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.
Global Artificial Lift Market is expected to project a notable CAGR of XX.X% in 2030.
Global Artificial Lift Market to surpass USD XXXX million by 2030 from USD XXXX million in 2018 at a CAGR of XX% 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.
Global Artificial Lift Market: Segments
Rod lift Segment to grow with the highest CAGR of XX.X% during 2019-30
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 equipment, 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: Market Dynamics
Repetitive effort to improved oil recovery
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.
High Cost of Installation
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.
Global Artificial Lift Market: Regions
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: Key Players
• Alkhorayef Commercial Co
o Company Overview
o Business Strategy
o Key Product Offerings
o Financial Performance
o Key Performance Indicators
o Risk Analysis
o Recent Development
o Regional Presence
o SWOT Analysis
• Borets International Ltd
• Dover Corp
• Flotek Industries Inc
• Baker Hughes Co
• National-Oilwell Varco, Inc.
• Schlumberger Limited
• Weatherford International Ltd
Global Artificial Lift Market report also contains analysis on:
Global Artificial Lift Market:
• Electrical Submersible Pump
• Rod Lift
• Progressive Cavity Pump
• Gas Lift
• Pump Assisted
• Gas Assisted
• Artificial Lift Market Dynamics
• Artificial Lift Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints