Key Companies Covered in the Artificial Lift Systems Market Research Report are Schlumberger, Baker Hughes, a GE company, Dover Corporation, Borets International, Novomet, National Oil Well Varco, Halliburton, Summit ESP, John Crane, SPOC Automation, Flotek Industries, Inc., Quick Connector, Inc., among others
PUNE, India, July 16, 2019 /PRNewswire/ -- The ever grossing demand for hydrocarbon will help the global Artificial Lift System Market to grow at a fast pace. According to a report published by Fortune Business Insights, titled, "Artificial Lift System Market: Global Market Analysis, Insights, And Forecast, 2018-2026," the global Artificial Lift System Market is projected to reach US$ 12,707.4 Mn by the End of 2026. Fortune Business Insights has predicted that the market will rise from its 2018 valuation of US$ 8,393.5 Mn at a CAGR of 5.32%. Artificial list system provides production capability that in turn, reduces the cost of operation. It also provides long lasting well life. These are the two major factors that will contribute to market growth.
Ability to Handle Harsh Conditions Increases Demand for Propel Electrical Submersible Pumps
The report classifies the global artificial lift system into three segments, namely, by application, by type, and by geography. In terms of application, the market is further grouped into onshore and offshore. By type, the market is classified into sucker rod pump, gas lift, progressive cavity pump, hydraulic pumps, electrical submersible pumps, and others. Amongst these types of pumps, the electrical submersible pump is the most massively adopted pump across the globe. This is due to the fact that these pumps are perfectly abled to operate in harsh environmental conditions. Furthermore, they can handle a high volume of flow rate. They hold more than 40% of the global artificial list system market.
A Rise in the Number of Exploration Activities Likely to Boost Growth in European Countries
Geographically, the global artificial lift systems market is divided into Latin America, Europe, North America, the Middle East and Africa, and Asia Pacific. Amongst these regions, in North America, the U.S. currently holds the largest share of artificial list system market, accounting more than 40% artificial lifts distributed in the world. There has been a rise in the number of gas and oil exploration activities combined with technological advancements that has boosted the market in this continent. Fortune Business Insights states that in North America, countries namely, Alaska, Texas, North Dakota, and Permian region are anticipated to witness growth of the artificial lift systems during the forecast period. This is because the production in these regions have recently reached at a peak level. On the other hand, Europe is predicted to exhibit considerable growth likely due to the increasing number of exploration that have been taking place in the North Sea region.
Tenaris, Quick Connector, Inc., and Other Key Players Emphasize on Product Launches to Strengthen Positions
Quick Connector, Inc., a prominent provider of artificial lift wellhead solutions, based in the U.S.A., announced the launch of their new product called QCI Gas Lift Wellhead Hanger and Adapter in May 2019. The product provides numerous benefits and features for gas lift completions. It also prevents the delay and cost of sourcing through traditional wellhead supplier. Tenaris, a manufacturer and supplier of steel pipes, revealed in February 2019 that it will be opening its sucker rod facility in Texas. The facility will will offer modern technologies to decrease production time and enhance efficiency. Earlier, in December 2018, Baker Hughes, a full stream gas and oil company joined hands with Petroleum Development Oman and declared the inauguration of its first ever artificial repair facility and lift assembly. Its main aim was to support PDO's operations. It also targets those customers residing in the region who are looking for cost reduction, and efficient oil production.
In July 2019, EnscoRowan gets an approval to drill three development wells in the Manora field in the Gulf of Thailand. The company will drill the wells using jackup ENSCO 115 rig and will be brought the well immediately into production using an electric submersible pump for artificial lift.
In May 2019, Leading artificial lift wellhead solution provider Quick Connector, Inc. has launched a gas lift wellhead solution that allows flexibility to add capillary line to gas lift without the cost and delay of sourcing through traditional wellhead supplier.
In February 2019, Tenaris will be opening a facility specially designed for sucker rod manufacturing in Conroe, Texas. The new facility will be functional by July 2019 with advanced technologies to optimize efficiencies and reduce production time.
In December 2018, Baker Hughes is pleased to announce the inauguration of its first artificial lift assembly, repair facility in Oman to support Petroleum Development Oman (PDO) operations and other customers in the region aiming to optimize production, cutting cost, and enhancing oil production.
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