Artificial Lift Market 2019 Size, Growth, Share Trends, Opportunity and Risk Analysis, Competitive Landscape, Regional And Global Industry Forecast To 2023
Artificial Lift Market 2019 is latest depth analysis report on Global Artificial Lift Market. Report comprises Artificial Lift Industry key players sales, revenue, market shares, size, trends in terms of volume, opportunity and risk assessment with regional market analysis from 2019 to 2023.
Pune, India – September 27, 2019 /MarketersMedia/ —
Artificial Lift Market 2019 is latest depth analysis report on Global Artificial Lift Market. According to the report Global Artificial Lift Market is anticipated to prosper with a 5.63% CAGR during the forecast period of 2019 to 2023. Report comprises Artificial Lift Industry key players sales, revenue, market shares, size, trends in terms of volume, opportunity and risk assessment with regional market analysis from 2019 to 2023.
Market for Artificial Lift is segmented by Type (Rod Lift, ESP, PCP, Gas Lift), Mechanism (Pump Assisted, Gas Assisted), Application (Onshore, Offshore) and Region.
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Artificial Lift Market Overview:
Leading players in the global artificial lift market include OILSERV, AccessESP, John Crane Group, JJ Tech, Flotek Industries Inc., Dover Corporation, Borets International Limited, National Oilwell Varco Inc., GE Oil & Gas, Weatherford, Schlumberger, and Halliburton.
Artificial lift technology is used to induce increased flow of fluids in oil wells that do not produce fluid flow at normal rates. Due to geological features pertaining to each oil well site as well as the nature and density of the crude oil matter in the oil well, some oil wells do not exhibit a natural, steady flow on their own. This necessitates the use of artificial lift systems.
The global artificial lift market is growing due to decline in oil reservoirs, increase in shale oil and gas production. The recent decline in oil prices is also estimated to increase the demand for production focused services such as pressure pumping, artificial lift and enhanced oil recovery in comparison to drilling services. The unconventional production has transformed the oil and gas industry in North America over the last decade. The tight oil production in U.S. has pushed its crude oil supply to over 10% of world total. There are different types of artificial lifts which include rod lift, electric submersible pumps, progressive cavity pumps, gas lift and others. The Artificial lift Market is projected to grow at a high CAGR of around 7% during the forecast period.
The key drivers of artificial lift market are rising shale gas production, increasing heavy oil production, and presence of large number of oil & gas reserves. U.S., China, Canada, and Argentina are the key countries involved in production of shale gas. US is the largest producer of shale gas and is expected to produce 80 billion cubic feet (bcf) of shale gas by 2040. The countries such as Canada, Venezuela, Saudi Arabia, U.S., Mexico, Brazil, Russia, and China are the active heavy oil producing countries. Large number of reservoirs are present especially in the Middle East & Africa region, thereby driving the artificial lift market. However, the factors such as stagnant oil prices and lack of skilled labor are going to restraint the global artificial lift market. The factors such as re-development of mature oilfields and rising offshore oil & gas discoveries are expected to provide lucrative business opportunities to the global artificial lift market.
Competitive Analysis:
In May 2019, the Nippon Foundation-DeepStar Joint Ocean Innovation Program launched a new study examining the feasibility of magnetic drive systems for electric submersible pumps, a new technology from Upwing Energy, a leading artificial lift tech provider. The study, supported by Petrobras, Chevron, Equinor, and Shell, is mainly aimed at examining the current and future prospects for the technology. Mitsubishi Heavy Industries is also involved in the study along with Upwing.
Segmentation:
Artificial lift market has been segmented on the basis of type, mechanism, application, and region. Based on type, the market is classified into rod lift, ESP, PCP, gas lift, and others. Others include plunger lift and hydraulic pumping. Among these, rod lift segment is expected to dominate the market as it can be used for wide range of operating conditions and production rates. Also, it is easy to operate, and it find application majorly in inclined, deep, and horizontal wells. The artificial lift market by mechanism is segmented into pump assisted and gas assisted. Pump assisted is estimated to hold the largest share owing to major deployment of rod lift, ESP, and PCP pumping systems. Based on application, the artificial lift market is segmented into onshore and offshore. Onshore segment is expected to dominate the global artificial lift market. Offshore segment is expected to grow at fastest rate owing to rising investments in offshore sector globally and due to offshore discoveries in African region.
Regional Analysis:
North America is the dominant regional segment in the global artificial lift market and is likely to retain the position over the forecast period due to the growing demand for shale gas exploration and production activities in the region. The U.S. is a global leader in shale gas production and is likely to dominate the artificial lift market over the forecast period. The growing number of mature oilfields in North America is also likely to be a major driver for the artificial lift market in the region over the forecast period.
The Middle East and Africa is also expected to hold a dominant position in the global artificial lift market over the forecast period due to the growing number of mature oil wells in the region.
Company Profile
11.1 Halliburton (US)
11.1.1 Company Overview
11.1.2 Product/Services Offering
11.1.3 Financial Overview
11.1.4 Key Developments
11.1.5 Strategy
11.1.6 SWOT Analysis
11.2 Schlumberger (US)
11.2.1 Company Overview
11.2.2 Product /Services Offering
11.2.3 Financial Overview
11.2.4 Key Developments
11.2.5 Strategy
11.2.6 SWOT Analysis
11.3 Weatherford (US)
11.3.1 Company Overview
11.3.2 Product /Services Offering
11.3.3 Financial Overview
11.3.4 Key Developments
11.3.5 Strategy
11.3.6 SWOT Analysis
11.4 GE Oil & Gas (US)
11.4.1 Company Overview
11.4.2 Product /Services Offering
11.4.3 Financial Overview
11.4.4 Key Developments
11.4.5 Strategy
11.4.6 SWOT Analysis
11.5 National Oilwell Varco, Inc. (US)
11.5.1 Company Overview
11.5.2 Product /Services Offering
11.5.3 Financial Overview
11.5.4 Key Developments
11.5.5 Strategy
11.5.6 SWOT Analysis
11.6 Borets International Limited (UAE)
11.6.1 Company Overview
11.6.2 Product /Services Offering
11.6.3 Financial Overview
11.6.4 Key Developments
11.6.5 Strategy
11.6.6 SWOT Analysis
11.7 Dover Corporation (US)
11.7.1 Company Overview
11.7.2 Product /Services Offering
11.7.3 Financial Overview
11.7.4 Key Developments
11.7.5 Strategy
11.7.6 SWOT Analysis
11.8 Flotek Industries, Inc. (US)
11.8.1 Company Overview
11.8.2 Product /Services Offering
11.8.3 Financial Overview
11.8.4 Key Developments
11.8.5 Strategy
11.8.6 SWOT Analysis
11.9 JJ Tech (US)
11.9.1 Company Overview
11.9.2 Product /Services Offering
11.9.3 Financial Overview
11.9.4 Key Developments
11.9.5 Strategy
11.9.6 SWOT Analysis
11.10 John Crane Group (US)
11.10.1 Company Overview
11.10.2 Product /Services Offering
11.10.3 Financial Overview
11.10.4 Key Developments
11.10.5 Strategy
11.10.6 SWOT Analysis
11.11 AccessESP (US)
11.11.1 Company Overview
11.11.2 Product /Services Offering
11.11.3 Financial Overview
11.11.4 Key Developments
11.11.5 Strategy
11.11.6 SWOT Analysis
11.12 OILSERV (UAE)
11.12.1 Company Overview
11.12.2 Product /Services Offering
11.12.3 Financial Overview
11.12.4 Key Developments
11.12.5 Strategy
11.12.6 SWOT Analysis
Continued…
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