Artificial Lift Market Emerging Technologies, Business Revenue and Future Plans| Global Industry Size,Growth Rate and Forecast to 2022

The prime objective of Artificial Lift Market report is to help the user understand the market in terms of its definition, segmentation, market potential, influential trends, and the challenges that the market is facing.

Pune, India - August 6, 2018 /MarketersMedia/ —

Market Overview:-

The global artificial lift market is growing due to decline in oil reservoirs, increase in shale oil and gas production. The recent decline in oil prices is also estimated to increase the demand for production focused services such as pressure pumping, artificial lift and enhanced oil recovery in comparison to drilling services. The unconventional production has transformed the oil and gas industry in North America over the last decade. The tight oil production in U.S. has pushed its crude oil supply to over 10% of world total. There are different types of artificial lifts which include rod lift, electric submersible pumps, progressive cavity pumps, gas lift and others. The Artificial lift Market is projected to grow at a high CAGR of around 7% during the forecast period.

Artificial lift is installed in wells that require to supplement natural reservoir drive to boost fluids. Almost all oil and gas wells that require water removal use some kind of artificial lift. The types of artificial wells comprise gas lift systems, progressing capacity pumps, rod-lift systems and electric submersible pumps (ESPs). Other lift systems include a hydraulic lift and plunger lift. Factors in choosing the type of lift involve well trajectory, depth of the well, properties of the fluid, and volume of the fluid to be pumped. Other factors involve pressure at the wellbore, the amount of gas produced and the presence of sand.

According to a new report by Market Research Future (MRFR), the global market for the artificial lift will show steady growth during the forecasted period (2016-2027). Artificial lift is employed when the natural reservoir is not strong enough so that it can push the oil to the surface. Artificial lift systems are extensively used by commercial and industrial sector.

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Industrial Developments:-

The Trump administration granted gas drilling and new offshore oil in almost all US coastal waters, thus giving energy companies the access to lease off California and opening more than a billion acres in the Arctic and along the Eastern Seaboard.

Baker Hughes, a GE company, proposed using a Terr- Adapt adaptive drillbit so that the drilling performance is improved and the NPT is reduced by proactively mitigating slip and stick and impact loading. This device comes with self-adjusting depth-of-cut control elements to reduce torsional instability.

In October 2014, Dover Corporation acquired Accelerated Companies LLC which is a supplier of artificial lift solutions and fluid handling to oil and gas production industry.

Competition Analysis:-

The prominent players operating the artificial lift market are Cameron International, Borets, GE Oil & Gas, Dover Corporation, Baker Hughes, and more. Industry players are focusing on inorganic growth ventures to enhance their business. Halliburton, in July 2017, acquired Summit ESP to strengthen its position and expand it’s artificial lift capabilities in North America oilfield services.

Future Constraints and Drivers Affecting the Market Growth:-

Due to rapid industrialization, conventional sources for oil and gas are depleting. This has led companies to meet end-user demands by focusing on unconventional gas resources which is considered to act as a prime factor for the market growth.

Meanwhile, the high cost associated with artificial lift equipment and lack of skilled workers will hinder the market growth globally. Also, impacted investments and fluctuating oil prices might affect the market growth due to high capital and equipment costs. Also, strict government mandates and environment related problems are inhibiting the market growth globally.

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Regional Analysis of Artificial Lift:-

North America dominated the Global Artificial Lift Market with the largest market share in 2015. It is expected to retain its dominance in the market with a high growth rate. Presence of large shale oil & gas reserves, as well as tight oil reserves is expected to aid the North American market for artificial lift. The European region held the second largest share within the artificial lift market is expected to grow at a moderate rate during the forecast period, between 2016 and 2022. Asia-Pacific market is expected to exhibit a comparatively high growth than Europe. Increasing focus towards development of shale gas projects in countries such as China, and Indonesia is expected to be a major factor driving the Asia-pacific market.

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Organization: Market Research Future
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