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IN THE NEWSJune, 2021: NOV Inc. announced its joint venture with Schlumberger to accelerate the adoption of automated drilling solutions in the oil and gas industry.
The global artificial rod lift market is estimated to grow at a CAGR of ~6% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing application of artificial rod lift in oil drilling, combined with the increasing number of new exploration fields across the globe. The rod lifts are designed to be inserted inside the tubing of a well to gather fluids from underneath. It is used to collect oil and other fluids, and lift them to the surface, which is why, it is ideal for application in oil wells. The increasing use of artificial lift systems in various end-user industries, is estimated to boost the market growth. The growing demand for crude oil and petroleum products, has raised the need for oil extraction, which is estimated to boost the market growth. However, COVID-19 had a severe impact on the oil & gas industry, resulting in a massive decline in oil demand in 2020, which is expected to recover over the upcoming years. According to the data by the International Energy Agency, the global oil demand declined by 8.6 million barrel per day in 2020. This is expected to rebound, by registering an increase of 5.4 million barrel per day in 2021, and by 8.5 million barrel per day in 2022. Further, by the end of 2022, the demand for oil is projected to surpass the pre-Covid levels. Moreover, increasing investment by major companies for oil drilling in offshore as well as onshore reservoir, is estimated to boost the market growth.
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The market is segmented by end-user industry into oil & gas, mining, and others, out of which, the oil & gas segment is anticipated to hold the largest share in the global artificial rod lift market over the forecast period on account of increasing application of artificial rod lift in oil extraction from reservoirs. According to the U.S. Energy Information Administration (EIA) the global consumption of oil is estimated to be 92.2 million barrels per day in 2020. Increasing investment in the oil & gas industry is also estimated to boost the segment growth in the upcoming years.
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government-imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
On the basis of geographical analysis, the global artificial rod lift market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the increasing oil production in the United States and Canada, backed by the presence of large oil reserves in the region. Canada is the 4th largest producer and exporter of oil, globally, and holds over 10% of the world’s share for oil wells.
The market in Middle East and Africa region is estimated to witness noteworthy growth over the forecast period on the back of presence of large number of oil reserves, and increasing international trade of crude oil. The increasing demand for crude oil for exportation is estimated to boost the market growth in the region.
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The global artificial rod lift market is further classified on the basis of region as follows:
Our in-depth analysis of the global artificial rod lift market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Growing demand for oil and gas, and increasing oil production activities are the major factors driving the market growth.
The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 – 2030.
Competition from gas lift technology is estimated to hamper the market growth.
The market in the North America will provide the highest growth opportunities for the market during the forecast period on the back of large number of oil reserves, along with high production of petroleum and other fuels.
The major players in the market are Dover Corporation, Novomet Group, Smiths Group, Schlumberger Limited, NOV Inc., J J Technical Services LLC, Halliburton Company, Flotek Industries, and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by application, end-user industry, and by region.
The oil & gas segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.
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