Press release
Artificial Lift Systems Market Trends 2017, Growth Forecast 2024
Artificial Lift Systems Market will cross USD 14 billion by 2024, according to a new research report.
Artificial Lift Systems Market is projected to surpass USD 14 billion by 2024. Rising demand for crude oil coupled with increasing number of marginal & stripper wells will stimulate industry growth. The Energy Information Administration in the U.S. predicted around 380,000 stripper wells in comparison to around 90,000 non stripper wells in the FY2015. Further, according to Artificial Lift R&D Council, about 80 percent of the wells in the country are stripper wells, and majority of them are deployed with sucker rod pump.
U.S. ALS market was valued over USD 3 billion in 2017. Increasing shale exploration along with continuous E&P spending will positively impact the business growth. According to the EIA, 44 companies operating in the offshore field in the country have increased their capital expenditure by 72% in FY2015-2016. Additionally, the U.S. DOE has projected 89 BBL of untapped oil throughout onshore wells that will further drive the product adoption.
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Offshore ALS market is projected to witness a robust growth on account of the continuous expansion of deep-water projects. The U.S. Federal Government unveiled five-year plan in 2018, comprising of expansion projects of offshore drilling, targeting Pacific, Atlantic, and Arctic oceans. Abundant availability of resources along with increasing offshore investments will further enhance the industry outlook.
Hydraulic pump artificial lift systems market is set to expand by 5% by 2024. Reduced work requirement of downhole pump coupled with ability to minimize the resistance will complement the industry growth. Minimum intervention cost, easy operability and uncomplicated design will further augment the product penetration.
Ongoing government strategies and plans to fuel crude production coupled with growing number of mature fields is set to have a positive impact on the deployment of these systems. The Government of Iraq announced its crude oil output target of 7 million bpd by 2022, in 2018. Furthermore, operators? focus toward unconventional wells to meet the increasing demand for crude oil will boost the global ALS market share.
Advancements in technology to offer cost efficient solutions for low rate gas-lifted oil wells and liquid-loaded gas wells will augment the gas lift systems market growth. In addition, innovations comprising the enhancement of smart gas lift systems to provide minimized manual intervention, rig-less installation, increased visibility and data logging, reduced OPEX, multi-well control and decreased flowline backpressure will further compliment the product adoption.
Iran artificial lift systems market is set to witness a growth owing to rising focus toward sustainable measures to extract crude O&G along with growing primary energy consumption. According to the British Petroleum, the primary consumption of energy increased to 266.5 million tonnes oil equivalent in 2016 in the country, when compared with 237.4 million tonnes oil equivalent in 2013.
Key market vendors operating across the artificial lift systems market include Halliburton, General Electric, Weatherford, Borets Co. LLC, JJ Tech, National Oilwell Varco, Schlumberger, NOVOMET, BCP Group, Occidental Petroleum, Dover Corporation, and Aker Solutions.
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