Artificial Lift Systems are used in oil and gas reservoirs to increase the production. Majority of the existing reservoirs in the world are in mature stage and have lost the natural pressure to move the oil and gas on to the surface.
Artificial Lift Systems Market - Forecast(2022 - 2027)
Artificial Lift Systems are used in oil and gas reservoirs to increase the production. Majority of the existing reservoirs in the world are in mature stage and have lost the natural pressure to move the oil and gas on to the surface. Artificial lifts help in raising the pressure in the oil wells, so the oil flows easily on to the surface. Henceforth, artificial lift systems are used to obtain the oil from deeper oil wells to the surface. This market is increasing at a considerable rate due to the discovery of shale gas and increase in the exploration activities by the companies, mainly in North America. The report study includes the demand of this particular market on a global and regional scale for a five-year period of 2015-2021, both in terms of volume (Units) and revenue ($billion).
The market is evaluated based on the key attributes such as the power in the hands of producers and consumers, analysis on the degree of competition, and threats from substitutes and new entrants.
Apart from the above, the report also includes segmentation based on types, mechanism, components and applications. Types of artificial lift include Reciprocating Rod Lift, Electrical Submersible Pump (ESP), Progressive Cavity Pump (PCP), Gas Lift Systems, Hydraulic Jet Pump and Plunger Lift. Rod lift method is also known as beam pumping is one of the oldest and significantly used types of artificial lift. It is used to extract heavy viscous crude oil at high temperatures. Various components such as Pump, Motor, Pump Jack, Drive Head, Cable System, Sucker Rods, Gas Lift Valves, Gas Lift Mandrel, Separators and Control system are integrated to form the artificial lift system. Subsequently, artificial lift systems market is categorized based on mechanism which includes positive displacement, dynamic displacement and gas assisted.
Sample Companies Profiled in this Report are:
- Baker Hughes Incorporated
- Dover Corporation
- General Electric Company
- Halliburton Company, LLC.,
- John Crane Group
- 10+.
We provide profound data about the industry overview, financial overview, business strategies and recent developments.
The artificial lift systems industry has also been segmented based on geographical region: Americas, Europe, Asia-pacific and Middle-East & Africa. These geographies are further classified into countries holding prominent share in the artificial lift system market for the forecast period. Major market revenue share is contributed by the U.S.
Americas is the dominant region for artificial lift systems industry with U.S leading the charge. Asia-Pacific is projected to have highest growth in the next few years due to growing adoption of artificial lifts in oil and gas applications.
