The global artificial lift market is expected to increase from $14,214.6 million in 2014, and reach up to $25,268.3 million in 2020, with a growing CAGR of 10.2%, during 2015 – 2020. The global artificial lift is mainly driven by the increasing shale oil and gas production. The key drivers for the artificial lift market include depleting oil reservoirs, increasing ultradeep and deepwater activities, and maturing oil and gas fields.
North America led the global artificial lift market in 2014, and is expected to maintain its dominance during the forecast period. The dominance of North American artificial lift market over other regions is due to the presence of recoverable shale oil and gas resources, in the region. The North American artificial lift market is expected to grow with the fastest rate of 11.1%, during the period 2015 – 2020.
Owing to the increase in unconventional production, such as shale gas and tight oil in the countries like U.S. and Canada, the market of rod lift is expected to increase at the fastest rate of 11.1% from 2015 to 2020. In horizontal wells, rod lifts are used as it has certain advantages such as flexibility, cost effective, can work in different well conditions, and can be used for different ranges of production rate and depths.
The increasing number of declining reservoirs is boosting the demand for artificial lift in other regions. The growth of the artificial lift market is attributed to the oil production, which has peaked in 33 countries out of 48(including some major producers such as Russia, Mexico and Kuwait), along with the upsurge in demand of artificial lifts, during the production.
The major companies operating in the global artificial lift market include Baker Hughes, Schlumberger, Dover Corporation, Cameron International, Borets, Weatherford, GE Oil & Gas, Halliburton, John Crane, and National Oilwell Varco.
News courtesy: P&S Market Research