New York, USA, Dec. 09, 2024 (GLOBE NEWSWIRE) — Market Overview:
The global Latin America artificial lift market size is projected to grow from USD 731.20 million in 2022 to USD 1,208.32 million by 2032, at a CAGR of 4.3%, according to a new report by Polaris Market Research.
Artificial lift is a procedure utilized to lower the producing bottom hole pressure (BHP) on the configuration to acquire an elevated production rate from the well. This can be executed with an affirmative expulsion downhole pump, such as a beam pump or a progressive cavity pump (PCP), to lessen the unconfined pressure at the pump input. It can also be executed with a downhole centrifugal pump, which could be a constituent of an electrical submersible pump system (ESP). A bottommost bottom hole flowing pressure and elevated flow rate can be obtained with gas lift in which the solidity of the fluid in the tubing is lessened, and augmenting gas assists in uplifting the fluid.
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Key Insights from Report
- The market for Latin America artificial lift is significantly shaped by prominent oil and gas-producing nations such as Brazil, Mexico, Venezuela, Colombia, and Argentina, among others.
- The Latin America artificial lift market segmentation is mainly based on mechanism, type, well type, application, and country.
- Based on the mechanism, the gas-assisted segment is expected to experience the highest CAGR during the forecast period.
- By region, the report provides market insights into Brazil, Mexico, Argentina, Colombia, and the Rest of Latin America.
Latin America Artificial Lift Market Scope
| Report Attributes | Details |
| Market size value in 2022 | USD 731.20 million |
| Market size value in 2023 | USD 825.54 million |
| Revenue Forecast in 2032 | USD 1208.32 million |
| CAGR | 4.3% from 2023-2032 |
| Base year | 2022 |
| Historical data | 2019-2021 |
| Forecast period | 2023-2032 |
Market’s Growth Drivers
Growing Population: The energy demand is escalating because of population growth, endeavors to enhance residing standards and urbanization. But this demand is surpassing the incorporation of contemporary oil reserves and the aggregate and proportion of unearthing are reducing. Thus, a growing requirement prevails to improve productivity and efficiency in mature oil waterbodies which is contributing to the Latin America artificial lift market growth.
Surge of ESPs: The offshore market for electric submersible pumps (ESPs) is anticipated to encounter a rise in demand due to a plethora of resources and escalated funding. ESPs are approved in massive oil wells that have extended or covered their most elevated oil generation phase. Additionally, the evolution of the contemporary exploration field is expected to offer sizeable possibilities for the market.
Technological Progressions: The advancement of contemporary technologies, such as smart control systems and real-time observation, has rendered the market more economical, pushing the acquisition in the region. Governments in Latin America are taking enterprises to encourage the advancement of the oil and gas sector, involving acquiring an artificial lift to escalate production. The rowing funding in the oil and gas framework in Latin America involving pipelines, refineries, and production provisions is driving the demand for artificial lift to escalate the making and conveyance of oil and gas.
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List of Latin America Artificial Lift Market Key Players
- National-Oilwell Varco, Inc.
- Schlumberger Limited
- Novomet Group
- Halliburton Company
- Weatherford International Ltd
- Baker Hughes Company
- Borets Company Llc, General Electric Co.
- Dover Artificial Lift, Llc
- Occidental Petroleum Corporation and Novomet Oil Services Holding Ltd
- Tenaris S.A.
- Borets International Limited
- Kudu Industries Inc
Geographical Analysis
Latin America accounted for the largest Latin America artificial lift market share. This region has several oil reserves. Many countries in Latin America, such as Brazil, Venezuela, and Mexico, have notable oil reserves and are prominent crude oil makers. The growing demand for energy in the region has caused an escalation in oil generation, which subsequently boosted the demand for the market.
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Market Segmentation
By Mechanism Outlook
- Pump Assisted
- Positive
- Dynamic
- Gas Assisted
By Type Outlook
- Electric Submersible Pump (ESP)
- Progressive Cavity Pump (PCP)
- Rod Lift
- gas lift
- Others
By Well Type Outlook
- Horizontal
- Vertical
By Application Outlook
- Onshore
- Offshore
By Country Outlook
- Brazil
- Mexico
- Argentina
- Colombia
- Rest of Latin America
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