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Onshore Artificial Lift Systems Market Size

Report ID: GMI5824
Published Date: May 2023
Report Format: PDF

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Onshore Artificial Lift Systems Market Size

Onshore Artificial Lift Systems Market surpassed USD 10.9 billion in 2023 and is anticipated to expand at 7.3% CAGR from 2024 to 2032.

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The increasing focus on improving the production capabilities of mature and abandoned onshore wells. This trend has created a favorable business environment for artificial lift industry players, who are now investing in technological advancements such as automation and customization of various well redevelopment services to improve the overall industry outlook.

The rising global demand for oil and gas products pose as a major driver for the demand for efficient O&G extraction and production methods. Artificial lift systems enable the optimization of well productivity and recovery rates, meeting the growing energy demand. Aging oil and gas reservoirs further act as a key driver for the system adoption on account of the decline in the natural pressure of the well which is utilized for the production. The extraction of oil and gas from unconventional resources such as shale formations and tight reservoirs requires specialized techniques including artificial lift systems, thereby stimulating a positive onshore artificial lift systems market growth.

Onshore Artificial Lift Systems Market Report Attributes
Report Attribute	Details
Base Year:	2023
Onshore Artificial Lift Systems Market Size in 2023:	USD 10.9 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	7.3%
2032 Value Projection:	USD 20.4 Billion
Historical Data for:	2019 to 2023
No. of Pages:	235
Tables, Charts & Figures:	279
Segments covered:	Technology
Growth Drivers:	Increasing number of matured oil fields Shifting trends toward unconventional wells Growing demand for crude oil
Pitfalls & Challenges:	Geopolitical instability Lack of operational expertise & high capital investment

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Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of onshore artificial lift systems exceeded USD 10.9 billion in 2023 and is projected to depict 7.3% CAGR from 2024 to 2032 driven by the rising demand for oil globally.

The electrical submersible pumps (ESP) technology segment held over 46% revenue share in 2022 and is set to grow significantly owing to its beneficial characteristics such as smart & remote monitoring & control capabilities and cost-effectiveness.

North America onshore artificial lift systems industry size is anticipated to witness 6.5% growth through 2032 on account of the ongoing discovery of various unconventional hydrocarbon sources.

SLB, Halliburton, Weatherford, Levare, General Electric, NOV Inc., JJ Tech, Aker Solutions, Novomet, BCP Group, Occidental Petroleum Corporation, Canadian Advanced ESP, Alkhorayef Petroleum, ELKAM ArtEfficial Lift, and PetroLift Systems, Inc. and Rimera Group are some of the major players in the global onshore artificial lift systems.