Artificial Lift Market Sales, Revenue, Price and Gross Margin 2018-2023
In further, the Artificial Lift Market includes drivers, restraints, threats, opportunities, trends, geographical/regional Artificial Lift markets, and competitive landscape.
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North America is one of the largest markets for artificial lift systems, accounting for almost half of the market demand in the past few years, due to rigorous production activity. The region accounts for around 21% and 26% of the global crude oil and natural gas production. The average breakeven price of US shale has declined by around 40% since 2013, due to technological improvements. Advances in artificial lift have helped the US to increase its production. Mexico has witnessed an opposite trend due to the natural decline in production from mature fields and lack of significant start-ups to compensate. In 2013, the government opened the energy sector for private for exploration, and is likely to draw attention for artificial lift systems in the long-term. The Mexican government has offered several blocks for exploration, such as ten deepwater exploratory wells in 2016 and 19 offshore oil & gas blocks in the Gulf of Mexico at the beginning of 2018. These blocks are located in the vicinity of developed oil producing blocks in the Gulf of Mexico. Hence, operators in these fields have a better understanding of geology, which is expected to help the operators in developing these fields and start commercial production in relatively less time, and hence, an opportunity is expected for the market in the long-term.
Low Formation Pressure Driving the Artificial Lift Market
Artificial lift systems are used in more than 90% of the wells in the United States. Some conventional wells, though, have adequate pressure initially, it depletes over time. A large number of horizontal wells have been drilled in unconventional plays in the region for oil & gas production. Artificial lift is required in these wells to produce hydrocarbons due to the high depletion rates in horizontal wells. Several artificial lift systems have been deployed in these fields, from electrical submersible pumps, rod pumps, and gas lifts. Also, large number of horizontal wells have been drilled in the past, which are expected to start production in the near future and drive the demand for artificial lift. Moreover, operators are moving to artificial lift systems much sooner to maintain flow rates and progressing to different lift systems, as the well conditions and flow rates change with the life of the well.
United States is the Largest Market
The United States accounts for more than 60% of the crude oil production and more than 90% of the well requires artificial lift from the very beginning. Hence, the largest market for artificial lift systems. The country has witnessed a high growth rate in terms of production in the past six years, except in 2016 when production declined by 3% compared to 2015. The increase in production was due to deployment of large number of artificial lift systems in the field. Drilling activity has been at its peak in the past two years, and is expected to continue in the forecast period. As a result, a large number of wells are expected to start production in the coming years, increasing the demand for artificial lift systems, to increase production to meet the growing demand for oil & gas globally.
Top Players of Artificial Lift Market are listed below:
Weatherford International PLC
Baker Hughes A GE Co.
National Oilwell Varco
Dover Artificial Lift LLC
Borets Company LLC
DOS Canada Inc.
Liberty Lift Solutions LLC
Reasons to Purchase this Report
Current and future North America artificial lift systems market outlook in the developed and emerging markets
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
The segment that is expected to dominate the market
Regions that are expected to witness the fastest growth during the forecast period
Identify the latest developments and strategies employed by the major market players
3 months analyst support, along with the Market Estimate sheet (in excel)Geographically, this Global report majorly split into several regions, covering
North – South America
Asia – Pacific
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The Artificial Lift Report provides the landscape and growth with the product lifecycle over the coming years, market space, market opportunities, market risk, the market overview of the Artificial Lift. It explains the gap between supply and consumption, tables and figures, SWOT analysis of the leading enterprises in the Artificial Lift Report. Further, the Artificial Lift Report is examined for price, cost and gross. Additionally, it provides a valuable source of suggestions and direction for enterprises and individuals who are taking part in this market.
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