Press release
Rising Crude Oil Demand Drives Artificial Lift System Market Expansion
What is an Artificial Lift System?
An artificial lift system is a method used to increase the flow of fluids (usually oil or gas) from a well when natural reservoir pressure is insufficient to bring the fluids to the surface. These systems are essential in the oil and gas industry to enhance production rates.
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North America dominated the global artificial lift system Market in 2020 and is projected to remain the dominant during the forecast period. This is attributed to the growth in demand for artificial lift operations in mature and aging oil wells in this region.
The leading shift from conventional sources to unconventional and redevelopment of shale gas reserves in countries such as the U.S. and Canada are attributed to the artificial lift system market growth.
The key players operating and profiled in the artificial lift system industry report include Baker Hughes Company, Borets International Limited., ChampionX, Dover Corporation, Halliburton, JJ Tech, NOV Inc., Novomet, Schlumberger Limited, and Weatherford International PLC.
The other players in the value chain (not included in the report) include Baker Hughes., Apergy, and DistributionNOW.
The growth of the artificial lift market is due to the increase in the need for oil & gas, accelerating economic growth, growing shale oil production, rising global population, enhancing financial investment in offshore drilling exploration activities, as well as a rising variety of mature reserves.
Significant enhancement in breakeven prices owing to dominating oil price recuperation along with upcoming deep-water prices and growing focus on developing the untapped offshore sites with the fast depletion of the onshore hydrocarbons propel the demand for artificial lift system market.
The significant trends that can be witnessed in this sector are technical innovations as well as the boom in footage of wells drilled.
The development of the marketplace is prevented by volatility in petroleum prices, ecological problems, and also financial uncertainties.
Types of Artificial Lift Systems
Rod Pumping:
Utilizes a reciprocating pump driven by a rod string connected to a surface unit.
Commonly used in oil wells.
Electric Submersible Pumps (ESP):
Pumps are submerged in the well and driven by electric motors.
Effective for high-volume production and deeper wells.
Gas Lift:
Injects gas into the production tubing to lower the density of the fluid column, enhancing flow.
Suitable for wells with high gas-to-oil ratios.
Progressive Cavity Pumps (PCP):
A helical rotor moves fluid through a stator, suitable for viscous fluids.
Often used in heavy oil applications.
Hydraulic Lift:
Uses hydraulic pressure to lift fluids, commonly employed in offshore applications.
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The artificial lift method is used to boost reservoir pressure and push crude oil to the surface. Artificial lift is used when the naturally derived energy of the reservoir is sufficient to push the oil to the surface area.
Artificial lift is used to recoup more crude oil from the reservoir. The main focus of every oil & gas operator is to reduce both capital expenditure (CAPEX) & operating expenditure (OPEX) and maximize oil production while decreasing cost.
Artificial lift is used to boost the circulation of liquids to the surface of a production oil well, and also this is attained by a mechanical device inside the well, such as a pump thus reducing the weight of the liquid/gas mixture using high-pressure gas and improving the lift effectiveness of the well through rate strings.
Advantages
Increased Production: Enhances the extraction of oil and gas, improving overall yield.
Versatility: Various systems can be adapted to different well conditions and fluid types.
Cost-Effectiveness: Can significantly improve the economics of marginal wells.
Applications
Oil and Gas Industry: Widely used in both onshore and offshore wells to optimize production.
Geothermal Energy: Employed in geothermal wells to enhance fluid flow.
Water Wells: Used in irrigation and water supply systems to improve flow rates.
Impact Of Covid -19
The novel coronavirus had a negative impact on the artificial lift system market growth due to reduced activity in reservoirs.
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The energy Information Administration (EIA) announced its forecast relating to crude oil production fall in the year 2020 and 2021 due to the falling demand for petroleum products.
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