Global Artificial Lift Systems Market to Grow as Several Oil Wells become Defunct and Dry

San Francisco, California, Dec 04th, 2018: The demand within the global market for artificial lift systems is increasing on account of advancements in the oil and gas industry. Artificial lift systems are used to transport oils or hydrocarbons from the depths of the well to the outer surface. This process needs to be carried out when the oil level has receded away from normalcy, making it difficult to viably extract oil through other extraction techniques. Hence, the demand within the global market for advanced lift systems is projected to increase as oil wells dry or become less fertile with respect to oil retrieval. A report on added by TMR Research on the global market for artificial lift systems is a description of the forces that have aided market growth. The title of the report is “Artificial Lift Systems Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025”.

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The oil-producing capacity of oil wells decreases over the years, and hence, there is a need to deploy artificial lift systems to fetch oil from these wells. Furthermore, the need to have a regular supply of oil across the world has also necessitated the use of artificial lift systems during oil-extraction.

On the basis of geography, the demand within the market for artificial lift systems in the Middle East and Africa has been rising on account of the expansive oil and gas industry in the region.

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Some of the key players in the global market for artificial lift systems are National Oil Varco Inc., Tenaris S.A., Lufkin Industries Inc., Baker Hughes Incorporated, and Weatherford International Ltd.

Artificial Lift Systems Market : Technological Breakthroughs, Value Chain and Stakeholder Analysis by 2025

Global Artificial Lift Systems Market: Snapshot

It has been observed that at some point in their workable life, almost all oil wells need artificial lift systems. Of the nearly 2 mn operational oil wells across the globe, more than 90% which require some variety of artificial lift system to transport hydrocarbon to the surface at economical prices. As production capacities of most mature oil wells decline over the years, many forms of artificial lift systems can be implemented in unison to maximize recovery.

However, owing to common challenges related to the process of retrofitting, including deployment of a workover rig, deferring production, and incurring nonproductive times, the profit of a slightly economic well can decline, compelling operators to devalue the asset or even abandon it. The dynamic field of artificial lift systems witnesses the introduction of innovative solutions to reduce the numbers of such shutdowns. Schlumberger’s new artificial lift production lifecycle management service is an instance of such attempts to finding ways of optimizing artificial lift systems.

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This lifecycle management service gathers, transmits, analyzes, and monitors data from consumer well and helps in improving the production efficiency, reduce operating costs, and extend equipment longevity of artificial lift systems on a real time basis. The new artificial lift system lifecycle management service includes four tiers to execute various requirements of consumers in terms of well visualization, real-time diagnostics and surveillance, field optimization, and well optimization.

Global Artificial Lift Systems Market: Overview

Artificial lift is used to provide sufficient pressure to push crude to the surface in a low reservoir pressure well. The artificial lifting of crude oil comprises two methods, the first method involves usage of a gas lift to induce the upward movement of produced fluids and the other method involves the utilization of downhole pumps that function with electricity.

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Conventional methods of crude oil recovery need to be revived to parallel production to meet the current levels of demand. Most of the crude oil production across the world is derived from mature fields, of which, most display reservoir pressure insufficiency, which is a major production parameter. This exhibits the need for artificial lift systems.

Currently, the oil and gas industry is focused on lowering the operation cost and optimizing well performance. Moreover, the focus is on monitoring, communicating, and analyzing well performance and production data in a timely manner. Huge investments by oil exploration and production companies for the development of small and matured oil fields and the development of unconventional hydrocarbon reserves in countries such as Russia, Venezuela, U.S., Canada, and China is presenting growth opportunities for the growth of the artificial lift systems.

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Global Artificial Lift Systems Market: Drivers and Restraints

Increasing production of unconventional hydrocarbons such as shale and rising production of oil and gas from mature oilfields are some of the major factors driving the global artificial lift systems market. Moreover, escalating energy demand along with rising initiatives for deep and ultra-deep offshore oil production is furthering the growth of the artificial lift systems market. However, factors such as complexities in oil and gas production from mature fields and environmental considerations are challenging the market’s growth. Nevertheless, the rehabilitation and redevelopment of fields are expected to present growth opportunities to this market. Moreover, subsea operations are exhibiting an increased utilization of artificial lift systems and are expected to continue in the long run.

Global Artificial Lift Systems Market: Market Segmentation

The artificial lift systems market is segmented on the basis of geography and actuation mode. By actuation mode, the market for artificial lift systems is segmented into gas assisted and pump assisted artificial lift system. The sub-segments of pump assisted artificial lift system are Electric Submersible Pump (ESP), Gas Lift, Rod lift, and Progressive Cavity Pump (PCP). Further, the sub-segments of gas assisted artificial lift systems are Gas Lift and Plunger Lift. Each category of lift is suitable for specific reservoir conditions that they are used for.

Global Artificial Lift Systems Market: Regional Outlook

North America dominates the global artificial lift systems market. Increasing exploration of unconventional hydrocarbons such as shale holds promise for the market’s growth. Europe holds a substantial share in the global market. This is mainly due to the re-development of mature oil fields in Russia that depend on artificial lift systems.

Major Companies Mentioned in Report

Some of the leading companies operating in the global artificial lift systems market are Sclumberger Ltd, GE Energy, National Oil Varco Inc., Lufkin Industries Inc., Tenaris S.A., Weatherford International Ltd, Baker Hughes Incorporated, JSC Alnas, Kudu Industries Inc., and J&J Technical Services among others.

Offshore Oil Exploration Escalating Demand for Artificial Lift Systems

San Francisco, California, July 31, 2017 : A recent study by TMR Research has observed that there is no foreseeable end to the escalating demand for crude oil across the world, and exploration activities are in full flow too. As all oil wells need artificial lift systems to transport hydrocarbons to the surface, the demand in the global artificial lift systems market will continue to increment at a robust rate during the forecast period of 2017 to 2025. The report, titled “Artificial Lift Systems Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025,” provides comprehensive assessment of all factors that may influence the demand for artificial lifts systems in the near future, segments it in smaller aspects to gauge their potential, estimates the potential of different geographical regions, and profiles some of the major players to represent the competitive landscape.

Some of the key factors driving the demand in the global artificial lift systems market are: escalating energy demands, increasing deep and ultra-deep offshore oil production activities, shift in trend toward developing unconventional resources, and increasing demand of energy across the world, the growing need to improve production efficiency. On the other hand, the demand for artificial lift systems is challenged by considerable capital expenditure and the lack of skilled workers. Nevertheless, the redevelopment of mature fields is opening further new opportunities for the vendors operating in this market.

Based on product type, the global artificial lifts systems can be segmented into gas lift, progressive cavity pumps (PCP), electric submersible pumps (ESP), rod lift, plunger, and others, whereas on the basis of component, the market for artificial lifts systems can be bifurcated into motor, pump, separator, gas-lift valves, gas-lift mandrels, cable system, pump jack, controller, and others. Geographically, the report throws light on the potential of every important region, such as North America, Asia Pacific, Latin America, The Middle East and Africa. For each of these segments, the report provides evaluations of the current demand and estimations on the future prospects until 2025.

Currently, the global artificial lift systems market is divided mostly among some of the key players, such as General Electric, Schlumberger, Cameron International, Baker Hughes, Weatherford International, Ariel Corporation, Halliburton, Ebara Corporation, Man Diesel & Turbo SE, Solar Turbine Inc., Atlas Copco Energas GmbH, Burckhardt Compression Holding AG, Hitachi, Ltd, and Neuman & Esser Group. Most of these prominent players in the global artificial lift systems market use latest technologies such as web-based monitoring to drill deeper into the oil fields in a bid to increase the production.