Press release
General Electric Profiled in Artificial Lift Systems Market 2024 Report - Schlumberger Limited, Halliburton, Borets, National Oilwell Varco, JJ Tech, Dover Corporation, Aker Solutions, NOVOMET, BCP Group
Artificial Lift Systems Market is projected to surpass USD 14 billion by 2024.
Meticulously analyzed in terms of pivotal industry segments, Global Artificial Lift Systems market report effectively covers the scope of this space in terms By Technology, By Application and the prominent contributors. Additionally, the report also outlines intricate details regarding the lucrative opportunities that industry contenders can expect in conjunction with the potential threats that have been envisioned for this business sphere in the forthcoming years.
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The report extensively bifurcates the various contenders of Global Artificial Lift Systems market. Prominent contributors such as General Electric, Schlumberger Limited, Halliburton, Borets, National Oilwell Varco, JJ Tech, Dover Corporation, Aker Solutions, NOVOMET, BCP Group, Occidental Petroleum, Shengli Oilfield Highland Petroleum Equipment, Canadian Advanced ESP, PCM, Alkhorayef Petroleum Company have been scrutinized in terms of their financials, strengths, weaknesses, potential threats in the market, and future opportunities.
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.
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.
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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.
Table of Content:
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3 Artificial Lift Systems Industry Insights
Chapter 4 Artificial Lift Systems Market, By Technology
Chapter 5 Artificial Lift System Market, By Application
Chapter 6 Artificial Lift Systems Market, By Region
Chapter 7 Company Profiles
Outer Scope of this report The efforts of prominent industry players toward expediting the commercialization landscape of this business vertical certainly deserves a mention. Say for example, recently Apergy had been awarded with the Global Customer Value Leadership Award for 2018, for appreciable augmenting wellsite productivity on account of its pure-play, end-to-end onshore equipment as well as technology services. A reputed player in artificial lift systems market, the firm boasts of excellent wellsite productivity software, highly engineered technologies, digital transformation solutions, and numerous Industrial Internet of Things powered systems. The company, with its patented AL systems, has brought forth myriad developments in the overall artificial lift systems market and helps operating companies to cost-effectively drill and manufacture oil and gas.
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