Press release
Artificial Lift Market Expansion Activities By Top Key Players: Borets, GE Oil & Gas, Dover Corporation, Baker Hughes
Artificial lift is installed in wells that require to supplement natural reservoir drive to boost fluids. Almost all oil and gas wells that require water removal use some kind of artificial lift. The types of artificial wells comprise gas lift systems, progressing capacity pumps, rod-lift systems and electric submersible pumps (ESPs). Other lift systems include a hydraulic lift and plunger lift. Factors in choosing the type of lift involve well trajectory, depth of the well, properties of the fluid, and volume of the fluid to be pumped. Other factors involve pressure at the wellbore, the amount of gas produced and the presence of sand.
The global artificial lift market is facing an upward trend due to decline in oil reservoirs, increase in shale oil and gas production and increase in deep water and ultra-deep activities. However, strict government and regulations and environmental problems associated oil and gas production are inhibiting the growth of the artificial lift market.
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Global Artificial Lift Market Segmentation:-
The global market for artificial lift can be segmented on the basis of type, mechanism, application, and region.
The market has been segmented into electrical submersible pump (ESP), rod lift, progressive cavity pump (PCP), gas lift, and others based on type. The rod lift market contributed a larger revenue share and is expected to be a dominant market over the forecast period. While the ESP and plunger segment is expected to show a significant growth rate in the years to come.
The market has been segmented into pump assisted which is further subdivided into positive displacement and dynamic displacement and gas assisted. Among these, the pump assisted artificial lift mechanism is projected to show the largest market share in 2016. The dynamic displacement segment is the fastest growing segment within the pump assisted segment.
The market has also been segmented into onshore and offshore based on application. Owing to the presence of a high amount of onshore oil wells, the onshore segment held a larger market share in 2017.
Competition Analysis:-
The prominent players operating the artificial lift market are Cameron International, Borets, GE Oil & Gas, Dover Corporation, Baker Hughes, and more. Industry players are focusing on inorganic growth ventures to enhance their business. Halliburton, in July 2017, acquired Summit ESP to strengthen its position and expand it’s artificial lift capabilities in North America oilfield services.
Industrial Developments:-
The Trump administration granted gas drilling and new offshore oil in almost all US coastal waters, thus giving energy companies the access to lease off California and opening more than a billion acres in the Arctic and along the Eastern Seaboard.
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Baker Hughes, a GE company, proposed using a Terr- Adapt adaptive drillbit so that the drilling performance is improved and the NPT is reduced by proactively mitigating slip and stick and impact loading. This device comes with self-adjusting depth-of-cut control elements to reduce torsional instability.
In October 2014, Dover Corporation acquired Accelerated Companies LLC which is a supplier of artificial lift solutions and fluid handling to oil and gas production industry.
Major Points of TOC:-
1 REPORT PROLOGUE
2 Global Artificial Lift Market 2016-2027: INTRODUCTION
3 Global Artificial Lift Market 2016-2027: RESEARCH METHODOLOGY
4 Global Artificial Lift Market 2016-2027: MARKET DYNAMICS
4.1 DRIVERS
4.2 RESTRAINTS
4.3 OPPORTUNITIES
4.4 MEGA TRENDS
4.5 MACROECONOMIC INDICATORS
4.6 IMPORTANT POINTERS BY INDUSTRY EXPERTS
4.6.1 FASTEST GROWING MARKET
4.6.2 GROWTH PROSPECTS
4.5 REGULATIONS/ACTS
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5 Global Artificial Lift Market 2016-2027: MARKET FACTOR ANALYSIS
5.1 VALUE CHAIN ANALYSIS
5.2 PORTERS
Continued......
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