Artificial Lift Systems Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2025
It has been observed that at some point in their workable life, almost all oil wells need artificial lift systems. Of the nearly 2 mn operational oil wells across the globe, more than 90% which require some variety of artificial lift system to transport hydrocarbon to the surface at economical prices. As production capacities of most mature oil wells decline over the years, many forms of artificial lift systems can be implemented in unison to maximize recovery.
However, owing to common challenges related to the process of retrofitting, including deployment of a workover rig, deferring production, and incurring nonproductive times, the profit of a slightly economic well can decline, compelling operators to devalue the asset or even abandon it. The dynamic field of artificial lift systems witnesses the introduction of innovative solutions to reduce the numbers of such shutdowns. Schlumberger's new artificial lift production lifecycle management service is an instance of such attempts to finding ways of optimizing artificial lift systems.
This lifecycle management service gathers, transmits, analyzes, and monitors data from consumer well and helps in improving the production efficiency, reduce operating costs, and extend equipment longevity of artificial lift systems on a real time basis. The new artificial lift system lifecycle management service includes four tiers to execute various requirements of consumers in terms of well visualization, real-time diagnostics and surveillance, field optimization, and well optimization.
Artificial lift is used to provide sufficient pressure to push crude to the surface in a low reservoir pressure well. The artificial lifting of crude oil comprises two methods, the first method involves usage of a gas lift to induce the upward movement of produced fluids and the other method involves the utilization of downhole pumps that function with electricity.
Conventional methods of crude oil recovery need to be revived to parallel production to meet the current levels of demand. Most of the crude oil production across the world is derived from mature fields, of which, most display reservoir pressure insufficiency, which is a major production parameter. This exhibits the need for artificial lift systems.
Currently, the oil and gas industry is focused on lowering the operation cost and optimizing well performance. Moreover, the focus is on monitoring, communicating, and analyzing well performance and production data in a timely manner. Huge investments by oil exploration and production companies for the development of small and matured oil fields and the development of unconventional hydrocarbon reserves in countries such as Russia, Venezuela, U.S., Canada, and China is presenting growth opportunities for the growth of the artificial lift systems market.
Increasing production of unconventional hydrocarbons such as shale and rising production of oil and gas from mature oilfields are some of the major factors driving the global artificial lift systems market. Moreover, escalating energy demand along with rising initiatives for deep and ultra-deep offshore oil production is furthering the growth of the artificial lift systems market. However, factors such as complexities in oil and gas production from mature fields and environmental considerations are challenging the market’s growth. Nevertheless, the rehabilitation and redevelopment of fields are expected to present growth opportunities to this market. Moreover, subsea operations are exhibiting an increased utilization of artificial lift systems and are expected to continue in the long run.
The artificial lift systems market is segmented on the basis of geography and actuation mode. By actuation mode, the market for artificial lift systems is segmented into gas assisted and pump assisted artificial lift system. The sub-segments of pump assisted artificial lift system are Electric Submersible Pump (ESP), Gas Lift, Rod lift, and Progressive Cavity Pump (PCP). Further, the sub-segments of gas assisted artificial lift systems are Gas Lift and Plunger Lift. Each category of lift is suitable for specific reservoir conditions that they are used for.
North America dominates the global artificial lift systems market. Increasing exploration of unconventional hydrocarbons such as shale holds promise for the market’s growth. Europe holds a substantial share in the global market. This is mainly due to the re-development of mature oil fields in Russia that depend on artificial lift systems.
Some of the leading companies operating in the global artificial lift systems market are Sclumberger Ltd, GE Energy, National Oil Varco Inc., Lufkin Industries Inc., Tenaris S.A., Weatherford International Ltd, Baker Hughes Incorporated, JSC Alnas, Kudu Industries Inc., and J&J Technical Services among others.
The study presents a granular assessment and quantitative evaluation of:
The region-wise assessment includes market dynamics in:
The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.
The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:
Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.
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