Artificial Lift Systems Market is predicted to expand over 6% by 2024 Eminent industry players across the artificial lift systems market include General Electric, Schlumberger, Halliburton, Weatherford, Borets, National Oilwell Varco, JJ Tech, Dover Corpo
As the oil and gas industry witnesses’ consecutive highs & lows in addition to relentless demand, several verticals, artificial lift systems market among them are likely to be impacted in a noticeable manner. As per reliable estimates, annual oil demand is expected to grow by 1.2% and surpass 105 million bpd by 2025. As the oil fields across the globe reach a stage of maturity, their natural pressure tends to diminish, leading to a decline in production. However, this scenario may be marginally diminished as modern technology can now provide means for extraction such as electric submersible pumps, gas lifts and progressive cavity pumps. In this regard, most oil producing companies are incorporating secondary extraction techniques to boost oil production, thus stimulating artificial lift systems market trends.
Get a Sample Copy of this Report: @https://www.gminsights.com/request-sample/detail/404
The last couple of decades have witnessed tremendous technological developments in artificial lift systems industry, enabling operators to produce oil even in the most challenging environments. With the installation of technologies like jet pumps, rod lifts and ESPs, a well producing 5000 barrels per day could yield up to 7000 barrels per day. Surface, reservoir operational conditions, and fluid together decide the kind of best artificial lifts to be deployed for maximum production. Armed with a simple design and easy operability coupled with low operating costs, rod lift based artificial lift systems market is expected to gain extensive momentum in the ensuing years. The ability of these systems to lift high temperature oil as well as high efficiency leading to 50% – 60% increase in production will further increase the deployment of rod lifts.
The electric submersible pump is another dependable technology that can handle volumes as large as 90,000 barrels per day drawn from great depths. Considering that ESPs are the most economic lifts that have proven to be very efficient, the increasing deployment of ESPs in oil fields has added stimulus to artificial lift industry outlook. ESPs can operate in horizontal wells as well in high angle ones, in addition to being able to change reservoir conditions due to variable speed drives. The rapid evolution in ESP technology has made this system capable of operating in gassy and abrasive environments – courtesy, the development of abrasion resistant zirconia bearings that has enhanced the run life of ESPs, eventually propelling artificial lift systems industry size.
Artificial lifts are being used in approximately 950,000 wells around the globe to improve production rates after nature pressure has declined. These lifts have motors and pumps that are controlled by variable speed drives to provide better insight and control over oil pumping in different stages. Variable speed drives have been developed over the recent decades and have integrated oil industry specific programs, enabling operators and engineers working with artificial lifts to access new opportunities with better control. Digital intelligence is also paving major pathways for the growth of artificial lift systems market, as is evident from the instance of Silverwell Technology Ltd.
Make an inquiry for purchasing this report @ https://www.gminsights.com/inquiry-before-buying/404
securing a significant investment from British entrepreneur Lloyd Dorfman. Being a prominent provider and manufacturer of digital intelligent artificial lifts, Silverwell’s procurement of funds from Dorfman, that acquired a 20% equity interest in the company, indicates the interest the oil industry has taken in the development of digitally intelligent artificial lifts.
With perpetually fluctuating crude oil prices, oil extraction companies are compelled to optimize their spending, leading to an increased adoption of these lifts and the gradual surge of artificial lift market systems industry share. Artificial lifts are a cost-efficient alternative to the prospect of drilling a new well. Quite overtly, oil companies, in a drive to cut operation costs, readily deploy artificial lifts to optimize their spending without compromising on productivity. The trend of modernizing artificial lift systems with the integration of digital intelligence will further upscale the growth prospects of artificial lift systems market, slated to cross USD 14 billion by 2024.
Technology advancements to provide cost effective solutions for low-rate liquid-loaded gas and gas-lifted oil wells will complement the gas lift systems market growth. Innovations including the development of smart gas lift systems to offer rig-less installation, minimized manual intervention, reduced OPEX, increased visibility & data logging, decreased flowline backpressure and multi-well control will further encourage the product adoption.
Browse key industry insights spread across 230 pages with 253 market data tables & 39 figures & charts from the report @ https://www.gminsights.com/industry-analysis/artificial-lift-systems-market-report
Key players operating across the ALS market include Schlumberger, General Electric, Halliburton, Borets Co. LLC, Weatherford, JJ Tech, National Oilwell Varco, Dover Corporation, BCP Group, NOVOMET, Aker Solutions, and Occidental Petroleum.
Growing primary energy consumption coupled with escalating focus toward sustainable resources to extract crude oil and gas will foster the Iran artificial lift systems market. As per the British Petroleum in 2016, the primary energy consumption of the country increased to 266.5 Million tonnes oil equivalent, when compared with 237.4 in 2013.
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research
Corporate Sales, USA
Global Market Insights, Inc.
Toll Free: 1-888-689-0688
Explore Our Blog @ http://algosonline.com/news
This release was published on openPR.
