A large volume of oil is obtained from fields that are over 30 years old. As the oil fields mature, the reservoir pressure inside declines. Because of this, exploration & production (E&P) companies are installing artificial lifts in these fields to enhance the recovery of oil and gas and optimize their revenue. That is why mature oil and gas fields are deploying the largest number of artificial lift systems. Additionally, the increasing usage of these systems for producing oil and gas from unconventional sources will increase the size of the artificial lift market from $8,010.8 million in 2017 to $10,883.1 million by 2023, displaying a CAGR of 5.3% during 2018–2023.
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Artificial lift systems are deployed in onshore as well as offshore oil wells. These systems are majorly installed in onshore oil wells due to the presence of a large number of mature wells on land. These lift systems operate via gas-assisted and pump-assisted mechanisms. In the coming years, more oil fields will deploy pump-assisted artificial lift systems in comparison to gas-assisted systems because of the formers’ ability to increase the bottom-hole pressure of the tubing string. On account of this reason, pump-assisted systems can lift higher volumes of fluids to the surface.
To meet the growing demand for such systems, players in the artificial lift market are focusing on expanding their geographical presence and launching new products. For example, Weatherford International PLC introduced new software in February 2018 for the ForeSite platform. This platform maximizes the support for reciprocating rod-lift systems, by adding support for ESP and gas-lift systems. Some of the other industry players taking such initiatives are National Oilwell Varco Inc., Baker Hughes Co., Borets International Limited, Flotek Industries Inc., Halliburton Company, Dover Corporation, and Schlumberger N.V.
The increasing demand for fuels has boosted the E&P activities in mature oil and gas fields, which, in turn, has increased the adoption of artificial lift systems.
Read more: https://www.psmarketresearch.com/market-analysis/artificial-lift-market
