Report Description
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:
Definition
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.
Market Drivers
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.
Market Restraints
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.
Opportunities
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.
Trends
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.
Segment Covered:
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 PCP
q ESP
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
q Others
By Well
Type the global Artificial Lift Market has been
divided into:
q Horizontal
q Vertical
By Application
the global Artificial Lift Market has been
divided into:
q On-shore
q Off-shore
By End
Usage the global Artificial Lift Market has been
divided into:
q Commercial
q Industrial
q Others
By Distributional
Channel the global Artificial Lift Market has been
divided into:
q
Offline
q Online
q Others
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 Halliburton
q Weatherford
q Baker Hughes Company
q Borets International
q Schlumberger
q JJ Tech
q NOV
q Oilserv
q DistributionNow
q AccessESP
q Apergy
q Novomet
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.
Report Highlights:
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
Schlumberger
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.
Weatherford
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.
Salient Features:
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