Onshore Artificial Lift Systems Market Analysis

Onshore Artificial Lift Systems Market Analysis

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The need of electrical submersible pumps (ESPs) is rapidly increasing, holding a significant market share of over 46% in 2022. This technology is expected to observe 7% growth rate between 2023 and 2032. High efficiency, enhanced recovery rates, high customization, smart & remote monitoring & control capabilities and cost effectiveness are amongst the numerous features offered by ESP systems, which aid in enhancing its onshore artificial lift systems industry expansion. Additionally, ESP systems can be optimized to match the changing production conditions of onshore wells. By adjusting the pump speed, impeller size, or motor horsepower, operators can optimize production rates, maintain optimal drawdown, and manage well performance over the life of the field, which further favors its adoption over other alternatives.

North America onshore artificial lift systems market is anticipated to observe a substantial growth of 6.5% till 2032 on account of the ongoing discovery of various unconventional hydrocarbon sources including shale gas along with growing number of mature fields across the region. Furthermore, the industry has recognized the advantages of achieving higher recovery rates, leveraging technological advancements, and reaping positive environmental and economic outcomes through the adoption of these technologies, resulting in the continuous growth and development of the North American oil and gas sector.

The regional industry is poised for flourish due to the implementation of policies and regulations promoting efficient and environmentally responsible oil and gas extraction. The region's investments in oil and gas infrastructure, such as pipeline networks, processing facilities, and storage capacities, further presents opportunities for artificial lift system providers. Growing adoption of horizontal drilling in the recent years across U.S. will further garner the industry demand.

The declining rate of production wells in the United States have compelled the industry players to utilize innovations that can boost the production from such maturing wells. Moreover, the rise in shale oil and gas production in prominent regions like the Permian Basin, Bakken Formation, and Eagle Ford Shale will contribute significantly to the product deployment by 20032.