Artificial Lift Market Challenges, Key Players, Industry Segments, Development,Posted by Jitendra Magar on January 13th, 2018 Market Highlights For the Global Artificial Lift market drivers are increased unconventional oil & gas production, declining reservoirs, and growing number of mature fields. However, strict government regulations environmental concerns are constraining the growth of the artificial lift market. The recent decline in oil prices is estimated to increase the demand for production focused services such as pressure pumping, artificial lift and enhanced oil recovery; as the focus has shifted entirely towards production optimization as comparison to drilling services. Consequently, artificial lifts are expected to experience a rise in demand from owner-operators, independent E&P companies, and other industry stakeholders.
Key Findings The key findings of the report “Global Artificial Lift Market includes:
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Key Players Key players in this market are:
Electric submersible pumps (ESP) and Rod Lifts held the major share within the Global Artificial Lift Market The major types of artificial lifts employed in the oil field includes electric submersible pump (ESP), rod lift, progressive cavity pumps (PSP), and gas lifts. Other types used include plunger lift, and hydraulic jet pumps which have a small contribution within the artificial lift market. Electric submersible pump is a multistage centrifugal pump used to lift moderate to high volumes of fluids from wellbores. Its advantages include wide range of operating flexibility , capability to lift extremely high volumes in shallow wells, and also the cost of lifting high volumes is low as compared to other methods. These advantages have contributed towards the immense popularity of ESPs in the artificial lift market, resulting towards its major share in this market. Artificial Lift Market: The global artificial lift market is growing due to decline in oil reservoirs, increase in shale oil and gas production. The recent decline in oil prices is also estimated to increase the demand for production focused services such as pressure pumping, artificial lift and enhanced oil recovery in comparison to drilling services. The unconventional production has transformed the oil and gas industry in North America over the last decade. The tight oil production in U.S. has pushed its crude oil supply to over 10% of world total. There are different types of artificial lifts which include rod lift, electric submersible pumps, progressive cavity pumps, gas lift and others. The Artificial lift Market is projected to grow at a high CAGR of around 7% during the forecast period. About Market Research Future: At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services. MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions. Contact: Market Research Future Office No. 528, Amanora Chambers Magarpatta Road, Hadapsar, Pune - 411028 Maharashtra, India +1 646 845 9312 Email:sales@marketresearchfuture.com Like it? Share it! More by this author |