DUBLIN – (BUSINESS WIRE)–The “Artificial Elevator Market by Well Type; Application, Type and Geography – Global Forecast to 2026” the report was added to ResearchAndMarkets.com from offer.

The artificial elevator market is expected to grow at the rate of 5.10% CAGR by 2026. Artificial elevator is a technique used on oil and gas wells to increase the production rate. Most of the oil and gas reservoirs that exist across the world are in the mature phase and have lost the natural ability to bring oil and gas to the surface. so that the oil can flow easily from the well.

Growing investments in finding submarine sites and an upward trend towards unconventional reserves such as tar sands and gas and oil shales will force the market to grow. In addition, the upward trend of extension and optimization of mature and desert reservoirs among industries has provided a favorable business scenario for market competitors. In addition, the rapid growth in crude oil consumption and constant technological advancements in this area will accelerate the demand for products. On the contrary, limited operational experts and the growing deployment of renewable energies are limiting the growth of the artificial elevators market.

Companies mentioned

  • Burckhardt Compression Holding AG

  • Mitsubishi Heavy Industries Compressor Corporation

  • Atlas Copco Energas GmbH

  • General Electric Company

  • Man Diesel and Turbo SE

  • Ebara Corporation

  • Ariel Corporation

  • Solar Turbine Inc.

  • Neuman & Esser Group

  • Hitachi, Ltd.

Type Based Artificial Elevator Market

  • ESP

  • PCP

  • Gas lift

  • Rod lift

  • Others (hydraulic pumping systems and piston lifting)

Mechanism Based Artificial Elevator Market

  • Assisted pump

  • Positive displacement

  • Dynamic displacement

  • Gas assisted

Artificial Elevator Market Based on Geography

  • North America

  • Europe

  • Asia Pacific

  • Rest of the world

According to market based on type, the market is categorized into ESP, PCP, Gas Lift, Rod lift, others. The rod elevators segment is expected to have a lucrative share in the market, as the rod elevators have great salvage value for downhole equipment and can effectively handle gas and corrosion during artificial lifting. These advantages of the rod, beam or suction cup type of lifting are expected to fuel the demand for artificial lifting in the years to come. Thus, the increasing requirement to avoid gas and corrosion management while artificial lifting operations drive the rod lifting segment.

In addition, the mechanism of the artificial elevator is bifurcated into pump assistance and gas assisted. The pump-assisted segment is expected to grow at the highest rate and is then segmented into positive displacement and dynamic displacement. This is due to the increasing deployment of ESPs and lift rod pumps. The pumps are used to increase the downhole pressure of the tube column to bring an adequate volume of fluid to the surface. Artificial lifting methods combined with a pump assisted mechanism have an operating depth ranging from 100 feet TVD to 17,000 feet TVD and an average working volume ranging from 5 BPD to 30,000 BPD. This increasing demand for the pump-assisted mechanism is due to multi-phase hydraulic fracturing in horizontal holes.

According to the regional market analysis of the Artificial Elevator Market, the North America region registered the maximum market share. The maximum share is due to less pressurized oil wells in most countries in the region, resulting in high demand and high deployment of artificial lifting methods in North America.

In today’s world of automation, artificial elevators are widely used by end users to increase production and achieve maximum margins on resources. All the oil and gas reservoirs in the world need man-made elevators to fuel the rate of high efficiency production. Drastic industrialization coupled with increasing demand for energy around the world is driving the growth of the artificial elevator market. The obligation to meet growing demand has largely contributed to the high use of renewable energy resources.

Therefore, the artificial lifting method efficiently extracts oil and gas by various mechanisms and technologies, especially in mature oil and gas wells. As the demand for oil increases worldwide for energy, the artificial elevator has a prominent role.

  • This report represents a proprietary analysis of the market composed of different regions, which enables shareholders to prepare plans according to region.

  • This report provides an overview of the factors that accelerate and hinder the growth of the market.

  • The in-depth analysis of the regions described provides information that should allow suppliers to strategically organize their trade movements.

  • The major competitors of the market are presented based on their strategies in this report, which helps to gain insight into the competitive outlook of the market.

For more information on this report, visit https://www.researchandmarkets.com/r/7p2e8x

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