Increasing energy demands and maturing production fields are expected to drive the artificial lift systems market over the next six years. Artificial lift systems are used to maintain a steady reservoir pressure to minimize the wastage of natural resources in production units. The system is used in water reservoirs from initial production stage owing to its higher density as compared to oil and gas. General mechanism used for artificial lift systems are downhole pumps and gas lifting, of which downhole pumps are expected to be the key mechanism over the forecast period.
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High investments by market participants to develop unconventional resources and use of modern technologies for better production are expected to be favorable for the global market. Growing subsea operations may provide new growth opportunities over the forecast period. Lack of skilled professionals may act as a restraint to the artificial lift systems market
Electric Submersible Pumps (ESP) is expected to be the key product segment owing to its reliability and efficiency. Increasing deployment of dual ESP systems are further enhancing the artificial lift systems efficiency. Additionally, hydraulic pump systems may grow at a considerable rate owing to their use in various applications such as stripper wells, crude oil generation, offshore production and enhanced oil recovery.
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North America is expected to be a considerable market over the next six years. Middle East and Africa are expected to grow at a significant rate owing to redevelopment process of production fields. Some key players in the artificial lift systems market include Baker Hughes Inc, GE Energy, Cameron, Weatherford International Ltd., JSC Alnas and Schlumberger Limited. Market players are expected to enter into mergers and acquisitions to enhance their product portfolios.
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