Market research future published a cooked
research report on Global Artificial Lift Market. 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.
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Future
Constraints and Drivers Affecting the Market Growth
The increasing
production of heavy oil, increasing demand for energy across the world,
improving production efficiency and increase in the production of shale gas is
driving the market for artificial lift. Recoverable shale gas reserves are
anticipated to provide growth opportunities to the market. Artificial lifting
system is employed in horizontal shale gas-producing wells to achieve
operational efficiency and lift the collected fluid in the well. Several
countries are evaluating and testing production potential from shale formation
besides commercially viable production techniques. Moreover, declining onshore
production and increasing demand for oil and gas are pushing the operators to
increase deepwater activities.
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Industry
Overview
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.
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.
Prominent
Players:
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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