Need to Enhance Production Levels - Driving the Artificial Lift Systems Market
Most oil & gas fields operating now have been in production since few decades. They are either matured or at the end of their production life. The challenge of meeting a 40% increase in demand for oil over next two decades may seem daunting unless productivity of existing wells increases or new sites for production are found. The new discoveries are increasingly in remote geographies and difficult environments, such as deep under water or from unconventional sources, such as shale oil and shale gas, where associated risk stands to be very high. In addition, the new discoveries are very small as compared to the historically huge assets, such as Texas’ Spindletop or Saudi Arabia’s Ghawar. Hence, such concerns have been increasingly attracting the attention of the market players toward improving the recovery rates of existing fields, thereby positively impacting artificial lifts market.
North America to Dominate the Market Growth
North America dominates the global artificial lift systems market. With shale discoveries, exploration & production activities have noticeably increased in the region. The market players operating in the region aim to maximize asset value through economies of scale by developing larger multi-well facilities. For this purpose, the companies are employing artificial lift technologies with the latest techniques in order to reduce risks and increase production, which is likely to boost the demand for artificial lift systems in the region during the forecast period. Besides this, a growing number of matured oilfields in the region are likely to add to the demand for the artificial lift systems in order to improve the productivity of the matured fields.
Increasing Artificial Lift Systems Demand in US
In the past decade, the US witnessed noticeable rise in the exploration & production activities. Along with this, approximately 96% of the oil wells in the United States have employed artificial lift systems from the very beginning. The increasing exploration & drilling activities in the country are likely to drive the demand for artificial lift systems market during the forecast period in United States. Besides this, the increasing number of matured fields and upcoming oil & gas projects in the United States are likely to add to the demand for artificial lift systems in the coming years.
Key Developments in the Market
- January 2018: West Texas’ surging Permian Basin continues to add new drilling activity.
- January 2018: The Trump administration allowed new offshore oil & gas drilling in nearly all United States coastal waters, giving energy companies access to leases off California for the first time in decades and opening more than a billion acres in the Arctic and along the Eastern Seaboard.
Reasons to Purchase this Report
- Identify the drivers, restraints, and opportunity possessed by the global artificial lift systems market with in-depth analysis.
- Analyze the various perspectives of the market with the help of Porter’s five forces analysis.
- Identify the most dominating type of artificial lift system with forecast market estimates.
- Identify the largest, fastest growing, and significant regions during the forecast period with in-depth analysis.
- Identify the latest developments, market shares and strategies employed by the major market players.
- 3 months analyst support, along with the Market Estimate sheet in excel.
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2. Research Approach and Methodology
3. Market Overview
3.2 Market Size and Demand Forecast until 2023
3.3 Recent Trends and Developments
4. Market Dynamics
5. Supply Chain Analysis
6. Porter's Five Forces Framework
6.1 Bargaining Power of Suppliers
6.2 Bargaining Power of Consumers
6.3 Threat of New Entrants
6.4 Threat of Substitute Products and Services
6.5 Competitive Rivalry
7. Artificial Lift Systems Market Analysis, by Type
7.1 Electric Submersible Pump System
7.2 Progressive Cavity Pump System
7.3 Rod Lift System
8. Artificial Lift Systems Market Analysis, by Geography
8.1 North America
8.1.4 Rest of North America
8.2.5 Rest of Europe
8.3.4 Rest of Asia-Pacific
8.4 South America
8.4.5 Rest of South America
8.5 Middle East & Africa
8.5.5 Saudi Arabia
8.5.6 Rest of Middle East & Africa
9. Company Profiles of Key Players (Overview, Products, Financials**, Recent Developments)
9.1 Baker Hughes Inc.
9.2 Borets Company LLC
9.3 Dover Artificial Lift
9.4 Flotek Industries Inc.
9.5 GE Oil and Gas
9.6 Halliburton Company
9.7 National Oilwell Varco Inc.
9.8 Schlumberger Limited
9.9 Weatherford International Ltd
*List not Exhaustive
10. Competitive Landscape
10.1 Mergers & Acquisitions
10.2 Joint Ventures, Collaborations and Agreements
11. Future Outlook of the Market
12.1 Contact Us
(**Subject to availability on public domain)
- Baker Hughes Inc.
- Borets Company LLC.
- Dover Artificial Lift
- Flotek Industries Inc.
- GE Oil and Gas
- Halliburton Company
- National Oilwell Varco Inc.
- Schlumberger Limited
- Weatherford International Ltd.