How Do Artificial Lift Systems Increase Oil Production?

 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.

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Minimally Invasive Surgical Instruments Market Set for Prosperity in Future

The preference for minimally invasive surgeries (MIS) is increasing, owing to the fact that these surgeries are more accurate and are video assisted. These surgeries involve less scarring and smaller incisions, thereby retaining the original structure of organs without deforming their cellular layers. In addition to this, carbon dioxide is utilized in minimally invasive surgeries for enlarging the abdominal cavity, which aids in reducing blood loss during recovery. 

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As per a report by P&S Intelligence, in 2016, the global minimally invasive surgical instruments market reached a value of $28.7 billion and is predicted to advance at a 9.3% CAGR during the forecast period (2017–2023). The different products used for minimally invasive surgeries are guiding devices, electrosurgical instruments, handheld instruments, and inflation systems. The largest demand was created for handheld instruments in 2016, which are further predicted to be the most in demand during the forecast period as well, majorly due to the rising adoption of these instruments for different minimally invasive surgeries. Types of handheld devices are visualizing scopes, retractors, forceps & spatulas, sutures, cutter instruments, auxiliary instruments, dilators, and graspers.   

A key driving factor of the minimally invasive surgical instruments market is the increasing incidence of chronic diseases, such as arthritis, cardiovascular diseases, obesity, and cancer. As per the American Heart Association, 2016 estimates, about 17.3 million deaths occur every year because of cardiovascular diseases and the number is further projected to rise over 23.6 million by 2030. The treatment of cardiovascular diseases and other chronic diseases often need surgical intervention, which is resulting in rising requirement for MIS instruments. 

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Among all the regions, North America created the largest demand or minimally invasive instruments in 2016, and the region is further projected to use these instruments the most during the forecast period as well. This is ascribed to the presence of developed healthcare systems, increasing adoption of technologically advanced devices, and rising prevalence of diseases. The fastest growth in demand for MIS instruments is projected to be registered by the Asia-Pacific region in the coming years, owing to the increasing per capita income, rising healthcare expenditure, enhanced healthcare infrastructure, and surging demand for healthcare services due to large patient base.  

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Arctic Region Holds Potential for Well Cementing Market Growth

The growth of the well cementing market is driven by the increasing exploration and production (E&P) in unconventional and conventional oil and gas reserves to adhere to the surging demand for energy products, such as liquified petroleum gas (LPG), aviation turbine fuel, compressed natural gas (CNG), gasoline, fuel oil, piped natural gas, heating oil, and gas oil. Due to this factor, the market is expected to reach $10,065.4 million by 2024 from $7,577.6 million in 2018, showcasing a CAGR of 4.7% during the forecast period.

Due to the surge in E&P activities in conventional and non-conventional oil and gas reserves, the number of well completions has increased worldwide that has added to the size of the well cementing market. The rise in E&P activities is supported by the recovery of the oil & gas sector. Due to the increasing E&P investments, Russia, the U.S., Brazil, and China account for the high revenue in the market. Thus, the demand for well cementing services is rising from the oil & gas sector, worldwide.

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The well cementing market has a highly consolidated nature, owing to the presence of few key players. These players are mostly multinational corporations (MNCs) that operate at a large scale. The major players in the market include Halliburton Company, Baker Hughes, and Schlumberger Limited. Other companies offering well cementing services are Gulf Energy SAOC, Consolidated Oil Well Services LLC, China Oilfield Services Limited, Nine Energy Service Inc., Halliburton Company, Magnum Cementing Services Ltd., Schlumberger N.V., Calfrac Well Services Ltd., and Weatherford International plc.

Thus, increase in E&P activities and discovery of new oil and gas reserves are expected to drive the growth of the market during the forecast period.

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Solar Micro Inverters Market to Grow due to Rising Photovoltaic Installations

While harnessing the power of the sun is something that has been in practice since a long time, the utilization of solar energy today has become the need of the hour. This is due to the excessive consumption of conventional resources for generating energy and their adverse effects on the environment.  For example, in the U.S., solar energy is responsible for about 1.6% of the total energy generation. Furthermore, there are more than 1.47 million solar panels that are in use around 48 states in the country, as per satellite machine learning from Stanford researchers. 

Because of this high adoption of solar energy all across the globe, the demand for solar micro inverters is growing as well. Much like string inverters, solar micro inverters convert the direct current (DC) electricity produced by solar panels to alternating current (AC) energy that is utilized by electronics. However, unlike string inverters, which convert electricity from big groups of panels at once, micro inverters convert electricity from one or two panels at a time. Since these inverters are concentrated on one or two panels rather than 100, the output is enhanced, and these inverters are known to increase the efficiency by 5–25%. 

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Solar micro inverters are utilized in utilities, residential, and commercial sectors. These inverters were deployed the most in the residential sector, which is due to the increasing photovoltaic (PV) installations and surging energy demand in India, China, Japan, the U.S., and several other countries. In the coming years, the adoption of solar micro inverters is also expected to rise in the commercial sector, owing to the decreasing prices of these devices. Geographically, North America has been the major consumer of solar micro inverters, which is due to the high PV installations in both residential and commercial sectors and favorable government initiatives regarding solar PV systems.

