Growing Number of Mature Oil & Gas Fields Driving Artificial Lift Market
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When type is taken into consideration, the artificial lift market is categorized into gas lift, electrical submersible pumps (ESP), progressive cavity pumps (PCP), red lift, and others (which include hydraulic jet pumps and plunger lift). Among these, the ESP category is expected to hold the largest share of the market during the forecast period. This is due to the tightly contained units of these devices which keep the liquid out of the housing and internal components, thereby ensuring that the pumps don't leak or short circuit when submerged.
A major driving factor of the artificial lift market is the rising number of mature oil & gas fields. Most of the oil is produced from mature fields and more than 70% of the produced oil comes from fields which are more than 30 years old. Artificial lifts are primarily utilized in mature fields. As the reduced reservoir pressure in mature fields results in production of water more than oil, operators prefer to use artificial lift techniques in matured wells for improved recovery of oil for maximizing the revenue margins.
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Geographical Analysis of Artificial Lift Market
Globally, North America accounted for the largest revenue share in the artificial lift market, during the historical period(2013-2017), and it is expected to maintain the trend during the forecast period, mainly as a result of the presence of established players. Further, more than 90% of oil wells require artificial lifts, in the U.S., owing to the decline in their natural pressure, over time. Considering the future industry scenario, the U.S. is expected to lead the North American market, generating revenue worth $3,771.0 million in 2023.
Recent Strategic Developments of Major Artificial Lift Market Players
In recent years, the players in the global artificial lift market have taken several strategic measures, such as product launches and geographical expansions by acquisition, in order to gain a competitive edge in the industry. For instance, in February 2018, Weatherford International PLC launched a new software for its ForeSite production optimization platform. This platform optimizes the support for reciprocating rod-lift systems, by adding support for gas-lift and ESP systems.
Moreover, in July 2017, Halliburton Company acquired Summit ESP, a supplier of ESP technology and services. With this acquisition, the former company aims to expand globally with its artificial lift portfolio.
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