After falling sharply from its peak in 2014, the $8.9 billion (2017) global artificial lift market grew 7% last year in response to the improvement in US drilling activity. Competition within the sector is evolving as firms position themselves following the GE/Baker Hughes and Halliburton/Summit ESP acquisitions and Dover’s divestiture of its Energy Services group. Going forward, developing a cost-effective solution that addresses the challenge of sustaining oil production from horizontal wells may be the next big opportunity for this sector.
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Artificial lift is installed in wells that need to supplement the natural reservoir drive in boosting fluids out of the wellbore. 90 percent of the existing producing oil wells and gas wells requiring water removal utilize some type of artificial lift. Many oil wells that are initially free-flowing will require artificial lift as they mature, particularly since most begin to produce water.
The main types of artificial lift used are rod-lift systems, gas lift systems, electric submersible pumps (ESPs) and progressing cavity pumps. Other lift systems include plunger lift and hydraulic lift. Depth of the well, well trajectory, volume of fluid to be pumped, and the properties of those fluids (e.g. whether they are corrosive) are the primary factors in choosing the type of artificial lift to be installed. Other factors are the amount of gas produced, the pressure at the wellbore, and the presence of sand.
The Artificial Lift Market report covers the following topics:
a. Global oil and gas demand and supply
b. Oil and gas prices
c. Drilling activity by region
d. Producing wells by region
Artificial lift market size ($) and growth by segment
Trends in operators’ artificial lift practices
Regulatory and technological change
Profile of leading artificial lift firms
Revenues by company, 2006-present
The Artificial Lift Market report is available for immediate digital download as a slide deck with all supporting tables and graphs upon purchase.