A recent market intelligence report that is published by Data Insights Partner on the global Artificial Lift Market makes an offering of in-depth analysis of segments and sub-segments in the regional and international Artificial Lift Market. The research also emphasizes on the impact of restraints, drivers, and macro indicators on the regional and global Artificial Lift Market over the short as well as long period of time. A detailed presentation of forecast, trends, and dollar values of global Artificial Lift Market is offered. In accordance with the report, the global Artificial Lift Market is projected to expand by a healthy CAGR of 5% over the period of forecast.
Market Insight, Drivers, Restraints, Opportunity & Trends of the Market:
Artificial lift is a process usually used on the oil wells to increase pressure within the reservoir and thus encouraging oil level to come up to the surface. Though some wells have enough pressure to push oil level to the surface without any external stimulations, most do not possess the required pressure. Even the wells that initially contains the natural drive force, loses it with time. When the natural internal drive energy of the reservoir is not strong enough to push the oil up to the surface, artificial lift is used to recover more production. Although there are various mechanism and methods to achieve artificial lift, the two most used and efficient are pumping assisted and gas assisted lifts.
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The growing oil & gas sectors and increasing demand for oils and petroleum in other industrial sectors such as automotive, construction, residential sectors etc. are the main drivers behind the rapid growth of Artificial Lift Market. The need to lift up more oils from oil fields is increasing the demand for artificial lifts as most oil fields do not have enough natural pressure to push the oil level up on their own.
Beside this, growing price of oil-based products and biproducts in global market is also pushing the demand for oil high and thus has become one of the key factors behind the rapid growth of the Artificial Lift Market.
Aside from these, the government subsidies in oil-lifting and oil production sectors and increasing foreign investments in the said sector are also adding fuel to this increasing market growth.
The regular introduction of different and brand-new types of end product with better qualities, more horse power, better technology and high durability in various price range is also attracting new consumers and thus helping the growth rate of Artificial Lift Market to rise high. The convenience and efficiency of Artificial Lifts is also helping in the expansion of the said market.
The Artificial Lift Market has a huge potential. Though it is expanding very fast day by day, many things are preventing it from using its full potential. Some of these restraints are–
? High cost of raw materials.
? High installation, maintenance and repairing cost.
? High cost of R&D activities.
? High cost of the end products.
? Non-durability of many end products under extreme weather conditions.
? High transportation and import cost.
? Unavailability of oil fields in most countries.
? Unavailability of resources and purchasing power to produce and install the products.
? Availability of substitutes in lower costs.
The hydraulic pump, PCP and ESP segments possess huge opportunities of growth in future due to the usage of these types of Artificial Lifts in the off-shore segment which is predicted to have largest market share in the forecast period.
During the forecast period, North America is expected to have the largest share of Artificial Lift Market. The demand for these products in the North American region specially in US, Canada, Mexico is driven by the redevelopment of shale reserves going on in these countries. Demand for artificial lifts in the expanding off-shore oil fields are also driving this market growth. It is also believed that on the basis of product type, the rod lift segment will have the largest share for its high salvage value for downhole equipment, superior gas and corrosion prevention properties, high demand and efficiency and convenience and low cost. It is also expected that by end usage the industrial segments will see a very high growth rate in future.
This market intelligence report on the global Artificial Lift Market encompasses market segments based on product type, mechanism, well type, application, end usage, distributional channel and country.
By Product Type the global Artificial Lift Market has been divided into:
q Gas Lift
q Rod Lift
q Others (Hydraulic Pumping Systems etc.)
By Mechanism the global Artificial Lift Market has been divided into:
q Pump Assisted
o Positive Displacement
o Dynamic Displacement
q Gas Assisted
By Well Type the global Artificial Lift Market has been divided into:
By Application the global Artificial Lift Market has been divided into:
By End Usage the global Artificial Lift Market has been divided into:
By Distributional Channel the global Artificial Lift Market has been divided into:
By country/region, the global Artificial Lift Market has been divided into:
q North America (the U.S., Canada),
q Latin America (Brazil, Mexico, Argentina and other countries),
q Europe (Germany, France, the U.K., Spain, Italy, Russia, and other countries),
q Asia Pacific (India, Japan, China, Australia and New Zealand and other countries),
q Middle East and Africa (GCC, South Africa, Israel and Other countries).
