7th November 2019 – The global artificial
lift systems market is expected to gain a moderate growth during the
forecast period. Artificial lift systems are used to enhance fluid production
and transportation from the reservoir to the endpoint. Based on the nature of
use, the artificial lift systems are categorized on their operating principle,
energy source and design. The primary aim of artificial lift systems is to
lessen the weight of hydrostatic column by reducing the density of fluid column
resulting into overall lessening of drawdown on reservoir ultimately, so that
the formation can exhibit desired reservoir fluid.
Artificial lift systems industry is
driven by factors such as rising production of shale gas and oil production and
increase in oil reserves and oil production capacities all across the globe.
However, the market is less efficient in terms of investments since it lacks
ease of technology, yet strategic alliances enable the mitigation of risk
factors based on market predictor variables. Type segment for artificial lift
systems market include rod lift, electrical submersible pumps, progressive cavity
pumps and gas lift.
By mechanism, the artificial lift
systems industry is segmented as pump assisted and gas assisted. Application
segment for the market include offshore and onshore. Onshore segment accounts
for a greater CAGR during the forecast period. Factors such as rise in demand
for artificial lift systems and increase in manufacture of innovative products.
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Component segment for artificial lift
systems market includes sucker rod, pump jack, cable and separator, controller
and gas mandrels. Pump jack accounts for a larger market segment owing to rise
in deployment in manufacture and construction sector across the globe.
Geographical segmentation for artificial
lift systems industry includes North America, Latin America, Europe,
Asia-Pacific, Middle East and Africa. North America artificial lift systems
market account for a significant share in the global market. Rise in use of rod
installed enables a sustainable use in the industry allows the market to expand
further.
Market developments in APAC and MEA
sector display similar trends due to factors like rise in offshore &
onshore oil production and improved conditions for requirements in saturated
fields. Rise in subsea and coal-mining operations are expected to bolster the
APAC market growth. The key players in the artificial lift system industry
include Weatherford International plc, General Electric Company, Baker Hughes
Inc and Halliburton Company.
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