Business Health Industry News Science Technology

Artificial lift Market By Solution Type, By Application Type, By Industry Type, By Brand And Region Market Size, Share & Forecast between 2018-2027

Product Overview

Artificial lift is a method used to lower the producing bottom-hole pressure on the formation to obtain a higher production rate from wells using positive displacement down-hole pumps such as ESP, RLP, and PCP that lower the flowing pressure on the pump. Artificial lift is a process generally used in oil wells to increase pressure within the reservoir and encourage oil to the surface. Artificial lifts are more used when there is reduced natural drive energy of the reservoir to push the oil to the surface.

The two major components of artificial lift include pumping systems and gas lifts. Artificial lift pumping systems are applied as beam pumping and hydraulic pumping, out of which beam pumping is usually more preferred for usage. Hydraulic pumping equipment applies down-hole hydraulic pumps to lift oil to the surface. Here, the production is forced against the pistons, causing pressure resulting in the pistons to lift the fluids to the surface, during which the natural energy within the well is put to work to raise the production to the surface.

Download Sample of This Strategic Report:
https://www.kennethresearch.com/sample-request-10084542

Market Size and Forecast

The global artificial lift systems market will register a CAGR of 10% by 2027. The market was valued at USD 13 Billion market in the year 2017. The increasing demand from oil and natural gas industry will be one of the key factors that will determine the growth of this market in the upcoming years.

The market is segmented on the basis of type, mechanism, application. On the basis of type it is segmented into electrical submersible pump, Rod lift, progressive cavity pump and gas lift. Electrical submersible pump is expected to be the fastest growing segment on the account of their ability to handle high volume wells in the offshore drillings. On the basis of mechanism, it is segmented into pump assisted, dynamic displacement, positive displacement and gas assisted. On the basis of application, it is segmented into onshore and offshore. Initial investment and risk in offshore is high but on the account of demand the profitability rates has been high.

By region, the global artificial lift system is segmented into North America, Latin America, Europe, Asia-Pacific, Middle East and Africa. The U.S. market is likely to observe substantial growth owing to the existence of low pressure oil wells coupled with continual increase in oil consumption. According to US Energy Information Administration the U.S. crude oil consumption has reported to have increased from 18.4 MMbbl/d in 2012 to 19.8 MMbbl/d in 2017. Accessibility of untapped reserves in the country will further supplement the business growth.

UK market will grow on account of increasing oil production together with ongoing field development plans. UK operators have sanctioned various field development plans in 2012 and 2018, which are expected to begin production by 2025. In the Middle East region, availability of proven oil reservoirs along with rising focus toward advanced fields will increase the Saudi Arabia market. Saudi Aramco has suggested plans to conduct additional drilling at the existing fields to help and compensate for the normal deterioration from the established fields.

Market segmentation

Our in-depth analysis segmented the Global artificial lift systems market in the following segments:

By Type

Electrical Submersible Pumps
Rod Lift
Progressive Cavity Pumps
Gas Lift
By Mechanism

Pump Assisted
Dynamic Displacement
Positive Displacement
Gas Assisted
By Application

Onshore
Offshore
By Region

Global artificial lift system market is further classified on the basis of region as follows:

North America (United States, Canada), Market size, Y-O-Y growth Market size, Y-O-Y growth & Opportunity Analysis, Future forecast & Opportunity Analysis
Latin America (Brazil, Mexico, Argentina, Rest of LATAM), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Europe (U.K., Germany, France, Italy, Spain, Hungary, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Norway, Denmark, Sweden, Finland), Poland, Russia, Rest of Europe), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Asia-Pacific (China, India, Japan, South Korea, Malaysia, Indonesia, Taiwan, Hong Kong, Australia, New Zealand, Rest of Asia-Pacific), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa), Market size, Y-O-Y growth, Future forecast & Opportunity Analysis
Growth factor and Challenges

The increasing global population is resulting in an increased demand for energy in form of oil and natural gas, mainly within developing countries. The increase in demand for oil and natural gas is also heavily driven by transportation needs. The unstable nature of crude oil price has increased the number of exploration and production (E&P) companies in onshore and offshore oil and gas fields to increase their production from developed fields.

Advancements in technologies such as deep water and ultra-deep water operations exert more pressure on the pipelines from outside on the account of ocean water pressure. Hence, the usage of artificial lift systems is expected to be more prominent under these operating conditions. This will fuel the market of global artificial lift system in Oil and Petroleum industry.

The challenges associated with artificial lift systems are flow assurance problems, which include scaling, slug flow, emulsions, and asphaltenes. Asphaltenes are unwanted compounds found in crude oil. During gas lift operations, asphaltenes may get precipitated near the wellbore, leading to the plugging of tubing and gas lift equipment. Such factors are expected to restrain the demand for artificial lift systems.

Procure this Market Intelligence Report:
https://www.kennethresearch.com/sample-request-10084542

Key Players

Baker Hughes Inc
Company Overview
Business Strategy
Key Product Offerings
Financial Performance
Key Performance Indicators
Risk Analysis
Recent Development
Regional Presence
SWOT Analysis
Borets Company Llc
Dover Corporation
Flotek Industries
Ge Oil And Gas
Halliburton
J&J Technical Services
John Crane Group
National Oil Varco, Inc.
Novomet
Schlumberger Nv
Superior Energy Services
Tenaris Sa
Torqueflow-Sydex Ltd
Weatherford Plc

About Kenneth Research:
Kenneth Research provides market research reports to different individuals, industries, associations and organizations with an aim of helping them to take prominent decisions. Our research library comprises of more than 10,000 research reports provided by more than 15 market research publishers across different industries. Our collection of market research solutions covers both macro level as well as micro level categories with relevant and suitable market research titles. As a global market research reselling firm, Kenneth Research provides significant analysis on various markets with pure business intelligence and consulting services on different industries across the globe. In addition to that, our internal research team always keep a track on the international and domestic market for any economic changes impacting the products’ demand, growth and opportunities for new and existing players.

Contact Us

Kenneth Research

Email: [email protected]

Phone: +1 313 462 0609