Permanent link to this press release:
Please set a link in the press area of your homepage to this press release on openPR. openPR disclaims liability for any content contained in this release.
You can edit or delete your press release Artificial Lift Systems Market is predicted to expand over 6% by 2024 Eminent industry players across the artificial lift systems market include General Electric, Schlumberger, Halliburton, Weatherford, Borets, National Oilwell Varco, JJ Tech, Dover Corpo here
News-ID: 1333174 • Views: 1404
More Releases from Global Market Insights, Inc.
Hypochlorite Bleaches Market to hit US$ 300 Mn 2025 | Top Key Players like Adity …
As per the research report by Global Market Insights, Inc., Global Hypochlorite Bleaches Market to cross USD 300 million by 2025 and grow at 3.4% CAGR from 2019 to 2025. It has been projected that the Global hypochlorite bleaches market is expected to reach a consumption of around 485-kilo tons by 2025. Water scarcity as well as rising water costs have led to more emphasis being laid on water recycling and
Feminine Hygiene Products Market: Growing awareness regarding intimate health in …
Global Market Insights, Inc., announces an ongoing comprehensive report on the Feminine Hygiene Products Market. One of the most hushed topics across the world is female hygiene, the negligence of which results in several diseases. Studies claim that nearly 30% to 60 % women across the globe develop urinary tract infection once in their lifetime, mainly due to negligence in proper intimate hygiene. Dearth of knowledge regarding the negative consequences of
Examination Gowns Market 2020 business trends & growth opportunities to 2026
Global Market Insights, Inc., announces an ongoing comprehensive report on the Examination Gowns Market. The exposure to various kinds of hospital acquired infections has led to a spate of health problems for the healthcare professionals as well has the patients. In this regard, experts have been massively shifting to adoption of personal protective equipment or clothing, examination gowns, protecting them from all kinds of infections. These gowns are present in the
Nonwoven Packaging Market to witness increased demand from pharmaceutical sector …
Global Market Insights, Inc., announces an ongoing comprehensive report on the Nonwoven Packaging Market. With the world struggling to fight against negative consequences of industrialization and increased carbon emissions, nonwovens or nonwoven fabrics have emerged as an intrinsic solution for all ecological imbalances across the globe. These fabrics are made from staple fiber and long fibers, merged together by chemical, heat, or mechanical treatment. These are generally used in textile manufacturing
More Releases for Artificial
Artificial Turf Market – Global Need Assumptions 2025 | Artificial Lawn, Grass …
Global Artificial Turf Market: Snapshot Growth opportunities abound in the global market for artificial turf as residential and commercial property owners increasingly focus on ways of keeping lawns green even during the rising incidences of draughts across the globe. Along with providing an easy way of conserving the water otherwise spent on keeping natural grass alive, artificial grass, or artificial turf as it is often referred to, helps eliminate the need
Artificial Blood Market Development
Artificial Blood Market Potential According to the World Health Organization (WHO), there are around 50,000 stem cell transplantations performed annually worldwide, which include 2,000 cord blood hematopoietic stem cell transplants performed each year. Use of stem cells from cord blood is increasing, as it does not require perfect human leukocyte antigen (HLA) tissue matching, can be used allogenically, and has less incidence of graft v/s host disease. According to the New
Artificial intelligence for industrial microbiology
Munich, Germany, November 23, 2017 - vermicon AG, the specialist for microbiological solutions, is launching the new Scan VIT® system for analysis of microorganisms. It is able to quantify and specifically identify single cells directly and without time-consuming enrichment steps. A fully automated analysis evaluation is provided by the intelligent VIT® Vision software, which is the centerpiece of the new, patented technology. In contrast to conventional rapid test methods, the
Artificial Blood Market
Artificial blood is an artificially developed substitute for red blood cells. For decades, scientists have been trying to develop artificial blood from various sources and through different methods to address the shortage of blood for transfusions. Inadequate number of blood donors and the criticality of blood-type rejection have encouraged researchers to develop artificial blood, thus reducing the dependency on blood donors. Transfusion of red blood cells (RBCs) is a standard
Artificial Blood Market
Artificial blood is an artificially developed substitute for red blood cells. For decades, scientists have been trying to develop artificial blood from various sources and through different methods to address the shortage of blood for transfusions. Inadequate number of blood donors and the criticality of blood-type rejection have encouraged researchers to develop artificial blood, thus reducing the dependency on blood donors. Transfusion of red blood cells (RBCs) is a standard and
Global Artificial Intelligence Market
According to a new report, Global Artificial Intelligence Market (2016-2022), published by KBV Research, the global artificial intelligence market is estimated to reach USD 16,274.0 Million by 2022, at a CAGR of 44.5% from 2016 to 2022. The North America market dominated the Global Artificial Intelligence Market in 2015, and would continue to be a dominant market till 2022; thereby growing at a CAGR of 42.7% during the forecast period.