Artificial Lift Systemsis the mechanism to ease extraction of oil from oil reservoirs when natural pressure is not enough to push oil to the surface by building pressure inside the reservoir. TheArtificial Lift Systems Market was valued at USAD XXX Billion in 2015 and is expected to reach USAD XXX Billion by 2020, at a CAGR of XX% between 2015 and 2020.
When the natural pressure of the reservoir is not enough to push the oil to the surface, artificial lift is employed to achieve more production. While some wells generate enough pressure to push oil to the surface without stimulation, most don’t, thus the need for artificial lift. In fact, more than three fourths of the oil reservoirs in the US require artificial lift from the very beginning. Although these wells initially possess enough pressure to push oil naturally, that pressure decreases over time, and artificial lift is then required. Therefore, artificial lift is generally required on all wells at some time during their production life.
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The major factors boosting the market of Artificial Lift Systems are as under:
1. Majority of the oil wells in the world are mature or are on the verge of maturing. Tis is the major driver of the artificial lift systems as they help in extraction oil from mature wells.
2. Also, due to increasing demand for energy and oil resources the focus is shifting towards unconventional resources like shale gas, tight oil. This is given a boost to the international artificial lift systems market as they are required to explore these new energy reserves.
3. Industry efforts and attempts to optimise the oil production from a well and the recent recovery of oil prices after decline are also driving the market.
However, the major restraints to the growth of the Artificial Lift Systems Market are as under:
1. High cost of artificial lift equipment and operational and maintenance costs.
2. Lack of skilled workers and professionals.
3. Reducing prices or fluctuating price of crude oil also hamper the growth of the market as operational and capital costs are high.
4. Furthermore, failure of pump due to solid production could also result in sky-high operational costs and this results in reluctance in adopting artificial lift systems.
The Artificial Lift Systems market is bifurcated on the basis of actuation type, component, application and region. The sub-segments for these segments are given below:
On the basis of Actuation Type
o Gas Assisted
o Pump Assisted
> Positive Displacement
> Dynamic Displacement
On the basis of Component
o Pump, Motor
o Cable System
o Drive Head
o Pump Jack
o Sucker Rod
o Gas-lift Valves
o Gas-lift Mandrels
On the basis of Application
On the basis of Region
o North America
o Asia Pacific
o South and Central America
o Middle East and Africa
Geographically the market is segmented into following different regions:North Americas, Europe, the Asia-Pacific, Latin America and Middle East and Africa. North America is the dominant shareholder in the market owing to the recent advances and research in the field of shale gas, availability of a large number of low pressure wells. Also, the region is seeing a spur in the use and adoption of non-conventionalresources of energy such as shale gas, tight oil and low marginal well count which is further expected to boost the market in the region.
However, Asia Pacific is expected to witness the highest CAGR in the forecast period due to the increased commercial and industrial activities in the region, increased allocation of funds for infrastructure which is increasing the demand for petroleum products. Also, the rapid urbanisation and industrialisation in countries like china and India is depleting the existing oil resources which is boosting the demand for artificial lift systems to explore mature oil resources.
The key players who are driving the market of Artificial Lift Systems and determine its future are: Mitsubishi Heavy Industries Compressor Corporation, Baker Hughes Incorporated, Dover Corporation, Halliburton Company, LLC., National Oilwell Varco, Inc.,Weatherford International Ltd,National Oilwell Varco, SchlumbergerLimited, Cameron International, GE Oil & Gas, Tenaris, J J Tech.General Electric Company, Man Diesel & Turbo SE, Atlas Copco Energas GmbH, Solar Turbine Inc., Burckhardt Compression Holding AG, Ariel Corporation, Neuman & Esser Group, Ebara Corporation, Hitachi, Ltd.
Report ContentsRegional AnalysisReport Highlights
Market Drivers, Restraints and Opportunities
Market Size & Forecast 2016 to 2022
Supply & Demand Value Chain
Market – Current Trends
Competition & Major Companies
Technology and R&D Status
Porters Five Force Analysis
Strategic and Critical Success Factor Analysis of Key Players
US and Canada
Mexico, Brazil, Argentina and Rest of Latin America
EU5 (Germany, France, Italy, Spain, U.K.)
Nordic Countries (Denmark, Finland, Norway, and Sweden)
Benelux (Belgium, The Netherlands, and Luxembourg)
Rest of Western Europe
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Rest of Eastern Europe
Australia and New Zealand
Rest of Asia Pacific
Middle East and Africa
GCC countries (Saudi Arabia, Oman, Qatar, Bahrain, UAE and Kuwait)
Rest of Middle East and Africa
This report is an elaborate aggregation of primary inputs from industry experts and participants across the supply chain. It provides details on market segmentation which is derived from several product mapping exercises, macroeconomic parameters and other qualitative and quantitative insights. The impact of all such factors is delivered across multiple market segments and geographies.
Detailed Historical Overview (Market Origins, Product Launch Timeline, etc.)
Consumer and Pricing Analysis
Market dynamics of the industry
Estimated Market Sizing in terms of volume and value
Recent trends in Market and impact
Research Status and Technology Overview
Extensive Industry Structure Coverage