue share in the coming years owing to the substantial jump in the number of aging fields. Higher investments are arising from regional private and public companies to work towards redevelopment projects, that have been introduced by various government authorities. The influx of various technologies and extensive R&D activities across the region will add positive impetus to the demand for artificial lift systems across the region.
Suppliers of various types of artificial lift systems are keen on taking up various marketing strategies like mergers, acquisitions, partnerships, and novel product launches to expand their customer and global reach. For instance, in July 2018, Weatherford International, a U.S. based oilfield service provider, launched a new long-stroke pumping unit, Rotaflex to offer enhanced artificial lift efficiency across applications like deep, high-volume as well as high gas-to-liquids wells.
Halliburton, Borets, General Electric, Schlumberger, and National Oilwell Varco are other well-known device manufacturers in the sector.
The present Covid-19 pandemic resulted in a slow-down for private and public investments and called for delays in pipeline projects, suggesting a negative influence on the industry forecast. However, with the resumption of government measures to commence the operations across industries, production units, and infrastructure projects, the market for artificial lift systems will gradually pick pace.