The gas lift system market is flourishing in response to the global industrialization trend, the growing emphasis on sustainability, increasingly stringent environmental regulations, and investments in renewable energy sources.
PORTLAND, Ore, Oct. 3, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Gas Lift System Market By Lift Type (Gas Lift, Others), By Component (Mandrels, Valves, Packers), By Application (Onshore, Offshore), By Gas Lift Type (Continuous Flow, Intermittent Flow), By Well Type (Horizontal, Vertical): Global Opportunity Analysis and Industry Forecast, 2023-2032". According to the report the gas lift system market was valued for $1.8 billion in 2022 and is estimated to reach $3.8 billion by 2032, exhibiting a CAGR of 7.6% from 2023 to 2032.
Gas lift systems, playing a crucial role in optimizing oil and gas production, contribute to operational efficiency and minimize resource wastage. The demand for dependable gas lift systems has surged with the rising dependence on fossil fuels and the expansion of energy-intensive technologies.
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Prime determinants of growth
The growth of the gas lift system market is primarily fueled by the relentless demand for efficient and cost-effective methods of oil and gas production. Technological innovations, such as smart sensors and real-time monitoring, are driving increased adoption by enhancing system efficiency. Additionally, stringent environmental regulations are incentivizing the industry to opt for cleaner production techniques, making gas lift systems an attractive choice. The market's dynamics are further influenced by reservoir characteristics, geopolitical stability, fluctuating oil prices, competition among providers, and a strong emphasis on safety and regulatory compliance.
Report coverage & details:
Report Coverage | Details |
Forecast Period | 2023–2032 |
Base Year | 2022 |
Market Size in 2022 | $1.8 billion |
Market Size in 2032 | $3.8 billion |
CAGR | 7.6 % |
No. of Pages in Report | 299 |
Segments covered | Lift Type, Component, Application, Gas Lift Type, Well Type, and Region |
Drivers | Cost-effective production and improved recovery rates |
Environment regulations | |
Increase in oil and gas production | |
Restraints | Fluctuating oil prices |
High initial costs and technical challenges | |
Opportunities | Technological advancements and evolving EOR techniques. |
Impact Scenario
The Russia-Ukraine war had significant consequences for various sectors, including gas lift system.
- North American countries are expected to prioritize enhancing their energy independence as tensions in Eastern Europe persist.
- This is projected to lead to higher investments in domestic oil and gas production, benefiting the gas lift system market.
- Increased production and exploration activities are projected to spur demand for artificial lift solutions such as gas lift systems.
- Geopolitical tensions, such as the Russia-Ukraine conflict, is anticipated to contribute to energy price volatility.
- Fluctuations in oil and gas prices can lead to uncertainty in the industry, potentially causing operators to delay or reconsider investments in gas lift systems.
- European nations may seek to diversify their energy sources and reduce dependence on Russian gas.
- This could stimulate investment in domestic oil and gas production, potentially increasing the demand for gas lift systems.
- The conflict is anticipated to disrupt energy supplies, causing uncertainty in the European energy market.
- Economic instability and energy supply concerns may lead to reduced investments in the gas lift system market as operators prioritize immediate challenges.
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The onshore application segment to maintain its leadership status during the forecast period
Based on the application, the onshore segment held the highest market share in 2022, accounting for more than two-thirds of the global gas lift system market revenue. The rapid expansion of oil and gas producers to meet the growing demand for fuel have driven the demand for gas lift system which are eco-friendly compared to other systems. However, the offshore application is projected to manifest a CAGR of 7.86% from 2023 to 2032, as government and companies across the globe has set their sights on offshore oil and gas resources to meet the ongoing demand and to reduce their dependency on the oil and gas imports from other countries.
The continuous flow segment to maintain its leadership status throughout the forecast period
Based on gas lift type, the continuous flow segment held the highest market share in 2022, accounting for more than four-fifths of the global gas lift system market revenue, and is estimated to maintain its leadership status throughout the forecast period. The increase in demand for efficient and sustainable oil and gas production methods drives the adoption of continuous-flow gas lift systems. However, the intermittent flow segment is projected to manifest a CAGR of 7.7% from 2023 to 2032. The intermittent flow in the gas lift system market has experienced a notable surge in demand and innovation, driven by a convergence of factors. Gas lift systems offer a cost-effective and environmentally conscious solution with a global emphasis on optimizing hydrocarbon production, particularly from aging wells and unconventional resources.
The horizontal segment to maintain its leadership status throughout the forecast period
Based on the well type, the horizontal held the highest market share in 2022, accounting for more than two-thirds of the global gas lift system market revenue, and are estimated to maintain their leadership status throughout the forecast period. The market for horizontal well types in gas lift systems is thriving, driven by several key trends and growth factors. The surge in unconventional resource exploration, particularly in shale formations, has elevated the importance of horizontal wells with gas lift systems for optimizing production rates. Technological advancements, such as improved control systems and downhole sensors, have enhanced the efficiency and reliability of these systems, making them attractive. However, the vertical well type segment end-use is projected to manifest a CAGR of 8.13% from 2023 to 2032.
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North America to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global gas lift system market revenue, and is likely to dominate the market during the forecast period. Furthermore, the Asia-Pacific region is expected to witness the fastest CAGR of 8.36% from 2023 to 2032. The Asia-Pacific region presents significant growth potential in the gas lift system industry. Emerging markets, such as India, China, and Southeast Asian countries, have witnessed rapid industrial growth which will lead to increased demand for market. The increase in investment toward energy resources especially in offshore is a factor that is anticipated to offer new growth opportunities for gas lift system in Asia-Pacific during the forecast period.
Leading Market Players: -
- Baker Hughes Company
- ChampionX
- Weatherford International Plc
- Schlumberger Limited
- Saudi Arabian oil co. (Saudi Aramco)
- Emerson Electric Co.
- Tally energy services
- National Oilwell Varco, Inc.
- Tendeka
- SPOC Automation, Inc.
The report provides a detailed analysis of these key players in the global gas lift system market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to highlight the competitive scenario.
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