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 components form 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. 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. 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.
Key players in the market include GE energy, National Oil well Varco, Weatherford, Halliburton, Dover Corp., Schlumberger Limited, Tenaris and J J Tech.
Reason for doing the study
The artificial lift is rapidly gaining importance and its market is estimated to grow manifold in the years to come. In order to lower down the operational cost, oil-producing companies are adopting the artificial lift. An in-depth study of the market would help the stakeholders to take timely and profitable business decisions in order to gain a competitive advantage.
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- Current and future trends are highlighted to determine the overall competitiveness of the market and profitable trends are specifically highlighted to gain a competitive advantage
- Porters Five Forces model and SWOT analysis of the key market players are provided to illustrate the effectiveness of the market buyers and suppliers
- The technology effective drivers and opportunities are highlighted to describe the top factors responsible for market growth
- Various operating segments of the artificial lift market are carefully analyzed to measure the potential of the emerging markets
- The market estimation through 2013-2020 and in depth market analysis are provided to elaborate the business diameter of the market
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