The global artificial lift systems market has been
envisaged in a report authored by Transparency Market Research (TMR)
to be characterized by an intensified level of competition. On
account of the high intensity competition in the market, companies
could look to invest more in product developments for the purpose of
improving their service to customers. A broad focus on research and
development has been anticipated to be on the cards to devise
effective methodologies for bettering the extraction rate of
hydrocarbons and offering customized solutions specific to customer
requirements and well sites.
Some of the popular players that have been
identified to possibly make a mark in the global artificial lift
systems market are National Oilwell Varco, Inc., Flotek Industries,
Inc., Borets Company LLC, Weatherford International Ltd., and
Schlumberger Limited.
This 70 page report gives readers a
comprehensive overview of the Artificial Lift Systems market. Browse
Market Research Report @
As per the analysis of TMR, the global artificial
lift systems market has been prophesized to raise a revenue of
US$19.8 bn by 2020. According to product, electrical submersible pump
could draw a weighty share in the market due to its high extraction
rate and low operational cost. By geography, North America could
register a higher share by the end of the forecast period owing to
the advancement of shale gas discoveries.
Rising Energy Demand Puts Exploration of
Unconventional Reserves under Limelight
The world artificial lift systems market has been
prognosticated to rake in a growing demand because of the snowballing
presence of matured reserves that hold a significant volume of crude
oil. The growth in demand could also be accredited to increasing
deepwater oil production. The augmenting demand for energy has caused
the overexploitation of conventional resources owing to elevating
dependence, thereby resulting into their depletion. In this regard,
vendors have been forecasted to take advantage of the rising
exploration of unconventional reserves in response to the shift in
focus toward tight oil, shale oil and gas, natural gas, and other
unconventional resources.
The existence of low-pressure oil reserves in
developed regions such as North America and extended allocation of
budget for infrastructure development in developing regions such as
Asia Pacific have been expected to propel the growth of the world
artificial lift systems market. Surging infrastructure development in
Asia Pacific could benefit the market for the reason that it
escalates the demand for petroleum products.
Fluctuating Crude Oil Prices Discourage Further
Uptake of Artificial Lift Systems
The reducing price of crude oil has been foreseen
to be a major factor that could inhibit the demand in the
international artificial lift systems market. Furthermore, any
fluctuation in its prices could adversely impact investments in the
market seeing that equipment costs and capital requirement are high.
The risk of pump failure from gas locking or solids production
resulting into extortionate operational cost could be another factor
hampering the demand in the market.
Nevertheless, modern technologies related to
automated services and web-based monitoring that help to optimize
production and drill deep into oil fields have been envisioned to
birth new opportunities in the international artificial lift systems
market. Gas lifts could steady the growth of the market by increasing
the demand with their longer lifespan and higher efficiency
attributes. Rod lifts, on the other hand, could be used for down-hole
pressure well applications and multiple completions. Moreover, they
incur low operational cost because of their ability to lift heavy
viscous oil at high temperatures.
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The information presented in this review is based
on a TMR report, titled “Artificial Lift Systems Market (Product -
Electrical Submersible Pump, Rod Lift, Progressive Cavity Pump,
Hydraulic Pump, Gas Lift, and Plunger Lift) - Global Industry
Analysis, Size, Share, Growth, Trends, and Forecast 2014 - 2020.”
The global artificial lift systems market has
been segmented as presented below:
Global Artificial Lift Systems Market: Product
Analysis
- Electrical Submersible Pump
- Rod Lift
- Progressive Cavity Pump
- Hydraulic Pump
- Gas Lift
- Plunger Lift
Global Artificial Lift Systems Market: Regional
Analysis
- North America
- Europe
- Asia Pacific
- Rest of the World
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