Pune, India -- (SBWIRE) -- 09/28/2018 -- Artificial Lift Worldwide Market Leading 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.
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Market Overview:-
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.
Global Artificial Lift Market – Intended Audience
Report is advantageous mainly to the following Entities:
- Submersible Pump manufacturing companies
- Oil & gas service providers
- Oil & gas industry Consultants and Investment bankers
- Government as well as Independent Regulatory Authorities
Global Artificial Lift Market – Synopsis & Scenario
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.
Based on the type, electric submersible pumps have the largest market share in the artificial lift market.
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North America and Europe regions dominated the Artificial Lift Market in 2015.
Geographically, North America accounts for the largest share in the artificial lift market in 2015. It is also expected to provide immense growth potential due to the presence of recoverable shale oil and gas resources in this region. Also, the increase in tight oil production is boosting the demand for artificial lift in the region. European region held the second largest share within the artificial lift market, and is expected to grow at a moderate pace due to large number of offshore wells. Asia-Pacific region is projected to be the second fastest growing market.