LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global artificial lift systems market to grow at a CAGR of more than 8% over the forecast period, according to their latest report.
The research study by Technavio on the global artificial lift systems market for 2017-2021 provides a detailed industry analysis based on the type (submersible pump and progressive cavity pump), end-user (onshore and offshore oil and gas industry), and geography (the Americas, EMEA, and APAC).
| Artificial lift systems are required to boost oil and gas production from wells that are available in the rigs. Currently, the oil and gas production from subsea operations is on a high, which indicates that there is an increasing trend for the growth of the artificial lift systems market during the forecast period. The key companies that manufacture artificial lift systems are Schlumberger, Baker Hughes, Weatherford, Halliburton, and Dover Artificial Lift. |
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Technavio analysts highlight the following three factors that are contributing to the growth of the global artificial lift systems market:
- Growing demand for oil and natural gas
- Enhanced production requirements in mature fields
- Increase in production activities in deepwater, ultra-deep offshore, and heavy-oil
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Growing demand for oil and natural gas
The growing energy demand is creating a resultant increase in the need for oil and natural gas, mainly from developing countries. The increase in demand for oil and natural gas is also heavily driven by transportation needs and increase in global population. Most of the developing countries such as India, China, Mexico, and Brazil are heavily dependent on oil and gas resources, in turn providing ample opportunities for companies who manufacture and deliver artificial lift systems.
“There is a high demand for producing oil and natural gas from onshore and offshore mature fields from the developing nations such as India, China, Malaysia, and Brazil. The increasing demand has given an opportunity for the collective supply of these resources, thereby driving the growth of the artificial lift systems market,” says Raghav Bharadwaj Shivaswamy, a lead analyst at Technavio for automation research.
Enhanced production requirements in mature fields
The volatile nature of crude oil prices has increased the number of exploration and production (E&P) companies in onshore and offshore oil and gas fields to increase their production from mature fields. Modern technology, with the support of judicial mixtures, has created opportunities for an increase in production from mature fields. Currently, almost 95% of oil and gas fields are using artificial lift systems to boost their production.
Mature fields are mostly 10-20 years old and require new infrastructure facilities to boost production. Hence, to avoid leakage and corrosion, the need for new artificial lift systems in mature fields is expected to increase significantly.
Increase in production activities in deepwater, ultra-deep offshore, and heavy-oil
“Production activities are on the rise in offshore oil and gas fields. Heavy-oil extraction and the extraction and production of oil and natural gas from deepwater and ultra-deepwater are offering maximum opportunities for installing artificial lift systems,” says Raghav.
As increased exploration moves toward deepwater and ultra-deepwater operations, operating conditions exert more pressure on the pipelines from outside due to ocean water pressure. Hence, artificial lift systems will be even more prominent under these operating conditions and if necessary customized solutions may be required. This will make the use of global artificial lift systems market more important during the forecast period.
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