Market Research Report
Artificial Lift Systems Market Size By Technology, By Application, Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2021 - 2027
|Artificial Lift Systems Market Size By Technology, By Application, Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2021 - 2027|
Published: January 25, 2021
Global Market Insights Inc.
Content info: 230 Pages
Delivery time: 2-3 business days
Artificial Lift Systems Market Size By Technology (Progressive Cavity Pumps, Electrical Submersible Pumps, Gas Lift, Rod Lift, Hydraulic Pumps, Others), By Application (Onshore, Offshore), Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2021 - 2027.
The artificial lift system market is projected to record momentous gains over the forthcoming timeframe owing to increasing investments toward redevelopment of aging fields and paradigm shift toward unconventional reserves. Artificial lift defines a variety of methods that oil & gas producers use. It is referred as a process used on oil wells to surge the pressure in the reservoir and encourage oil to the surface.
When the reservoir's natural drive energy is not capable of pushing the oil to the surface that's when artificial lift is used to recover more production. In fact, around 96% of the oil wells across the U.S. need artificial lift from the start.
In addition, even those wells that at first possess natural flow to the surface, that pressure lessens over time, and artificial lift is then needed. Thus, artificial lift is usually performed on all oil wells at some point of time during their production life.
The market for artificial lift system is growing at a rapid pace as it continues to hold its appeal for customers, particularly in the form of value-add services as well as software that can add material ROI, increased production, estimated ultimate recovery, and enhanced oil recovery.
When a well is opened, there is naturally a lot of existing pressure and volume to get oil & gas to the surface. But, after some time that initial boost decreases. In some parts such as the DJ Basin in Colorado, several producers even start novel wells with artificial lifts, mainly to get production flowing healthy and strong from the start.
Subsequently, artificial lift system is used for mainly two primary reasons, to extend life of a well and to improve production. Though there are numerous methods to achieve artificial lift system, the two key types of artificial lift system include gas lifts and pumping systems.
The artificial lift system market is segmented in terms of rated power, application, and regional landscape.
From a regional frame of reference, Latin America artificial lift system market will witness strong growth over the coming time period. Increasing investments toward redevelopment of aging fields along with paradigm shift toward unconventional reserves will propel the regional market outlook.
Brazil is taking additional steps to open opportunities for outsiders in the Brazil's gas sector, thus increasing investment in the country's presalt fields. With such new opportunities, the artificial lift system market is expected to witness high growth over the coming years.