Pune, India -- (SBWIRE) -- 10/11/2017 -- Market Highlights
Artificial Lift market is expected to grow with the CAGR of about 7% from 2016 to 2022. For the Global Artificial Lift market drivers are increased unconventional oil & gas production, declining reservoirs, and growing number of mature fields. However, strict government regulations environmental concerns are constraining the growth of the artificial lift market. The recent decline in oil prices is estimated to increase the demand for production focused services such as pressure pumping, artificial lift and enhanced oil recovery; as the focus has shifted entirely towards production optimization as comparison to drilling services. Consequently, artificial lifts are expected to experience a rise in demand from owner-operators, independent E&P companies, and other industry stakeholders.
Key Findings
The key findings of the report "Global Artificial Lift Market includes:
- Increasing focus towards production optimization, and growing number of mature oil fields are major factors driving the growth of the artificial lift market
- Strict government regulations and environmental issues associated with the oil and gas production is inhibiting the growth of the artificial lift market
- Geographically, North America has the largest share in global artificial lift market and is also expected to be the fastest growing region
- Based on the type, electric submersible pumps have the largest market share in the artificial lift market.
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Key Players
Key players in this market are:
- Baker Hughes,
- Borets,
- Cameron International,
- Dover Corporation,
- GE Oil & Gas,
- Halliburton,
- John Crane,
- National Oilwell Varco,
- Schlumberger, and Weatherford.
The companies in this market have adopted various strategies such as mergers and acquisitions, expansions, and new product developments to append their market share.
Electric submersible pumps (ESP) and Rod Lifts held the major share within the Global Artificial Lift Market
The major types of artificial lifts employed in the oil field includes electric submersible pump (ESP), rod lift, progressive cavity pumps (PSP), and gas lifts. Other types used include plunger lift, and hydraulic jet pumps which have a small contribution within the artificial lift market. Electric submersible pump is a multistage centrifugal pump used to lift moderate to high volumes of fluids from wellbores. Its advantages include wide range of operating flexibility , capability to lift extremely high volumes in shallow wells, and also the cost of lifting high volumes is low as compared to other methods. These advantages have contributed towards the immense popularity of ESPs in the artificial lift market, resulting towards its major share in this market.
Artificial Lift Market:
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.
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Market Research Analysis:
Increasing focus towards production optimization, and growing number of mature oil fields are major driving factors for the artificial lift market. North America held the largest share within the global Artificial Lift Market is expected to be the dominant market during he forecast period as well. Electric submersible pumps contribute a major part within the global artificial lift market as compared to other lift types.
This report includes a study of strategies, of major market players. It includes the product portfolios, developments of leading major players such as Baker Hughes, Cameron International, Halliburton, Weatherford, Natonal Oilwell Varco, and others.
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