NEW YORK, May 24, 2018 (GLOBE NEWSWIRE) -- Global artificial lift market is projected to reach $10,883.1 million by 2023, the market growth is mainly driven by the increasing demand for artificial lifts from gas and oil fields and the growing exploration and production (E&P) activities to meet the energy demand.
Based on type, the artificial lift market is categorized into electrical submersible pump (ESP), rod lift, progressive cavity pump (PCP), gas lift, and others, where the “others" category includes plunger lift, hydraulic jet pump, and other small lifts. ESP held the largest share, accounting for more than 40.0%, in the market in 2017. This can be mainly attributed to its increased deployment in oils wells and high operational efficiency in environmentally conscious areas.
The artificial lift market is also categorized into pump-assisted and gas-assisted mechanisms. Pump-assisted mechanism is expected to be the faster-growing category, advancing at a CAGR of 5.5% in the market during the forecast period. This can be mainly attributed to its higher adoption rate in these lifts. On the basis of pump-assisted mechanism, the market is further classified into positive displacement and dynamic displacement. Positive displacement held a larger share, of more than 50.0%, in the market in 2017.
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The artificial lift market is also bifurcated into onshore and offshore applications. Onshore application held a larger share in the market in 2017, which can be mainly attributed to the presence of a large number of onshore oil wells.
North America held the largest share, of more than 45.0%, in the artificial lift market in 2017. The market growth in the region can be mainly attributed to the declining production from mature conventional fields, presence of a large number of oil reserves in onshore basins, and growing adoption of new technologies in the oil and gas sector.
In North America, the oil industry faces a relentless challenge of meeting high energy demand. With time, the natural pressure in wells reduces, due to which the production declines. In order to maintain the production level, companies in North America are incorporating secondary techniques of extraction, such as artificial lifting. This, in turn, is driving the growth of the artificial lift market in the region.
Browse report overview with detailed TOC on "Artificial Lift Market by Type (Electrical Submersible Pump, Rod Lift, Progressive Cavity Pump, Gas Lift), by Mechanism (Pump Assisted, Gas Assisted), by Application (Onshore, Offshore), by Geography (U.S., Canada, Mexico, U.K., Russia, Norway, China, Indonesia, India, Brazil, Venezuela, Saudi Arabia) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023" at:https://www.psmarketresearch.com/market-analysis/artificial-lift-market
Artificial lifting methods are used in horizontal shale gas-producing wells to lift the accumulated fluid in the well and help achieve operational efficiency. Several countries around the world are testing and evaluating production potential from shale formations in addition to commercially viable production techniques. Currently, the U.S. is the leading country in shale oil and gas production and is therefore generating a huge demand for artificial lifting. Canada, China, and Argentina also produce shale oil. Hence, the growing interest of various countries in shale gas production is expected to create growth opportunities for the players in the artificial lift market.
Some of the major players operating in the global artificial lift market are Baker Hughes, a GE company; Schlumberger N.V. (Schlumberger Limited); Dover Corporation; Halliburton Company; Borets International Limited; Weatherford International PLC; National Oilwell Varco Inc.; Flotek Industries Inc.; and JJ Tech.
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