Market Size of India Artificial Lift Systems Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2021 - 2022 |
| CAGR | 2.00 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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India Artificial Lift Systems Market Analysis
The market for artificial lift systems in India is expected to grow at a CAGR of over 2% during the forecast period.
The market was negatively impacted by the outbreak of COVID-19, mainly due to delays and cancellations of projects and the crude oil price crash. However, the market rebounded in 2022.
- Over the long term, the need for enhanced recovery rates, a growing number of wells that require pressure support for extraction, increasing demand for energy, petrochemicals, and technological advancements that are enabling companies to extract oil from challenging areas economically are some of the factors driving the growth of artificial lifts system market.
- On the other hand, factors such as advancements in smart water flooding and various IOR technology are restraining the market growth during the forecast period.
- However, most of the new fields, as well as the older fields, require an artificial lift of some form for production. Hence, all the major companies are regularly adopting artificial lifts in almost all wells. As the number of new exploration fields is increasing, these fields are expected to provide major opportunities for the artificial lift system market.
India Artificial Lift Systems Industry Segmentation
Artificial lift is a method used to lower the producing bottom hole pressure (BHP) on the formation to obtain a higher production rate from the well. It supports oil and gas to move upward when the natural drive (primary recovery) is not enough to push the oil to the surface. The Indian artificial lift market is segmented by type into gas-lift systems, sucker rod pumps, electric submersible pumps, progressive cavity pump lifting systems, and jet pumps. For each segment, the market sizing and forecasts have been done based on revenue (USD million).
India Artificial Lift Systems Market Size Summary
The artificial lift systems market in India is poised for growth, driven by the need for enhanced recovery rates and the increasing number of wells requiring pressure support. Despite the initial setbacks caused by the COVID-19 pandemic and fluctuating crude oil prices, the market has shown resilience and is expected to expand steadily. The demand for energy and petrochemicals, coupled with technological advancements, is facilitating oil extraction from challenging areas, thereby bolstering market growth. However, the emergence of smart water flooding and various Improved Oil Recovery (IOR) technologies presents challenges to market expansion. The necessity for artificial lifts in both new and aging fields underscores their importance, with new exploration fields offering significant opportunities for market players.
India's heavy reliance on crude oil imports and the decline in domestic production highlight the critical role of artificial lift systems in maintaining energy security. The aging fields and the need for electric submersible pumps (ESPs) present a substantial opportunity for market growth. Although the current use of ESPs is relatively low, upcoming investments in the oil and gas sector are expected to drive demand. The mature and maturing fields, along with strategic investments in oilfield services, are set to enhance production and maintain asset performance. The market is moderately fragmented, with key players like Schlumberger NV, Halliburton Company, and Baker Hughes Company actively participating. Recent government initiatives, such as enhanced oil recovery projects and contracts for discovered small fields, further indicate the market's potential for expansion.
India Artificial Lift Systems Market Size - Table of Contents
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1. MARKET OVERVIEW
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1.1 Introduction
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1.2 Market Size and Demand Forecast in USD million, till 2027
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1.3 Recent Trends and Developments
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1.4 Government Policies and Regulations
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1.5 Market Dynamics
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1.5.1 Drivers
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1.5.2 Restraints
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1.6 Supply Chain Analysis
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1.7 PESTLE Analysis
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2. MARKET SEGMENTATION BY TYPE
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2.1 Gas-Lift Systems
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2.2 Sucker Rod Pumps
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2.3 Electric Submersible Pumps
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2.4 Progressive Cavity Pump Lifting Systems
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2.5 Jet Pumps
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India Artificial Lift Systems Market Size FAQs
What is the current India Artificial Lift Systems Market size?
The India Artificial Lift Systems Market is projected to register a CAGR of greater than 2% during the forecast period (2024-2029)
Who are the key players in India Artificial Lift Systems Market?
Halliburton Company , Weatherford International plc, Baker Hughes Company , Penguin Petroleum Services (P) Limited and Schlumberger NV are the major companies operating in the India Artificial Lift Systems Market.
