Future Constraints and Drivers Affecting the Market Growth
The increasing production of heavy oil, increasing demand for energy across the world, improving production efficiency and increase in the production of shale gas is driving the Artificial Lift Market. Recoverable shale gas reserves are anticipated to provide growth opportunities to the market. Artificial lifting system is employed in horizontal shale gas-producing wells to achieve operational efficiency and lift the collected fluid in the well. Several countries are evaluating and testing production potential from shale formation besides commercially viable production techniques. Moreover, declining onshore production and increasing demand for oil and gas are pushing the operators to increase deepwater activities.
Also, the growing number of wells requiring secondary extraction, enhanced recovery rates, and increasing demand for technological advancements and energy and petrochemicals are enabling companies to extract oil from challenging areas which are in turn driving the market growth. The high demand for natural gas and crude oil has depleted the onshore reserves. This has offshore deep-water opportunities for many companies, thus enhancing the market size.
Due to rapid industrialization, conventional sources for oil and gas are depleting. This has led companies to meet end-user demands by focusing on unconventional gas resources which is considered to act as a prime factor for the market growth.
Meanwhile, the high cost associated with artificial lift equipment and lack of skilled workers will hinder the market growth globally. Also, impacted investments and fluctuating oil prices might affect the market growth due to high capital and equipment costs. Also, strict government mandates and environment related problems are inhibiting the market growth globally.
The Global Artificial Lift Market is presumed to achieve a resilient growth of 7-8 % CAGR during the forecast period (2016-2022) owing to the decline in oil reservoirs, asserts Market Research Future (MRFR). Artificial lifts are majorly used in the oil and gas industry in order to boost the production of oil in reservoirs. They are employed during the secondary extraction phase of an oil well. Secondary extraction is crucial in oil and gas industry as it has higher recovery rates than primary and tertiary extraction. Therefore, artificial lifts have a significant effect on the oil and gas industry.
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Global Artificial Lift Market Segmentation
The global market for artificial lift can be segmented on the basis of type, mechanism, application, and region.
The market has been segmented into electrical submersible pump (ESP), rod lift, progressive cavity pump (PCP), gas lift, and others based on type. The rod lift market contributed a larger revenue share and is expected to be a dominant market over the forecast period. While the ESP and plunger segment is expected to show a significant growth rate in the years to come.
The market has been segmented into pump assisted which is further subdivided into positive displacement and dynamic displacement and gas assisted. Among these, the pump assisted artificial lift mechanism is projected to show the largest market share in 2016. The dynamic displacement segment is the fastest growing segment within the pump assisted segment.
The market has also been segmented into onshore and offshore based on application. Owing to the presence of a high amount of onshore oil wells, the onshore segment held a larger market share in 2017.
The Major Players operating the Global Artificial Lift Market are
- GE Oil & Gas
- National Oilwell Varco
- Dover Corporation
- Borets, John Crane
- Baker Hughes
- Cameron International.
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The Trump administration granted gas drilling and new offshore oil in almost all US coastal waters, thus giving energy companies the access to lease off California and opening more than a billion acres in the Arctic and along the Eastern Seaboard.
Baker Hughes, a GE company, proposed using a Terr- Adapt adaptive drillbit so that the drilling performance is improved and the NPT is reduced by proactively mitigating slip and stick and impact loading. This device comes with self-adjusting depth-of-cut control elements to reduce torsional instability.
In October 2014, Dover Corporation acquired Accelerated Companies LLC which is a supplier of artificial lift solutions and fluid handling to oil and gas production industry.
Artificial Lift Market Table of content
1, Executive Summary
- Scope of the Report
- Market Definition
- Scope of the Study
- Research Process
- Market size Estimation
- Forecast Model
- Market Landscape
- Porter’s Five Forces Analysis
- Value Chain/Supply Chain Analysis
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
To Be Continue….,