Low Formation Pressure Driving the Artificial Lift Market
Artificial lift systems are used in more than 90% of the wells in the United States. Some conventional wells, though, have adequate pressure initially, it depletes over time. A large number of horizontal wells have been drilled in unconventional plays in the region for oil & gas production. Artificial lift is required in these wells to produce hydrocarbons due to the high depletion rates in horizontal wells. Several artificial lift systems have been deployed in these fields, from electrical submersible pumps, rod pumps, and gas lifts. Also, large number of horizontal wells have been drilled in the past, which are expected to start production in the near future and drive the demand for artificial lift. Moreover, operators are moving to artificial lift systems much sooner to maintain flow rates and progressing to different lift systems, as the well conditions and flow rates change with the life of the well.
United States is the Largest Market
The United States accounts for more than 60% of the crude oil production and more than 90% of the well requires artificial lift from the very beginning. Hence, the largest market for artificial lift systems. The country has witnessed a high growth rate in terms of production in the past six years, except in 2016 when production declined by 3% compared to 2015. The increase in production was due to deployment of large number of artificial lift systems in the field. Drilling activity has been at its peak in the past two years, and is expected to continue in the forecast period. As a result, a large number of wells are expected to start production in the coming years, increasing the demand for artificial lift systems, to increase production to meet the growing demand for oil & gas globally.
Key Developments in the Market
- July 2017: General Electric completed its buyout of Baker Hughes Inc., merging it with its own oil & gas equipment and services operations, to create the world's second-largest oilfield service provider by revenue. The new company is named "Baker Hughes, a GE company“.
- March 2017: Schlumberger introduced the Lift IQ production life cycle management service, which monitors, diagnoses, and optimizes artificial lift systems in real time.
The major players include: Schlumberger Limited, Weatherford International PLC, Baker Hughes A GE Co., Halliburton Company, National Oilwell Varco, amongst others.
Reasons to Purchase this Report
- Current and future North America artificial lift systems market outlook in the developed and emerging markets
- Analyzing various perspectives of the market with the help of Porter’s five forces analysis
- The segment that is expected to dominate the market
- Regions that are expected to witness the fastest growth during the forecast period
- Identify the latest developments 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 Methodology
3. Market Overview
3.2 Market Size and Demand Forecast until 2023
3.3 Recent Trends and Developments
3.4 Government Policies and Regulations
4. Market Dynamics
5. Supply Chain Analysis
6. Industry Attractiveness - Porter’s Five Force Analysis
6.1 Bargaining Power of Suppliers
6.2 Bargaining Power of Consumers
6.3 Threat of New Entrants
6.4 Threat of Substitutes
6.5 Intensity of Competitive Rivalry
7. Market Segmentation and Analysis (Overview, Market Size, and Demand Forecast until 2023)
7.1 By Location of Deployment
7.2 By Type
7.2.1 Electrical Submersible Pump (ESP)
7.2.2 Progressive Cavity Pumping Systems (PCP)
7.2.3 Rod Lift Systems
8. Regional Market Analysis (Overview, Market Size, and Demand Forecast until 2023)
8.1.1 United States
8.1.3 Rest of North America
9. Key Company Analysis* (Overview, Products & Services, Financials**, Recent Development, and Analyst View)
9.1 Schlumberger Limited
9.2 Weatherford International PLC
9.3 Baker Hughes A GE Co
9.4 Halliburton Company
9.5 National Oilwell Varco
9.6 Dover Artificial Lift LLC
9.8 Borets Company LLC
9.9 DOS Canada Inc.
9.10 Liberty Lift Solutions LLC
10. Competitive Landscape
10.1 Mergers and Acquisitions
10.2 Joint Ventures, Collaborations, and Agreements
10.3 Strategies Adopted by Leading Players
*List not Exhaustive
**Subject to availability on public domain
- Schlumberger Limited
- Weatherford International PLC
- Baker Hughes A GE Co.
- Halliburton Company
- National Oilwell Varco
- Dover Artificial Lift LLC
- Borets Company LLC
- DOS Canada Inc.
- Liberty Lift Solutions LLC