Market Size of Latin America Artificial Lift System Industry
| 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 |
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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.
