The GMI Research speculates that the Artificial Lift Market will perceive growth in demand over the forecast period. This is because of the mounting number of mature shallow fields, rising investments, and inspection activities.
Introduction of the Artificial Lift Market
The artificial lift refers to the procedure using automotive devices to raise the flow of fluids from the well-producing oil. This process increases the pressure in the reservoir of oil wells to stimulate the oil to reach the surface. The lift becomes active when the natural energy of the reservoir is not robust enough to push the oil to the surface.
Key Players of Market:
- Schlumberger
- Weatherford International plc
- Baker Hughes Company
- Halliburton
- National Oilwell Varco
- Borets International Ltd.
- Distribution Now
- Apergy Corporation
- JJ Tech
- Innovex Downhole Solutions
- OilSERV
Artificial Lift Market Dynamics
The factors accumulating the growth of the global artificial lift market size include the accelerating demand for hydrocarbon because of the aggravating consumption of oil across various industrial verticals such as energy creation, transportation, as well as the rising disbursement across the oil and gas sector by government and organization. In addition, the incorporation of sophisticated technologies in artificial lift, continuous activities for shale establishment, and various research and development activities have bolstered the market growth. Also, their execution offers enormous benefits such as raised production of well, the potential to lift massive temperature and adhesive oils, enhanced adaptability, and better effectiveness which further strengthens the market size.
Besides this, the accelerating number of aging fields leading to their reestablishment activities will further propel the market demand. The drastic surge in the inspection activities in the offshore oil field and the growing production of massive oil are accelerating the market growth. On the other hand, Global Artificial Lift Market Size Report presents that the growing seepage of inexhaustible energy and the lack of expert personnel are hindering the market growth
Type Segment Drivers
Based on the type, Rod Lift is expected to witness a higher compound annual growth rate over the coming years. This is because of the mounting demand for rod lifts as a result of the increasing need for resistance handling and protection of gas during operations of artificial lift. Further, as per the Artificial Lift Market Analysis various features of rod lifts, such as excessive effectiveness, less installation cost, enlarged life, and capability to raise high-temperature oil, will fuel the market growth.
Regional Drivers
Based on the regional overage, North America is contemplated to expand at a faster rate over the coming years. This is owing to their robust demand as well as the growing acquisition of artificial lifts because of the increasing demand from the onshore fields, primarily in the U.S. In addition to this, ongoing technological developments to produce these lifts, along with the launch of novel projects and enlargement in the Gulf of Mexico basin and the escalating development of the non-traditional resources, are driving the market growth.
Artificial Lift Market Segmentation:
Segmentation by Type
- Electrical Submersible Pump (ESP)
- Rod Lift
- Progressive Cavity Pump
- Gas Lift
- Others
Segmentation by Mechanism
- Gas Assisted
- Pump Assisted
- Dynamic Displacement
- Positive Displacement
Segmentation by Well Type
- Horizontal
- Vertical
Segmentation by Application
- Offshore
- Onshore
Segmentation by Region:
- Europe
- United Kingdom
- Germany
- France
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Rest of APAC
- North America
- United States of America
- Canada
- RoW
- UAE
- Brazil
- South Africa
- Saudi Arabia
About GMI Research
GMI a research and consulting enterprise tenders various SMEs with business acumen and research reports. The team of industrial experts, researchers help clients to apprehend the influence of market share, size, drivers, and growth opportunities. We garner pertinent information about the industry to update clients about the proceeding possibilities and problems to make strategic decision.
