Press release
Artificial Lift Systems Market Growth Framework 2025 | National Oil Varco Inc., Tenaris S.A., Lufkin Industries Inc.
TMR Research
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However, owing to common challenges related to the process of retrofitting, including deployment of a workover rig, deferring production, and incurring nonproductive times, the profit of a slightly economic well can decline, compelling operators to devalue the asset or even abandon it. The dynamic field of artificial lift systems witnesses the introduction of innovative solutions to reduce the numbers of such shutdowns. Schlumberger’s new artificial lift production lifecycle management service is an instance of such attempts to finding ways of optimizing artificial lift systems.
This lifecycle management service gathers, transmits, analyzes, and monitors data from consumer well and helps in improving the production efficiency, reduce operating costs, and extend equipment longevity of artificial lift systems on a real time basis. The new artificial lift system lifecycle management service includes four tiers to execute various requirements of consumers in terms of well visualization, real-time diagnostics and surveillance, field optimization, and well optimization.
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The oil-producing capacity of oil wells decreases over the years, and hence, there is a need to deploy artificial lift systems to fetch oil from these wells. Furthermore, the need to have a regular supply of oil across the world has also necessitated the use of artificial lift systems during oil-extraction.
On the basis of geography, the demand within the market for artificial lift systems in the Middle East and Africa has been rising on account of the expansive oil and gas industry in the region.
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Increasing production of unconventional hydrocarbons such as shale and rising production of oil and gas from mature oilfields are some of the major factors driving the global artificial lift systems market. Moreover, escalating energy demand along with rising initiatives for deep and ultra-deep offshore oil production is furthering the growth of the artificial lift systems market. However, factors such as complexities in oil and gas production from mature fields and environmental considerations are challenging the market’s growth. Nevertheless, the rehabilitation and redevelopment of fields are expected to present growth opportunities to this market. Moreover, subsea operations are exhibiting an increased utilization of artificial lift systems and are expected to continue in the long run.
The artificial lift systems market is segmented on the basis of geography and actuation mode. By actuation mode, the market for artificial lift systems is segmented into gas assisted and pump assisted artificial lift system. The sub-segments of pump assisted artificial lift system are Electric Submersible Pump (ESP), Gas Lift, Rod lift, and Progressive Cavity Pump (PCP). Further, the sub-segments of gas assisted artificial lift systems are Gas Lift and Plunger Lift. Each category of lift is suitable for specific reservoir conditions that they are used for.
Some of the key players in the global market for artificial lift systems are National Oil Varco Inc., Tenaris S.A., Lufkin Industries Inc., Baker Hughes Incorporated, and Weatherford International Ltd.
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