Conventional methods of crude oil recovery need to be revived to parallel production to meet the current levels of demand.
Albany, NY -- (SBWIRE) -- 02/10/2017 -- Artificial lift is used to provide sufficient pressure to push crude to the surface in a low reservoir pressure well. The artificial lifting of crude oil comprises two methods, the first method involves usage of a gas lift to induce the upward movement of produced fluids and the other method involves the utilization of downhole pumps that function with electricity.
Conventional methods of crude oil recovery need to be revived to parallel production to meet the current levels of demand. Most of the crude oil production across the world is derived from mature fields, of which, most display reservoir pressure insufficiency, which is a major production parameter. This exhibits the need for artificial lift systems.
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Currently, the oil and gas industry is focused on lowering the operation cost and optimizing well performance. Moreover, the focus is on monitoring, communicating, and analyzing well performance and production data in a timely manner. Huge investments by oil exploration and production companies for the development of small and matured oil fields and the development of unconventional hydrocarbon reserves in countries such as Russia, Venezuela, U.S., Canada, and China is presenting growth opportunities for the growth of the artificial lift systems.
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Global Artificial Lift Systems Market: Drivers and Restraints
Increasing production of unconventional hydrocarbons such as shale and rising production of oil and gas from mature oilfields are some of the major factors driving the global artificial lift systems market. Moreover, escalating energy demand along with rising initiatives for deep and ultra-deep offshore oil production is furthering the growth of the artificial lift systems market. However, factors such as complexities in oil and gas production from mature fields and environmental considerations are challenging the market's growth. Nevertheless, the rehabilitation and redevelopment of fields are expected to present growth opportunities to this market. Moreover, subsea operations are exhibiting an increased utilization of artificial lift systems and are expected to continue in the long run.
Global Artificial Lift Systems Market: Market Segmentation
The artificial lift systems market is segmented on the basis of geography and actuation mode. By actuation mode, the market for artificial lift systems is segmented into gas assisted and pump assisted artificial lift system. The sub-segments of pump assisted artificial lift system are Electric Submersible Pump (ESP), Gas Lift, Rod lift, and Progressive Cavity Pump (PCP). Further, the sub-segments of gas assisted artificial lift systems are Gas Lift and Plunger Lift. Each category of lift is suitable for specific reservoir conditions that they are used for.
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Global Artificial Lift Systems Market: Regional Outlook
North America dominates the global artificial lift systems market. Increasing exploration of unconventional hydrocarbons such as shale holds promise for the market's growth. Europe holds a substantial share in the global market. This is mainly due to the re-development of mature oil fields in Russia that depend on artificial lift systems.
Major Companies Mentioned in Report
Some of the leading companies operating in the global artificial lift systems market are Sclumberger Ltd, GE Energy, National Oil Varco Inc., Lufkin Industries Inc., Tenaris S.A., Weatherford International Ltd, Baker Hughes Incorporated, JSC Alnas, Kudu Industries Inc., and J&J Technical Services among others.
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