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.
