Global Artificial Lift Market Report, published by Variant Market Research, forecast that the global market is expected to reach $36.4 billion by 2024 from $16.2 billion in 2016; growing at a CAGR of 10.7% from 2016 to 2024. The retrieval of hydrocarbon resources from the pool or its reservoir occurs either due to natural bottom hole pressure or by producing artificial pressure using artificial lift. Though, a number of Enhanced Oil Recovery (EOR) techniques are accessible for increasing the quantity of hydrocarbon recovery, but they are considered as tertiary recovery techniques. The artificial lift, on the other hand is a primary recovery or retrieval technique, which is low cost and effective means of continuing the desired production rate in a well. An artificial lift is applied to overcome bottom-hole pressure when natural bottom-hole pressure is not adequate to support the movement or flow of hydrocarbons from reservoir to the well. The artificial lift system allows to overcome downhole pressure in order to preserve the desired `manufacture rate from a producing well.
"Artificial Lift Market (By Type: Rod Lift, Electric Submersible Pump (ESP), Progressive Cavity Pump (PCP), Gas Lift, and Others; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015 - 2024"
Increasing demand and consumption of oil & gas to drive the artificial lift market
Some of the factors driving the growth of global artificial lift market includes industry’s inclination and efforts to optimize upstream resources which is considered as one of the vital drivers for the global artificial lift market. Additionally, the retrieval in crude oil price after recent plunging is also likely to drive investments in global artificial lift market. The desire to sustain the production rate in a well in count to the cost efficiency, an artificial lift system delivers as compared to tertiary retrieval techniques, the artificial lift market is expected to witness improved revenue in years to come.
Type, and geography are the major segments of global artificial lift market. Type segment is further categorized into rod lift, electric submersible pump, progressive cavity pump (PCP), gas lift and others. Based on geography, the global artificial lift market has been segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). Country wise analysis of all the regions have been also included in the report.
Rod Lift accounted for the largest market share in the type segment
Rod Lift accounted for the largest market share in 2016, and is expected to continue its dominance during the forecast period 2016 – 2024. Simple design, and less cost to transfer to other wells, easy operability and no requirement of skilled workforce, and the capability of pumping well down to identical low pressure are considered to be the major factors for the market growth of this segment.
Artificial Lift Market By Type
North America is anticipated to grow at a fastest CAGR over the forecast period
North America is expected to attain the fastest CAGR of 11.1% during the forecast period 2016 - 2024, driven by the expanding needs for oil and gas in various industry. The region also held the largest market share of 47.8% in 2016, owning to well-developed economy and increasing demand at highest pace in the country.
GLOBAL ARTIFICIAL LIFT MARKET SHARE BY GEOGRAPHY, 2016
The major market players focus on R&D to provide modified solutions specific to the well and customer needs requirements while coming up with effective and modest methods for improving the extraction of hydrocarbons. Major players use modern technologies such as web-based monitoring or nursing and robotic services to drill deep into the fields and to optimize production. Moreover, the companies object at attaining a competitive advantage by collaborations and acquisitions. In, October 2014, Dover Corporation acquired Accelerated Companies LLC, a supplier of fluid handling and artificial lift products and solutions to oil & gas industry. The acquisition was intended at solidifying its market presence.
The major key players operating in the market are Baker Hughes Incorporated, GE Energy, Halliburton Company, LLC., Dover Corporation, National Oilwell Varco, Inc., Schlumberger Limited and Weatherford International Ltd., Cameron International, Flotek Industries Inc., and Kudu Industries, among others.