Artificial lift is a system used to increase the oil production from the oil reservoirs. Artificial lift comprises of the various components such as pump, motor, pump jack, drivehead etc. The integration of its components forms the artificial lift system. These are used to extract the oil from lowest depths of the reservoir to the surface level. Depleted oil reserves, maturing oil wells and declining oil reservoirs around the world are the major drivers for adoption of the artificial lift in the oil and gas industry.
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The artificial lift system generates a high pressure to lift the oil from deep oil wells to the surface area. The increasing global oil exploration activities and decreasing pressure of oil wells are fueling the market growth. Owing to which, the market for artificial lift system reached $16,449 million in 2015, which is expected to grow further to touch $34,569 million through 2022, registering a CAGR of 11.4% during analysis period.
Some of the key players of Artificial Lift System Market:
GE Oil & Gas,National Oilwell Varco,Weatherford Plc,Halliburton,Dover Corp.,Schlumberger Limited,Tenaris,J J Tech.
However, stringent government regulations and volatility in the oil and gas industry are major threats for the market. Growing demand of the oil field equipment and rising levels of exploration activities would provide the better opportunities to the market.
The key player in the market are introducing efficient and reliable artificial lift systems to minimize the operational cost. The market is segmented based on the type, components and geography. The type segment comprises of the ESP, PCP, rod lift, plunger lift, gas lift and others. The oil producing companies select artificial lift types based on surface, reservoir, fluid and operational conditions.
ESP is a system used for lifting moderate to high volumes of fluids from wellbores. Gas lift is suitable for use for extracting fluids in wells, which have a large presence of gas. The component segment is classified into pump, motor, sucker rods, separators, pump jack, cable system, drivehead, control system, gas-lift mandrel, gas lift valves and others. The market is highlighted across various geographical region such as North America, Europe, Asia-Pacific and LAMEA in order to gain the competitive insights.
The Global Artificial Lift System Market research report offers an in-depth analysis of the global market, providing relevant information for the new market entrants or well-established players. Some of the key strategies employed by leading key players operating in the market and their impact analysis have been included in this research report.
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The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides overview and forecast of the global Artificial Lift System market based on product and application. It also provides market size and forecast till 2022 for overall Artificial Lift System market with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South America (SAM), which is later sub-segmented by respective countries and segments.
Fundamentals of Table of Content:
1 Report Overview
1.1 Study Scope
1.2 Key Market Segments
1.3 Players Covered
1.4 Market Analysis by Type
1.5 Market by Application
1.6 Study Objectives
1.7 Years Considered
2 Global Growth Trends
2.1 Artificial Lift System Market Size
2.2 Artificial Lift System Growth Trends by Regions
2.3 Industry Trends
3 Market Share by Key Players
3.1 Artificial Lift System Market Size by Manufacturers
3.2 Artificial Lift System Key Players Head office and Area Served
3.3 Key Players Artificial Lift System Product/Solution/Service
3.4 Date of Enter into Artificial Lift System Market
3.5 Mergers & Acquisitions, Expansion Plans
4 Breakdown Data by Product
4.1 Global Artificial Lift System Sales by Product
4.2 Global Artificial Lift System Revenue by Product
4.3 Artificial Lift System Price by Product
5 Breakdown Data by End User
5.2 Global Artificial Lift System Breakdown Data by End User
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