Artificial Lift Systems Market Key Players Analysis – Halliburton, General Electric, Weatherford, Borets Co. LLC Covered
Globally, artificial lift systems market has established itself as a lucrative investment ground for potential investors, given the augmented demand for these products in onshore & offshore applications and as an important vertical of the energy, mining, oil & gas industry.
Selbyville, United states – July 31, 2018 /MarketersMedia/ —
Global Artificial Lift Systems market report is the most exhaustive research on artificial lift systems offering 253 data tables, 39 figures, covering 20 companies and regional outlook for 28 countries on segments covered in this report. This artificial lift systems market research report for the period of 2018-2024 shows the industry rising at 6% CAGR to 2024 to hit USD 14 billion by 2024.
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U.S. ALS market was valued over USD 3 billion in 2017. Increasing shale exploration along with continuous E&P spending will positively impact the business growth. According to the EIA, 44 companies operating in the offshore field in the country have increased their capital expenditure by 72% in FY2015-2016. Additionally, the U.S. DOE has projected 89 BBL of untapped oil throughout onshore wells that will further drive the product adoption.
Offshore artificial lift systems market is projected to witness a robust growth on account of the continuous expansion of deep-water projects. The U.S. Federal Government unveiled five-year plan in 2018, comprising of expansion projects of offshore drilling, targeting Pacific, Atlantic, and Arctic oceans. Abundant availability of resources along with increasing offshore investments will further enhance the industry outlook.
Hydraulic pump artificial lift systems market is set to expand by 5% by 2024. Reduced work requirement of downhole pump coupled with ability to minimize the resistance will complement the industry growth. Minimum intervention cost, easy operability and uncomplicated design will further augment the product penetration.
Ongoing government strategies and plans to fuel crude production coupled with growing number of mature fields is set to have a positive impact on the deployment of these systems. The Government of Iraq announced its crude oil output target of 7 million bpd by 2022, in 2018. Furthermore, operators? focus toward unconventional wells to meet the increasing demand for crude oil will boost the global ALS market share.
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Advancements in technology to offer cost efficient solutions for low rate gas-lifted oil wells and liquid-loaded gas wells will augment the gas lift systems market growth. In addition, innovations comprising the enhancement of smart gas lift systems to provide minimized manual intervention, rig-less installation, increased visibility and data logging, reduced OPEX, multi-well control and decreased flowline backpressure will further compliment the product adoption.
Iran artificial lift systems market is set to witness a growth owing to rising focus toward sustainable measures to extract crude O&G along with growing primary energy consumption. According to the British Petroleum, the primary consumption of energy increased to 266.5 million tonnes oil equivalent in 2016 in the country, when compared with 237.4 million tonnes oil equivalent in 2013.
Key market vendors operating across the artificial lift systems market include Halliburton, General Electric, Weatherford, Borets Co. LLC, JJ Tech, National Oilwell Varco, Schlumberger, NOVOMET, BCP Group, Occidental Petroleum, Dover Corporation, and Aker Solutions.
Table of Content – Snapshot
Chapter 1 Methodology & Scope
Chapter 2 Executive Summary
Chapter 3 Artificial Lift Systems Industry Insights
Chapter 4 Artificial Lift Systems Market, By Technology
Chapter 5 Artificial Lift System Market, By Application
Chapter 6 Artificial Lift Systems Market, By Region
Chapter 7 Company Profiles.
Complete report of artificial lift systems market is now available at https://www.marketstudyreport.com/reports/artificial-lift-systems-market
Out of the scope of this report, escalating investments toward technological advancement in improving overall efficiency of exploration & production activities have impelled the artificial lift systems industry players to develop advanced products. Schlumberger recently in 2017, designed a workflow to maximize performance and reliability for artificial lift systems. This was implemented as a core design of strategy to reactivate ten abandoned oil & gas wells. The company’s Lift IQ* production life cycle management service has also gained much traction in the recent years as it offers diagnostics, monitoring, and optimization of artificial lift systems in real time.
Furthermore, government bodies have been attempting to reinforce the regional crude oil production capacities. Growing demand for petroleum products and exploration of heavy oil reserves has further set the expanse of this business sphere to span numerous geographies. Saudi Arabia, for instance, has been demanding these products on a large scale, primarily on the account of rigorous E&P activities, availability of abundant oil reserves, and escalating focus on construction and upgradation of mature fields. Besides Saudi Arabia, the U.S. artificial lift systems market is also projected to witness extraordinary growth, given the perpetual increase in oil consumption and drilling activities in the existing low pressure oil wells. The supportive governmental initiatives across the globe have further appealed investors and artificial lift system companies to exploit the untapped potential while seizing attractive proceeds.
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