Share
Global Artificial Lift Market: Market Segments: By Type (Electrical Submersible Pump, Rod Lift, Progressive Cavity Pump& Gas Lift);By Mechanism (Pump Assisted& Gas Assisted);By Application Onshore& Offshore);and Region - Analysis of Market Size, Share & Trends for 2014 - 2019 and Forecasts to 2030
Artificial lift is a process used to reduce the output pressure of the bottom hole (BHP) on the formation in order to achieve a higher rate of production from the well. When the natural drive (primary recovery) is not enough to bring the oil to the surface, it makes oil & gas travel upwards. In the oil and gas industry, artificial lifts have applications that increase oil output from reservoirs. Beam pumping, which engages equipment on and below the surface to increase pressure and force oil to the surface, is the most common type of artificial lift pump system used. The two major types of artificial lift include pumping systems and gas lifts, although there are many methods for achieving artificial lift. Today's available artificial lift techniques deliver very different energy efficiencies. From the total energy needed to operate the machine and the hydraulic power used on moving the fluids to the surface, the total efficiency of an artificial lift installation is established. Such performance is the product of the individual efficiencies of the system's components.
Global Artificial Lift Market to surpass USD 12.49 million by 2030 from USD 7.26 million in 2018 at a CAGR of 4.97% throughout the forecast period, i.e. 2019-30. Due to the extensive demand for fossil fuels and the growing number of settled reserves comprising a vast amount of crude oil, the market is experiencing substantial growth. In addition, swelling shale gas and heavy oil production capabilities are further driving the worldwide development of the artificial lift industry. Rising worldwide energy demand, improving production efficiencies in mature areas and rising deep, ultra-deep offshore oil production are the key factors driving the global market for artificial lifts.
Global Artificial Lift Market is segmented by type into Rod Lift, Electric Submersible, Progressive Cavity Pumps, Gas Lift. The greater market share in 2019 was accounted for by the electrical submersible pumps segment and is projected to lead the Artificial Lift market in terms of value during the forecast period. The rapid increase in rod lift growth leads to increased demand for unconventional oil and shale gas production in the U.S. and Canada. Rod lifts are considered to be a very inexpensive and efficient alternative that allows manufacturers to establish consistency in multiple downhole equipments, which provides increased volume and greater deviations in the production process, thus contributing to the accelerating growth of the global artificial lift market.
Global Artificial Lift Market is segmented by the mechanism into Pump Assisted and Gas Assisted. Based on the mechanism, the pump-assisted segment is projected to lead the Artificial Lift market in terms of volume sales during the forecast period. In order to lift a sufficient amount of fluid to the surface, the pump-assisted mechanism is more widely used than the gas-assisted mechanism, since it raises the bottom-hole pressure of the tubing string. In horizontal shale gas-producing wells, artificial lifting techniques are used to lift the accumulated fluids in the well and help to maintain good efficiency.
Global Artificial Lift Market is segmented by application into Onshore and Offshore. Based on the Application, the onshore segment is projected to lead the Artificial Lift market in terms of value during the forecast period. The majority of the ageing wells are in onshore oil fields, and onshore exploration is typically less expensive compared to offshore drilling. Due to this, the need for artificial lifts is greater in onshore wells. The increasing focus on heavy oil reservoirs is expected to further drive business growth and the artificial lift industry, in addition to the need for ESP systems in shale reservoirs.
Increases in oil and gas output from unconventional sources are a key development in the demand for artificial lifts. Because of the increasingly rising global demand for energy, traditional oil and gas sources are rapidly decreasing, resulting in a change in emphasis towards unconventional sources. These oil and gas reserves require artificial lifting for optimum oil production during exploration & production (E&P) operations, which will lead to a rise in demand for artificial lifting in the coming years.
