Artificial Lift Market Overview and Analysis about Manufacturing Cost Structure: Industry Forecast Report up to 2027

Future Constraints and Drivers Affecting the Market Growth

The increasing production of heavy oil, increasing demand for energy across the world, improving production efficiency and increase in the production of shale gas is driving the market for artificial lift. Recoverable shale gas reserves are anticipated to provide growth opportunities to the market. Artificial lifting system is employed in horizontal shale gas-producing wells to achieve operational efficiency and lift the collected fluid in the well. Several countries are evaluating and testing production potential from shale formation besides commercially viable production techniques. Moreover, declining onshore production and increasing demand for oil and gas are pushing the operators to increase deepwater activities.

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Also, the growing number of wells requiring secondary extraction, enhanced recovery rates, and increasing demand for technological advancements and energy and petrochemicals are enabling companies to extract oil from challenging areas which are in turn driving the market growth. The high demand for natural gas and crude oil has depleted the onshore reserves. This has offshore deep-water opportunities for many companies, thus enhancing the market size.

Due to rapid industrialization, conventional sources for oil and gas are depleting. This has led companies to meet end-user demands by focusing on unconventional gas resources which is considered to act as a prime factor for the market growth.

Meanwhile, the high cost associated with artificial lift equipment and lack of skilled workers will hinder the market growth globally. Also, impacted investments and fluctuating oil prices might affect the market growth due to high capital and equipment costs. Also, strict government mandates and environment related problems are inhibiting the market growth globally.

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.

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.

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.

North America Holds the Largest Market Share

North America held the largest share in artificial lift market in 2017. In this region, the market growth can be attributed to the presence of a large number of oil reserves in onshore basins, declining production from mature conventional fields, and increasing adoption of latest technologies in gas and oil sector. The oil industry in North America faces challenges of meeting high energy demand. The natural pressure in wells reduces with time. To maintain the level of production, the North American companies are incorporating secondary extraction techniques which include artificial lifting which is, in turn, driving the market in this region.

However, the European market held the second largest share and is expected to show a moderate growth rate over the forecast period. The Asia Pacific market is expected to showcase a higher growth rate than Europe, owing to the increase in focus towards developing shale gas projects in countries like Indonesia and China.

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.

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