Global Artificial Lift Market – Overview
The Global Artificial Lift Market is expected to grow at a CAGR of 7-8% during the forecast period from 2016 to 2022. The global artificial lift market is expected to experience an upward trend following of increasing focus on production optimization in the industry, states the MRFR Research Analyst while commenting upon the deep diving study report published by Market Research Future, presented through more than 100 market data tables and figures spread over 100 pages.
The decline in oil prices has instigated a global lockdown on exploration investments, with the majority of companies facing huge losses. Oil & Gas companies have increased their emphasis on optimizing operational field production, and increasing production efficiency to lower the costs. Such a profound change in the strategic outlook is expected to inevitably instigate an increase in demand for production optimization equipment such as artificial lift systems. However, strict government and regulations and environmental problems associated oil & gas production are inhibiting the growth of the artificial lift market.
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.
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.
Segments
The market for Artificial Lift has been segmented on the basis of type of equipment employed for the function. The segmentation involves rod lift, electric submersible pump (ESP), progressive cavity pumps (PCP), gas lift, and others. Other types used include plunger lift, and hydraulic jet pumps which have a small contribution within the artificial lift market.
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Global Artificial Lift Market – Regional Analysis
North America has been dominating the Global Artificial Lift Market with the largest market share since past few years. It is expected to retain its dominance in the market with a high growth rate. Presence of large shale oil & gas reserves, as well as tight oil reserves is expected to aid the North American market for artificial lift.
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