Artificial Lift Market Share, Competitive Dynamics & Global Outlook 2027 By Baker Hughes, Borets, Cameron International, Dover Corp, GE Oil & Gas, Halliburton, John Crane, National Oilwell Varco, Schlumberger and Weatherford

Artificial lift is employed when the natural reservoir is not strong enough so that it can push the oil to the surface. Artificial lift systems are extensively used by commercial and industrial sector. Artificial lift is installed in wells that require to supplement natural reservoir drive to boost fluids. Almost all oil and gas wells that require water removal use some kind of artificial lift. The types of artificial wells comprise gas lift systems, progressing capacity pumps, rod-lift systems and electric submersible pumps (ESPs). Other lift systems include a hydraulic lift and plunger lift. Factors in choosing the type of lift involve well trajectory, depth of the well, properties of the fluid, and volume of the fluid to be pumped. Other factors involve pressure at the wellbore, the amount of gas produced and the presence of sand.

Request Free Sample Copy @ https://www.marketresearchfuture.com/sample_request/830

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.

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.

Key Players

Some of the key players for this market are: Baker Hughes, Borets, Cameron International, Dover Corporation, GE Oil & Gas, Halliburton, John Crane, National Oilwell Varco, Schlumberger, and Weatherford.

Artificial Lift Market Segments Analysis

The global market for artificial lift can be segmented on the basis of type, mechanism, application, and region.

The market has been segmented into electrical submersible pump (ESP), rod lift, progressive cavity pump (PCP), gas lift, and others based on type. The rod lift market contributed a larger revenue share and is expected to be a dominant market over the forecast period.

The market has been segmented into pump assisted which is further subdivided into positive displacement and dynamic displacement and gas assisted.

The market has also been segmented into onshore and offshore based on application. Owing to the presence of a high amount of onshore oil wells, the onshore segment held a larger market share in 2017.

Detailed Regional Analysis

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.

Browse Complete Report @ https://www.marketresearchfuture.com/reports/artificial-lift-market-830

About Market Research Future:

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

Contact:

Market Research Future
Office No. 528, Amanora Chambers
Magarpatta Road, Hadapsar,
Pune - 411028
Maharashtra, India
+1 646 845 9312
Email: sales@marketresearchfuture.com

This release was published on openPR.