This Artificial Lift Systems market study offers a comprehensive analysis of the business models, key strategies, and respective market shares of some of the most prominent players in this landscape. Along with an in-depth commentary on the key influencing factors, market statistics in terms of revenues, segment-wise data, region-wise data, and country-wise data are offered in the full study. This study is one of the most comprehensive documentation that captures all the facets of the evolving Artificial Lift Systems market.
The recovery of hydrocarbon resources from the reservoir occurs either through natural bottomhole pressure or by creating artificial pressure using artificial lift systems. The artificial lift systems market is expected to witness a moderate annual growth in coming years owing to strengthening of crude oil prices. According to Energy International Agency (EIA), Brent crude is anticipated to be traded at around $90 per Bbl by the end of 2025. Further, the mature fields account for over 70% of the global oil & gas production. With recovery in prices of the global crude oil benchmarks, coupled with attempts to increase production from mature fields, the global artificial lift systems market is expected to witness increased revenues in coming years.
Although, a number of Enhanced Oil Recovery (EOR) techniques are available for increasing the amount of hydrocarbon recovery, but they are considered as tertiary recovery system. The artificial lift system on the other hand is a primary recovery technique, which provides low cost and effective means of maintaining the desired production rate in a well. An artificial lift system is utilized to overcome bottom-hole pressure during the phase when natural bottomhole pressure is not enough to support the flow of hydrocarbons from reservoir to the well bore. The artificial lift system enables to overcome downhole pressure in order to maintain the desired production rate from a producing well.
Market Growth Analysis
Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.
The global artificial lift systems market has been segment on the basis of geography as well as on the basis of actuation mode used for artificial lift system. On the basis of actuation mode, the global artificial lift systems market has been segmented into pump assisted artificial lift system and gas assisted artificial lift system. The pump assisted artificial lift systems market has been further divided into four different systems, which include Rod Pump, Hydraulic Piston System, Electrical Submersible Pump (ESP), and Progressive Cavity Pump. Further the gas assisted artificial lift system has been further segmented into two different types of systems – Gas Lift and Plunger Lift. Within the artificial lift systems market, rod pump has been the oldest types of methods that has been used across the industry. However, other artificial lift systems are expected to gain traction in the global artificial lift systems market in coming years.
In terms of geography, the global artificial lift system has been segmented into seven key geographical regions, which include, North America, Latin America, Western Europe, Eastern Europe, Asia Pacific (excluding Japan), Middle East & Africa, Japan. The artificial lift system has witnessed a larger market share, in terms of revenue, as compared to other regions across the globe. Increasing mature fields in regions such as Middle East, is expected to drive the market for artificial lift systems through the forecast period.
Artificial Lift Systems Market: Market Drivers
The industry’s inclination and attempts to optimize upstream assets is one of the key drivers for the global artificial lift systems market. Additionally, the recovery in crude oil price after recent plummeting is also likely to drive investments in global artificial lift systems market. The desire to maintain the production rate in a well in addition to the cost effectiveness an artificial lift system provides as compared to tertiary recovery techniques, the artificial lift systems market is expected to witness increased revenue generation in years to come.
Artificial Lift Systems Market: Key Players
The global Artificial Lift Systems market witnessed key players such as Baker Hughes, Dover Artificial Lift, Flotek Industries, Inc., Halliburton Company, Kudu Industries, Schlumberger Ltd, Weatherford International, among others.
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- Market Segments
- Market Dynamics
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- Supply & Demand
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- Competition & Companies involved
- Value Chain
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico. Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain, Nordic countries, Belgium, Netherlands, Luxembourg)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Middle East and Africa (GCC, S. Africa, N. Africa)
- Detailed overview of parent market
- Changing market dynamics of the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and product offerings
- Potential and niche segments/regions exhibiting promising growth
- A neutral perspective towards market performance
- Must-have information for market players to sustain and enhance their market footprint
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