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 reports at TMR Research provide qualitative solutions that break the barriers of doubt or uncertainties when the stakeholders plan to expand their growth reach. The researchers compile the necessary information that enlightens the CXOs about the current growth opportunities in a specific market and enables them to make the most of the opportunities.
TMR Research is a leader in developing well-researched reports. The expertise of the researchers at TMR Research makes the report stand out from others. TMR Research reports help the stakeholders and CXOs make impactful decisions through a unique blend of innovation and analytical thinking. The use of innovation and analytical thinking while structuring a report assures complete and ideal information of the current status of the market to the stakeholders.
TMR Research has rich experience in developing state-of-the-art reports for a wide array of markets and sectors. The brilliance of the experts at TMR Research and their alacrity to conduct thorough research and create phenomenal reports makes TMR Research better than others.
5-Point Growth Formula
The 5-point growth formula developed by TMR Research provides an insight to the stakeholders and CXOs about the current situation in the market. The growth formula makes the report a perfect companion for the stakeholders and CXOs.
The 5-point growth formula includes the following points:
Current and Future Threats
Along with studying the opportunities necessary for growth, threats are also an important aspect to look upon for the companies and stakeholders in a specific sector. TMR Research studies every negative aspect that will hinder the growth of a specific area of business and includes it in the report. The stakeholders and CXOs will have the benefit of assessing the threat and take the necessary steps to prevent the hindrance caused due to the threats.
Accurate Trend Analysis
Keeping up with the latest trends is crucial in any business or sector. While stakeholders are aware of the trends that are on the surface, TMR Researchers find trends that are deeply entrenched in the particular market or sector. The reports are constantly updated with the latest trends so that the stakeholders and CXOs can derive benefits from the trends and generate good revenues.
Demography forms an important part of the growth pattern of all the markets. Diving deep into the demographics enables maximum output from specific areas. The TMR Research team assesses every region and picks out the vital points that have a large impact on the growth of a market.
The analysts at TMR Research conduct an all-round analysis on the competitive landscape of the market. The observations recorded by the analysts are added to the reports so that every stakeholder gets a glimpse of the competitive scenario and frame their business plans according to the situation.
The COVID-19 outbreak has changed the growth projections of numerous sectors and businesses. The analysts at TMR Research have conducted a conscientious survey on the markets after the pandemic struck. The analysts have put forth their brilliant and well-researched opinions in the report. The opinions will help the stakeholders to plan their strategy accordingly.
The reports offer answers to the top 7 questions that revolve around the growth of the market
Flat 10% discount on Single User License if you prebook this report
Flat 10% discount on Multiple User License if you prebook this report
Flat 10% discount on Corporate License if you prebook this report