The artificial lift system market study, in this report, emphasizes on its type and the components available across diverse geographies. The artificial lifts have applications in the oil and gas industry to increase the oil production from reservoirs. This report covers the study of artificial lift types, classified into ESP, PCP, rod lift, plunger lift, gas lift and others. Other lifts types include hydraulic and foam lift. The report comprises of the major components used in the artificial lift, which include pump, motor, sucker rods, separators, pump jack, cable system, driveheads, control system, gas-lift mandrel, gas lift valves and others. The other components discussed in the report include lubricators, downhole monitor, bumper springs, plungers etc. The main components of the artificial lift are analyzed for the study of the market. Revenue generated from the sales of lifts and its major components are considered for the market sizing for the analysis period.
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We refer a broad array of industry sources for our secondary research, which typically include (however, not limited to): Company SEC filings, annual reports, company websites, broker & financial reports, investor presentations for competitive scenario, and shape of the industry. In addition, we have reached various industry leaders across the globe to understand the market dynamics of artificial lift system market. In 2015, the world artificial lift system market generated revenue of $16,449 million, however, due to increase demand of energy across the world in conjunction with the improving production efficiencies at mature fields, the market revenue is expected to reach $34,569 million through 2022.
The market is not lucrative for new players due to high capital investments and sophistication of technology. The risks from bargaining power of key suppliers are mitigated through collaborations and acquisitions. In the recent past, numerous leading players have opted for product launch and/or acquisition strategies in order to excel in the market. For instance, National Oil Varco Inc. developed a new and innovative BHA tool in February 2016. Similarly, Baker Hughes has developed LEAP adaptive production system in the same year.
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The global market is segmented on the basis of type, component and geography. Based on the type, it is classified into rod lift, ESP, PCP, Plunger, Gas lift, and others. According to the component of artificial lift system, the segmentation includes Pump, Motor, Cable System, Drive Head, Separator, Pump Jack, Sucker Rod, Gas-lift Valves, Gas-lift Mandrels, Controller, and Others. Further, the geographic split of all the segments irrespective of type and component is also included in the report.
The major factors that drives the global market for artificial lifts includes increasing demand of energy across the world, improving production efficiencies at mature fields, and increasing deep, ultra-deep offshore oil production. However, lack of skilled workers and high cost of artificial lift equipment will hamper the growth of the global artificial lift market.
Geographically the market is segmented into North America, Europe, Asia-pacific, and LAMEA (Latin America, Middle East & Africa). North America is the highest revenue-generating segment valued at $6,092 million in 2015. This region will go on to attain a market value of $11,395 million by 2022, growing at a CAGR of 9.6%. The larger adoption of artificial lift system is due to low-pressure oil wells in the region. However, Asia-Pacific would be the leading market with an expected revenue of $5,226 million by 2022, growing at a CAGR of 14.1% during the forecast period. This rapid growth in LAMEA region is likely due to rapidly maturing oil fields due to extraction from years.
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