Artificial lift Systems Market 2018-2024: Share, Trends, Growth Status, Regional Demand | International Brands Schlumberger, GE, Halliburton, Borets Co. LLC, Weatherford, JJ Tech, National Oilwell Varco

Artificial lift Systems Market is set to exceed USD 14 billion by 2024; as reported in the latest study by Global Market Insights, Inc. Increasing number of marginal and stripper wells coupled with the rising demand of crude oil will drive the artificial lift systems market size. In the U.S., the Energy Information Administration estimated around 380,000 stripper wells compared with about 90,000 non-stripper wells in 2015. As per the Artificial Lift R&D Council, around 80% of the wells in the U.S. are stripper wells, with majority of them installed with sucker rod pump.

The U.S. artificial lift systems market was valued over USD 3 billion in 2017. Ongoing E&P spending coupled with increasing shale exploration will enhance the business growth. As per the EIA, 44 onshore oil companies have increased its capital expenditure by 72% between 2016 and 2015 in the country. The U.S. DOE has estimated 89 BBL of untapped oil across onshore wells, which will further enhance the product adoption.

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Offshore artificial lift systems market will witness a strong growth owing to the ongoing expansion of deep-water projects. In 2018, the U.S. Federal Government has unveiled five-year plan which includes expansion plans of offshore drilling, targeting Atlantic, Pacific and Arctic oceans. Abundant resource availability coupled with increased offshore investments will further complement the industry outlook.

The positive outlook toward bringing down the cost of oil production along with the escalating demand for petroleum products have a major role to play in the expansion of artificial lift systems industry. Of late, the production and consumption of oil and gas has been on a continuous rise – a factor that would also serve to impel this vertical, especially across Middle Eastern provinces such as Saudi Arabia. Saudi Aramco, the renowned Saudi Arabian Oil Company, for example, has recently suggested plans to assist in compensating for the natural reduction from mature fields by conducting additional drilling at existing fields. The ongoing plans and strategies from the government to raise the production of crude oil will thus augment the regional market share.

The global artificial lift systems industry is also remnant of incredible innovations – indeed some of the most recent technological developments in this business vertical border along retrofit capability, smart alarms and real time monitoring. The evolution of multiphase gas handling pump to operate the artificial lift systems continuously has also escalated the popularity of these products, further augmenting the growth of artificial lift systems market.

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Elaborating further on the prominence of technology in this vertical, it is prudent to mention the incidence of General Electric Oil & Gas, which in October 2014, launched its next-generation surface control system known as Vector Plus variable speed drive (VSD) for electric submersible pumps (ESPs). Operators using Vector Plus VSD could increase ESP motor speed gradually and adjust ESP speed remotely from the surface with improvised intelligent control capabilities and greater ease of use. General Electric’s Vector Plus vividly signifies the commitment of the company towards artificial lift innovations in the expanding unconventional space.

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.

Artificial Lift Systems Market Competitive Market Share & Forecast, 2018 - 2024 in detail along with the table of contents@ https://www.gminsights.com/industry-analysis/artificial-lift-systems-market-report

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