The availability of recoverable shale gas in different parts of the world is expected to generate sufficient opportunities for the players operating in the artificial lift market. In horizontal shale gas-producing wells, artificial lifting techniques are used to lift the accumulated fluids in the well and assist in maintaining good output. Most new fields, as well as older fields, require a certain type of artificial lift for output. Therefore, artificial lift in almost all wells is routinely embraced by all the major businesses. Also, as the new exploration fields are increasing, these fields are expected to provide ample opportunities for the artificial lift system market over the coming years.
The biggest obstacle to the growth of the global artificial lift market is the implementation of artificial lift in horizontal wells. The misplacement of rod pumps and other artificial lift techniques leads to many problems such as high reservoir effort, deprived liquid lift skills due to the intrusion of gas into down-hole pumps, and enormous operating costs are some of the factors that impede the worldwide growth of the artificial lift industry. However, the innovation in smart water flooding and multiple IOR technology is expected to impede the market growth during the forecast period.
Global Artificial Lift Market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, APAC, and MENA.
Global Artificial Lift Market in the North America region held the largest market share of XX.X% in 2018 as the region is experiencing a pervasive demand for primary energy services, such as household activities, transport and power generation, oil and gas consumption in the region is rising. This persuades oil and gas producers to satisfy this ever-increasing demand and thus dig deeply, leading to an acceleration of artificial lift demand in North America. In addition, Asia Pacific is expected to see the fastest growth in the artificial lift market during the forecast period, as China and India, in particular, are projected to increase the demand for oil and gas in this area, which is expected to boost demand for the artificial lift market.
Global Artificial Lift market, which is highly competitive, consists of several major players include GE Oil & Gas, National Oilwell Varco, Weatherford Plc, Halliburton, Dover Corp., Schlumberger Limited, Tenaris, and J J Tech. hold a substantial market share in Artificial Lift market. Other players analyzed in this report are General Electric Company, Man Diesel & Turbo SE, Ebara Corporation, Mitsubishi Heavy Industries Compressor Corporation, Atlas Copco Energas GmbH, Solar Turbine Inc., Burckhardt Compression Holding AG, Ariel Corporation among others.
Recently, various developments have been taking place in the market. For instance, National Oil Varco Inc. developed a new and innovative BHA tool in February 2016. Similarly, Baker Hughes has developed the LEAP adaptive production system in the same year.
Select License Type
Select License Type
FATPOS CLIENT Appriciation DURING THE PROJECT
Working with Fatpos Global, allowed us to take advantage of their knowledge and easy approach, allowing us to collect important data utilizing a variety of techniques. The results were clearly presented and explained, and FG responded to our questions with speed and expertise.
|
Swiss-based global building materials manufacturer |
The analyses and presentations Fatpos Global have produced for us have been of a very high caliber and have allowed us to proactively improve our customer relationship management. They have also done so while maintaining complete anonymity. Without any doubt, we suggest Fatpos Global to you.
|
|
Tech-powered construction company |
We appreciate the team’s punctuality, flexibility in terms of report modification, post report purchase support and pleasant reaction all around. Overall, my experience with this company was nothing but positive, and I couldn't be more grateful for their excellent service. Thank you for all that you do!
|
|
American global management consulting firm |
We are able to concentrate on the topics and implications that are most important to our clients thanks to the adaptability and responsiveness of the team at Fatpos Global. We would highly recommend this company to anyone in need of their services, and I will certainly be using them again in the future.
|
|
Headquartered in Zug, Switzerland, leading supplier of medical and surgical instrument |
To better study our client demographics, develop the ideal product-price architecture, and enhance our target marketing initiatives, we hired Fatpos Global. Every component of the project was completed, and we are very happy with the useful insights and actionable results.
|
|
Kosovan company, A leading organic fertilizers producer |
Thank you for your team's generous assistance, The final report was delivered to me, and I find it to be really helpful. Also, you may be sure that I will get in touch with you if I ever require fresh materials for market research. Gratitude once more.
|
|
German specialty chemicals company based in Cologne, Germany |
