The
need and demand for artificial lift systems market will only continue
to rise over the next five years, indicates a recent market study in
the U.S. In terms of revenue, the global market for artificial lift
systems stood at US$13,000.0 million in 2013. The phenomenal growth
in this market can be attributed to several factors including
emerging influences, maturing oil fields, and more complex
environments of unconventional endeavors.
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Artificial
systems and techniques are being incessantly applied in offshore,
onshore, and ultra-deep oil fields where heavy oil development,
production, and enhanced oil recovery are performed. The same market
study predicts that the global artificial lift systems market is
anticipated to reach US$19,806.8 million by the end of 2020,
expanding at a 6.20% CAGR between 2014 and 2020.
Types
of Products Boosting Demand for Artificial Lift Systems
Existing
artificial lift methodologies and technologies are being used to
maximize oil production and overcome the challenges faced during oil
and gas productions on fields. Some of the existing product segments
within this market are rod lift, hydraulic pump, gas lift,
progressive cavity pump, electrical submersible pump, and plunger
lift.
Electrical
submersible pumps are one of the oldest types of artificial lift
systems in the market and are used in onshore, offshore, deepwater,
and subsea applications. Electrical submersible pumps are used for
lifting large volumes of crude oil in various industry wells and oil
fields. These pumps are widely popular due to high extraction rate
and low operational costs. Electrical submersible pumps are available
in different sizes to meet various oil field requirements. Due to
their simpler design and greater potential, these pumps can work
efficiently in wells and on fields even with deviated holes. This
segment accounted for 42% of the shares in 2013 and is likely to
continue its dominance in the global artificial lift systems market
by 2020.
Rod
lift pump is another illustration under the conventional types of
products in the market. Rod lift pumps also have the potential to
extract and lift heavy and viscous crude oil at high temperatures.
The market for rod lift pumps is considerably in demand due to their
low-operational expenditures. Rod lift pumps find applications in
multiple industries and down-hole pressure wells. As the demand for
offshore reserves rises especially in North America, the demand for
rod lift pumps or sucker rod pumps is expected to increase at a
significant rate in the next five years.
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The
gas lift pumps market segment will expand due to longer life span,
low operational costs, and high efficiency by the year 2020.
The
global artificial lift systems market is now beginning to witness new
offerings pertaining to beam and rod pumping. Improvement in
materials that allow for safer and simpler functionalities is another
reason why this market has been experiencing a positive growth in
demand.
Remarkable
Growth in Latin America, the Middle East, and Africa
With
the advent of shale gas discoveries and increasing rise in on-shore
applications, the global demand for artificial lift systems is set to
rise at a substantial rate in North America in the coming years.
However, when it comes to being the fastest growing regional segment,
there is stiff competition among countries in Latin America, the
Middle East, and Africa. Among these, the Middle East is identified
to be the strongest contender owing to the fact that this region has
the highest number of oil reservoirs. This is in turn accelerating
the growth of the global artificial lift systems market.
Some
of the most leading names in the artificial lift systems market are
Superior Energy Services, Inc., Dover Artificial Lift, Baker Hughes,
Inc., Weatherford International Ltd., Borets Company LLC,
Schlumberger Limited, Flotek Industries, Inc., National Oilwell
Varco, Inc., Halliburton Company, and Kudu Industries, Inc.
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