Profiling of Market Players:
This business intelligence report offers profiling of reputed companies that are operating in the market. Companies such as:
q Baker Hughes Company
q Borets International
q JJ Tech
q Valiant Artificial lift Solutions
q Hitachi, Ltd
others have been profiled into detail so as to offer a glimpse of the market leaders. Moreover, parameters such as Artificial Lift Market related investment & spending and developments by major players of the market are tracked in this global report.
In-depth analysis of the micro and macro indicators, market trends, and forecasts of demand is offered by this business intelligence report. Furthermore, the report offers a vivid picture of the factors that are steering and restraining the growth of this market across all geographical segments. In addition to that, IGR-Growth Matrix analysis is also provided in the report so as to share insight of the investment areas that new or existing market players can take into consideration. Various analytical tools such as DRO analysis, Porter’s five forces analysis has been used in this report to present a clear picture of the market. The study focuses on the present market trends and provides market forecast from the year 2020-2028. Emerging trends that would shape the market demand in the years to come have been highlighted in this report. A competitive analysis in each of the geographical segments gives an insight into market share of the global players.
Few Recent Developments
The Schlumberger Company, situated in USA has been producing different types of artificial lifts since 1912. The company has been specializing in the production of progressing cavity pumps (PCPs), rod lift pumps, ESPs, hydraulic stroking units, horizontal surface pumps, and gas lift systems. They have also introduced their product lifecycle management service, the Lift IQ service in March 2017. The service offers monitoring, diagnostics, optimization of artificial lift systems in real-time. The service procures, analyzes and interprets data from customer wells to improve its production efficiency, equipment lifecycle and reduce the operating costs.
The North American company, Weatherford International, one of the leading market players in Artificial Lift Market has been producing different types of Artificial Lifts since the beginning. They are only company to produce and maximize the efficiency of fully integrated rod-lift solutions such as rod strings, surface pumping units, downhole pumps etc. The company also launched a brand-new production and optimization service ForeSite in January, 2019 which can procure, analyze and interpret the historical trend of real-time data and use it to optimize the performances of the machines.
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Ø This study offers comprehensive yet detailed analysis of the Artificial Lift Market, size of the market (US$ Mn), and Compound Annual Growth Rate (CAGR (%)) for the period of forecast: 2020-2028, taking into account 2019 as the base year
Ø It explains upcoming revenue opportunities across various market segments and attractive matrix of investment proposition for the said market
Ø This market intelligence report also offers pivotal insights about various market opportunities, restraints, drivers, competitive market strategies of leading market players, emerging market trends, and regional outlook
Ø Profiling of key market players in the world Artificial Lift Market is done by taking into account various parameters such as company strategies, distribution strategies, product portfolio, financial performance, key developments, geographical presence, and company overview
Ø The data of this report would allow management authorities and marketers of companies alike to take informed decision when it comes to launch of different type of models, government initiatives, marketing tactics and expansion, and technical up gradation
Ø The world market for Artificial Lift caters to the needs of various stakeholders pertaining to this industry, namely suppliers, manufacturers, investors, and distributors for Artificial Lift Market. The research also caters to the rising needs of consulting and research firms, financial analysts, and new market entrants
Ø Research methodologies that have been adopted for the purpose of this study have been clearly elaborated so as to facilitate better understanding of the reports
Ø Reports have been made based on the guidelines as mandated by General Data Protection Regulation
Ø Ample number of examples and case studies have been taken into consideration before coming to a conclusion
Reasons to buy:
v Identify opportunities and plan strategies by having a strong understanding of the investment opportunities in the Artificial Lift Market
v Identification of key factors driving investment opportunities in the Artificial Lift Market
v Facilitate decision-making based on strong historic and forecast data
v Position yourself to gain the maximum advantage of the industry’s growth potential
v Develop strategies based on the latest regulatory events
v Identify key partners and business development avenues
v Respond to your competitors’ business structure, strategy and prospects
v Identify key strengths and weaknesses of important market participants
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