Press release
Artificial Lift Market 2019 & Industry Trends by Leading Key Players Cameron International, Borets, GE Oil & Gas, Dover Corporation and Baker Hugh.
Artificial Lift Market
Key Players
Prominent players in the artificial lift market, as profiled by Market Research Future include Cameron International, Borets, GE Oil & Gas, Dover Corporation, and Baker Hugh. Key players in the market are focusing on enhancing their business via inorganic growth ventures.
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Overview
The need for an artificial lift in almost all oil & gas wells to remove water is expected to garner substantial growth in the artificial lift market around the globe. According to the latest MRFR report, the global artificial lift market is expected to showcase a steady CAGR during the forecast period of 2016-2027. Furthermore, increasing production of heavy oil, the rise in the demand for energy across the globe, improving production efficiency and the increase in the production of shale gas are some of the factors driving exponential growth to the global artificial lift market during the forecast period.
Key growth opportunities are served to the artificial lift market due to many recoverable shale gas reserves. A decline in onshore production and the increasing demand for oil & gas are projected to push major operators to increase deep-water activities. Additionally, the growing number of wells that need secondary extraction, enhanced recovery rates, and the rapid proliferation in demand for technological advancements and energy and petrochemicals are allowing companies to extract oil from difficult areas, further driving artificial lift market growth. Also, rapid industrialization is causing oil & gas sources to deplete, leading to the companies to fulfill consumer needs by looking for unconventional gas resources, primarily driving substantial growth to the market.
Artificial Lift Market Segmentation
The global market for artificial lift can be segmented on the basis of type, mechanism, application, and region.
The market has been segmented into electrical submersible pump (ESP), rod lift, progressive cavity pump (PCP), gas lift, and others based on type. The rod lift market contributed a larger revenue share and is expected to be a dominant market over the forecast period. While the ESP and plunger segment is expected to show a significant growth rate in the years to come.
The market has been segmented into pump assisted which is further subdivided into positive displacement and dynamic displacement and gas assisted. Among these, the pump assisted artificial lift mechanism is projected to show the largest market share in 2016. The dynamic displacement segment is the fastest growing segment within the pump assisted segment.
The market has also been segmented into onshore and offshore based on application. Owing to the presence of a high amount of onshore oil wells, the onshore segment held a larger market share in 2017.
Industrial Developments
The Trump administration granted gas drilling and new offshore oil in almost all US coastal waters, thus giving energy companies the access to lease off California and opening more than a billion acres in the Arctic and along the Eastern Seaboard.
Baker Hughes, a GE company, proposed using a Terr- Adapt adaptive drillbit so that the drilling performance is improved and the NPT is reduced by proactively mitigating slip and stick and impact loading. This device comes with self-adjusting depth-of-cut control elements to reduce torsional instability.
In October 2014, Dover Corporation acquired Accelerated Companies LLC which is a supplier of artificial lift solutions and fluid handling to oil and gas production industry.
Competition Analysis
The prominent players operating the artificial lift market are Cameron International, Borets, GE Oil & Gas, Dover Corporation, Baker Hughes, and more. Industry players are focusing on inorganic growth ventures to enhance their business. Halliburton, in July 2017, acquired Summit ESP to strengthen its position and expand it’s artificial lift capabilities in North America oilfield services.
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MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by Components, Application, Logistics and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
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