According to the Graphical Research new growth forecast report titled “North America Artificial Lift Systems Market Size By Technology (Progressive Cavity Pumps, Electrical Submersible Pumps, Gas Lift, Sucker Rod Pump, Hydraulic Pumps, Others), By Application (Onshore, Offshore), Industry Analysis Report, Regional Outlook (US, Mexico), Competitive Market Share & Forecast, 2021– 2027”; Prevalent Opportunities up to 2027.
North America artificial lift systems market is projected to grow owing to increasing production from shale reserves along with upsurge in the demand for petroleum products. Ongoing funding toward the development of offshore areas along with upsurge in number of mature fields will boost the industry growth. In addition, shifting trends toward development of brownfields as they require low investments will provide favorable business scenario for the industry players.
Growing investments in research & development activities followed by upcoming technological advancement including real time data analysis & management and advanced well drilling technology will accelerate the industry landscape. Furthermore, upcoming oilfields development plans in order to meet the surging crude oil demand will enhance the business growth.
Progressive cavity pump is anticipated to witness growth owing to accelerating demand for waxy crude along with their efficient utilization in low-productivity wells. Furthermore, high sand cut ratting, high reliability in viscous crude oil wells and their ease of use across horizontal and directional drilling makes them preferable over other available alternatives. In addition, their ability to offer high efficiency with low maintenance cost and a compact size makes its adoption preferable.
Declining production from conventional wells and shifting trend toward unconventional reserves accompanied by drilling across deep and ultra-deep offshore regions will boost the North America artificial lift systems market. Furthermore, increased E&P activities across onshore and offshore region along with recovery in oil price will enhance the industry landscape.
Shifting focus toward offshore field development owing to availability of abundant oil reserves along with ongoing research on gas hydrate will accelerate the North America artificial lift systems market. Long- term economic benefits, enhanced operational carrying capabilities will further enhance the business landscape. In addition, substantial upsurge in investments toward the development of offshore O&G fields on account of declining production from onshore wells and recent discoveries across the deep and ultra-deep areas will provide investors with new opportunities for business expansion.
The Canada artificial lift system market is anticipated to witness significant growth on account of increasing crude oil consumption along with wide availability of matured and aging fields across the nation. Technological advancements, high recovery factor and significant economic and environmental benefits it offers has also led the industry to grow across the nation. Furthermore, ongoing field redevelopment activities which require low capital funding and provide fast pay back returns will complement the industry outlook.
Leading players operating in the North America artificial lift systems market includes Halliburton, Schlumberger, Weatherford, GE, Novomet, BCP Group, National Oilwell Varco, Occidental Petroleum, Borets, Aker Solutions and Canadian Advanced ESP. Extensive research and development activities along with ongoing mergers and acquisitions across the value chain will provide significant opportunities for business expansion.