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.
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.
Get Sample Copy of The Report @ https://www.marketresearchfuture.com/sample_request/830
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.
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.
Future Constraints and Drivers Affecting the Market Growth:-
The increasing production of heavy oil, increasing demand for energy across the world, improving production efficiency and increase in the production of shale gas is driving the market for artificial lift. Recoverable shale gas reserves are anticipated to provide growth opportunities to the market. Artificial lifting system is employed in horizontal shale gas-producing wells to achieve operational efficiency and lift the collected fluid in the well. Several countries are evaluating and testing production potential from shale formation besides commercially viable production techniques. Moreover, declining onshore production and increasing demand for oil and gas are pushing the operators to increase deepwater activities.
Also, the growing number of wells requiring secondary extraction, enhanced recovery rates, and increasing demand for technological advancements and energy and petrochemicals are enabling companies to extract oil from challenging areas which are in turn driving the market growth. The high demand for natural gas and crude oil has depleted the onshore reserves. This has offshore deep-water opportunities for many companies, thus enhancing the artificial lift market size.
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.
Global Artificial Lift Market Segmentation
The global market for artificial lift can be segmented on the basis of type, mechanism, application, and region.
The market has been segmented into electrical submersible pump (ESP), rod lift, progressive cavity pump (PCP), gas lift, and others based on type. The rod lift market contributed a larger revenue share and is expected to be a dominant market over the forecast period. While the ESP and plunger segment is expected to show a significant growth rate in the years to come.
The market has been segmented into pump assisted which is further subdivided into positive displacement and dynamic displacement and gas assisted. Among these, the pump assisted artificial lift mechanism is projected to show the largest market share in 2016. The dynamic displacement segment is the fastest growing segment within the pump assisted segment.
The market has also been segmented into onshore and offshore based on application. Owing to the presence of a high amount of onshore oil wells, the onshore segment held a larger market share in 2017.
Browse Complete Report @ https://www.marketresearchfuture.com/reports/artificial-lift-market-830
North America Holds the Largest Market Share:-
North America held the largest share in artificial lift market in 2017. In this region, the market growth can be attributed to the presence of a large number of oil reserves in onshore basins, declining production from mature conventional fields, and increasing adoption of latest technologies in gas and oil sector. The oil industry in North America faces challenges of meeting high energy demand. The natural pressure in wells reduces with time. To maintain the level of production, the North American companies are incorporating secondary extraction techniques which include artificial lifting which is, in turn, driving the market in this region.
However, the European market held the second largest share and is expected to show a moderate growth rate over the forecast period. The Asia Pacific market is expected to showcase a higher growth rate than Europe, owing to the increase in focus towards developing shale gas projects in countries like Indonesia and China.
Company Name: Market Research Future
Contact Person: Abhishek Sawant
Email: Send Email
Phone: +1 646 845 9312
Address:Market Research Future Office No. 528, Amanora Chambers Magarpatta Road, Hadapsar