Latin America Artificial Lift System Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 2.78 % |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Latin America Artificial Lift System Market Analysis
The Latin America artificial lift system market is expected to grow at a CAGR of more than 2.78% during the forecast period of 2020-2025. Factors such as the increasing population, efforts to improve living standards and urbanization are driving the demand for energy. This tremendous demand for oil is outpacing the addition of new reserves. The number and size of discoveries of reserves are also decreasing. This has resulted in an increased focus on enhancing productivity and the efficiency of old reservoirs. Artificial lifts are gaining importance to explore oil from the matured oil reservoirs. However, with the advancement in smart water flooding and various IOR technology are expected to hinder the market growth during the forecast period.
- An electric submersible pump (ESP) is preferred as the most suitable choice for usage in large oil wells that reached or crossed their peak oil production phase. The availability of abundant resources, coupled with an increase in investments, is expected to boost the offshore electric submersible pump market.
- As the number of new exploration fields is increasing, these fields are expected to provide significant opportunities for the artificial lift system market in the near future.
- In Latin America, Brazil is expected to be among the major countries driving the market for artificial lift systems market.
- The majority 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 lift in almost all wells.
Latin America Artificial Lift System Market Trends
This section covers the major market trends shaping the Latin America Artificial Lift System Market according to our research experts:
Electric Submersible Pump (ESP) Expected to Dominate the Artificial Lift Systems Market
- Most of the oil & gas fields operating have been in production for a few decades. They are either matured or at the end of their production life.
- ESPs are preferred as the most suitable choices for usage in large oil wells that reached or crossed their peak oil production phase and require further developments to enhance the production rates.
- An onshore electric submersible pump is projected to witness decent growth in demand, owing to an increasing number of mature fields in the sector.
- Growing focus toward heavy oil reservoirs and increasing production, coupled with the requirement of ESP systems in shale reservoirs, is further expected to drive the business growth and artificial lift market.
Brazil to Drive the Market
- In Latin America, Brazil is expected to be among the major countries driving the market for artificial lift systems market.
- The country is estimated to reach 5 million oil barrels per day by 2026, which is likely to make the country one of the biggest source of global crude supplies outside OPEC.
- Moreover, in 2017, Shell, one of the biggest oil-producing company in Brazil, announced that it would be investing USD 2 billion, related to oil & gas activities,
- In the country each year between 2017 and 2020, the amount excludes the cost of assets acquired by the company in the pre-salt auction, in October 2017.
- Supported by increasing investments and liberal regulatory environment, Brazil is expected to be among the major countries increasing the demand for artificial lift during the forecast period.
Latin America Artificial Lift System Industry Overview
The Latin America artificial lift system market is partially fragmented. Some of the key players in this market include Baker Hughes Company, National-Oilwell Varco, Inc., Halliburton Company, Schlumberger Limited, Novomet Group.
Latin America Artificial Lift System Market Leaders
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Baker Hughes Company
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National-Oilwell Varco, Inc.
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Halliburton Company
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Schlumberger Limited
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Novomet Group
*Disclaimer: Major Players sorted in no particular order
Latin America Artificial Lift System Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Market Size and Demand Forecast in USD billion, till 2025
- 4.3 Recent Trends and Developments
- 4.4 Government Policies and Regulations
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4.5 Market Dynamics
- 4.5.1 Drivers
- 4.5.2 Restraints
- 4.6 Supply Chain Analysis
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4.7 Porter's Five Forces Analysis
- 4.7.1 Bargaining Power of Suppliers
- 4.7.2 Bargaining Power of Consumers
- 4.7.3 Threat of New Entrants
- 4.7.4 Threat of Substitutes Products and Services
- 4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
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5.1 Type
- 5.1.1 Electric Submersible Pump System
- 5.1.2 Progressive Cavity Pump System
- 5.1.3 Rod Lift System
- 5.1.4 Others
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
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6.3 Company Profiles
- 6.3.1 Baker Hughes Co
- 6.3.2 National-Oilwell Varco
- 6.3.3 Halliburton Company
- 6.3.4 Schlumberger Limited
- 6.3.5 Novomet Group
- 6.3.6 General Electric Co.
- 6.3.7 Weatherford International Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityLatin America Artificial Lift System Industry Segmentation
The Latin America artificial lift system market report includes:
| Type | Electric Submersible Pump System |
| Progressive Cavity Pump System | |
| Rod Lift System | |
| Others |
Latin America Artificial Lift System Market Research FAQs
What is the current Latin America Artificial Lift System Market size?
The Latin America Artificial Lift System Market is projected to register a CAGR of greater than 2.78% during the forecast period (2024-2029)
Who are the key players in Latin America Artificial Lift System Market?
Baker Hughes Company, National-Oilwell Varco, Inc., Halliburton Company, Schlumberger Limited and Novomet Group are the major companies operating in the Latin America Artificial Lift System Market.
What years does this Latin America Artificial Lift System Market cover?
The report covers the Latin America Artificial Lift System Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Latin America Artificial Lift System Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Latin America Artificial Lift System Industry Report
Statistics for the 2024 Latin America Artificial Lift System market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Latin America Artificial Lift System analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
