Artificial Lift Systems Market in the US by Application and Type - Forecast and Analysis 2022-2026

The predicted growth for the artificial lift systems market share in the US from 2021 to 2026 is USD 1.24 billion, at a CAGR of 4.82%. This artificial lift systems market analysts report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches for the coming years. The artificial lift systems market in the US report offers information on several market vendors, including AccessESP, Baker Hughes Co., BCPGroup Artificial Lift Inc., Borets International Ltd., ChampionX Corp., Dover Corp., General Electric Co., Gorman-Rupp Pumps, Halliburton Co., JJ Tech, NOV Inc., Novomet, Occidental Petroleum Corp., Schlumberger Ltd., Valiant Artificial Lift Solutions LLC, Weatherford International Plc, and DistributionNOW among others. Furthermore, this artificial lift systems market forecast report extensively covers segmentations by:

• Application - Onshore and offshore
• Type - ESP systems, RLP systems, PCP systems, and others

What will the Artificial Lift Systems Market Size in the US be During the Forecast Period?

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Artificial Lift Systems Market in the US: Key Drivers, Trends, and Challenges

The increase in oil and E&P activities is notably driving the artificial lift systems market growth in the US, although factors such as the growing focus on renewable power generation may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the artificial lift systems industry in the US. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Artificial Lift Systems Market Driver in the US

• The increase in oil and E and P activities is one of the key drivers fueling the artificial lift systems market growth in the US.
• According to the US EIA Energy Information Administration (EIA), in 2018, about 6.5 mbpd of crude oil was produced directly from tight oil resources, which accounted for about 59% of the total crude oil production in the country.
• For instance, in June 2019, the US Department of Energy's Fossil Energy Office selected 12 projects that would receive $44.5 million in federal funding for cost-shared R&D of advanced technologies to recover unconventional oil and gas. These R&D activities will help enhance the characterization of emerging unconventional oil and gas reservoirs and improve their recovery efficiency, thereby maximizing energy production in the US.
• More than half of US oil rigs are in the Permian shale in West Texas and eastern Eastern New Mexico, where total units jumped by nine to 332, in April 2022. Thus, the increase in E and P activities and in oil and gas rigs will add to the deployment of artificial lift systems in the US and, in turn, will drive the growth of the US artificial lift systems market in focus during the forecast period. 

Key Artificial Lift Systems Market Trend in the US

• Key developments in the industry is one of the key artificial lift systems market trends in the US supporting the market growth.
• In June 2021, Baker Hughes, signed an agreement with PJSC LUKOIL to deepen their global collaboration. The agreement will leverage Baker Hughes' diversified technologies combined with PJSC LUKOIL's deep industry expertise and extensive international production chain to increase efficiencies, reduce emissions and raise productivity for the oil and gas industry and support the energy transition.
• In December 2021, ConocoPhillips continued its march west on the North Slope with the startup of oil production from its second development in the National Petroleum Reserve-Alaska, in the US. The westernmost oil project on the North Slope, GMT-2, is expected to reach peak oil production of about 30,000 barrels per day from 36 wells that are in the process of being drilled during the forecast period.

Such developments will fuel the US artificial lift systems market growth in the coming years.

Key Artificial Lift Systems Market Challenge in the US

• The growing focus on renewable power generation is one of the factors hindering the artificial lift systems market growth in the US.
• In the US, there is an increasing push by governments and the general public to move toward environment-friendly renewable energy sources such as solar, wind, and others.
• Industries and corporates are visibly taking significant actions to control their carbon footprints and encouraging the adoption of everything green in their supply chain.
• According to the EIA forecast, the annual share of US electricity generation from renewable energy sources will rise from 20% in 2021, to 22% in 2022, and to 24% in 2023, as a result owing to continuing increases in solar and wind generating capacity.
• The increase in renewable energy mainly consists of new wind and solar power. Thus, the significant growth of renewable energy sources will lead to a reduction in investment in oil and gas. This, in turn, will hinder the US artificial lift systems market growth during the forecast period.

This artificial lift systems market in the US analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the artificial lift systems market in US as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the artificial lift systems market in the US during the forecast period.

Who are the Major Artificial Lift Systems Market Vendors in the US?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

• AccessESP
• Baker Hughes Co.
• BCPGroup Artificial Lift Inc.
• Borets International Ltd.
• ChampionX Corp.
• Dover Corp.
• General Electric Co.
• Gorman-Rupp Pumps
• Halliburton Co.
• JJ Tech
• NOV Inc.
• Novomet
• Occidental Petroleum Corp.
• Schlumberger Ltd.
• Valiant Artificial Lift Solutions LLC
• Weatherford International Plc
• DistributionNOW

 

This statistical study of the artificial lift systems market in the US encompasses successful business strategies deployed by the key vendors. The artificial lift systems market in the US is fragmented and the vendors are deploying growth strategies such as price, quality, service, and technical expertise to compete in the market.

Product Insights and News

• Bakerhughes.com - The company offers artificial lift systems that include energy transition, hydrogen technologies, geothermal solutions, industrial technology, and emissions management.
• Championx.com - The company offers artificial lift systems that include electrical submersible pumping systems, gas lift, hydraulic lift, plunger lift, production automation and optimization, progressing cavity pumping systems, and rod lift.
• Dovercorporation.com - The company offers artificial lift systems that include artificial lift products and services, field and local pump shop services, failure analysis, and solutions consulting, to improve your artificial lift operations and maximize production lifting costs and downtime.

To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The artificial lift systems market in the US forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Artificial Lift Systems Market in the US Value Chain Analysis

Our report provides extensive information on the value chain analysis for the artificial lift systems market in the US, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

What are the Revenue-generating Application Segments in the Artificial Lift Systems Market in the US?

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The artificial lift systems market share growth in the US by the onshore segment will be significant during the forecast period. The onshore segment is expected to grow at a moderate rate during the forecast period. The growth is attributed to the increasing drilling activities propelled by the rise in energy demand in the US. Moreover, artificial lift is a process used on oil wells to increase pressure within the reservoir and encourage oil to the surface. When the natural drive energy of the reservoir is not strong enough to push the oil to the surface, artificial lift is employed to recover more production. Such factors will drive segment growth during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the artificial lift systems market size in the US and actionable market insights on the post-COVID-19 impact on each segment.

 

Artificial Lift Systems Market Scope in the US
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Decelerate at a CAGR of 4.82%
Market growth 2022-2026	$1.24 billion
Market structure	Fragmented
YoY growth (%)	5.47
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	AccessESP, Baker Hughes Co., BCPGroup Artificial Lift Inc., Borets International Ltd., ChampionX Corp., Dover Corp., General Electric Co., Gorman-Rupp Pumps, Halliburton Co., JJ Tech, NOV Inc., Novomet, Occidental Petroleum Corp., Schlumberger Ltd., Valiant Artificial Lift Solutions LLC, Weatherford International Plc, and DistributionNOW
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Artificial Lift Systems Market in the US Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive artificial lift systems market growth in the US during the next five years
• Precise estimation of the artificial lift systems market size in the US and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the artificial lift systems industry in the US  
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of artificial lift systems market vendors in the US 

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