Other than this, Asia-Pacific (APAC) is expected to emerge as the fastest-growing solar micro inverters market in the years to come. The major reasons for this are the high requirement for power supply, increasing PV installations in China, enhanced device features, improved efficiency, and considerable reduction in the prices of micro inverters. China is predicted to lead the regional domain, which is ascribed to the government support for the promotion of solar and wind energy. 

In conclusion, the demand for solar micro inverters is growing because of the increasing adoption of solar energy around the globe.

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Why Are Increasing Vehicle Sales Key Driver for Lubricants Market?

The most important growth drivers for the worldwide lubricants market are the increasing demand for such products from the automotive industry and rising awareness of people about the benefits of lubricating machines. P&S Intelligence says that due to these two reasons, the sale of lubricants will garner revenue of $115,350.6 million by 2030, increasing from $95,403.9 million in 2019 at a 2.3% CAGR during 2020–2030 (forecast period). The main job of lubricants is to prevent frequent wear and tear of machinery, by reducing the friction between the parts in contact.

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The industry is categorized into synthetic oil, mineral oil, and bio-based oil, under segmentation by base oil. Among these, the mineral oil category dominated the lubricants market during the historical period (2014–2019). This is ascribed to the high demand for mineral-oil-based lubricants from manufacturing facilities, as they are easily available and also cost less than other variants. In addition, more people know about these lubricants compared to bio-based and synthetic-oil-based alternatives.

The various divisions, when the lubricants market is segmented on the basis of end use, are heavy equipment, automotive and other transportation, metallurgy and metalworking, food and beverages, chemical, and others. Among these, the largest share in the industry was held by the automotive and other transportation division in 2019. This was because of the growing vehicle sales, on account of the increasing disposable income of people around the world. As per Organisation Internationale des Constructeurs d'Automobiles (OICA), automobile sales rose from 88.3 million units in 2014 to 91.3 million in 2019.

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Asia-Pacific is the largest lubricants market currently, due to the increasing number of manufacturing plants in China and India, which offer low labor and raw material costs, along with less-strict environmental regulations than Europe and North America. During the forecast period, the Middle East and Africa (MEA) will observe the fastest advance in the industry, as it has some of the largest oil reserves on earth, which makes for cost-effective lubricant production. Further, countries in the region are setting up production facilities to diversify their economy, thus driving the lubricant demand.

Therefore, as automotive sales and the industrialization rate increase, so will the consumption of lubricants around the globe.

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Why Is Government Support Necessary for Deployment of Smart Solar Solutions?

The focus on renewable energy resources has risen considerably over the years. With the condition of the environment worsening day by day due to the excessive utilization of fossil fuels for energy generation, governments of different countries are now paying attention to renewable energy resources.

Moreover, the population across the globe has been increasing at a rapid pace, and the declining rate of fossil fuels has made them insufficient to cater to the energy needs of people after a few years. Ascribed to these factors, governments, as well as the general public, are trying to increase the share of energy generated through eco-friendly sources.

The solar energy domain is also continuously witnessing technological advancements, which are making the solutions more viable for people. Smart solar solutions are a key technological advancement the rapid adoption of which is expected to increase swiftly, thus driving the global smart solar market in the coming years.

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Smart Solar Products

Generators, inverters, and PV cells are the major products via which smart solar solutions are deployed. Out of these, the demand for PV cells is predicted to be significantly high in the years to come, which can primarily be ascribed to technological advancements. Innovations in the PV cell technology have enabled manufacturers to decrease the cost of these products, thereby facilitating their increasing adoption. In addition to this, companies in the industry are making use of the triboelectric effect for the development of hybrid PV cells, which can generate electricity during rainy weather as well.

Smart Solar Solutions

The major smart solar solutions are:

·         Asset management

·         Remote metering

·         Supervisory control and data acquisition

·         Analytics

·         Meter data management

·         Network monitoring

Owing to the strict regulations and technological advancements in North America and Europe, the demand for asset management solutions is expected to be high in the coming years.

Conclusion

The rising focus on renewable energy sources and increasing investments by governments are leading to the high adoption of smart solar solutions all across the globe.

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Microfiltration Membrane Market in Asia-Pacific Expected to be Prosperous in Coming Years

The global microfiltration membrane market size reached a value of $2,885.57 million in 2019 and is predicted to generate a revenue of $7,517.38 million by 2030. According to the estimates of P&S Intelligence, a market research company based in India, the market would demonstrate a CAGR of 9.0% between 2020 and 2030. The rising adoption of microfiltration technologies for industrial wastewater treatment, rapidly expanding pharmaceutical industry, and growing technology integration in the food & beverage industry. 

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Sand filtration, dissolved air floatation, and sedimentation and coagulation were some of the most widely used traditional separation technologies in various filtration applications such as those involving food and beverages, pharmaceuticals, and industrial wastewater treatment. However, these methods were found to be inefficient in treating solutions having excessive dissolved organic compounds. As a result, advanced filtration techniques are rapidly gaining traction around the world. Microfiltration is one such advanced filtration method that is increasingly being used for treating contaminated liquids. 

Across the globe, the microfiltration membrane market is predicted to exhibit the fastest growth in Asia-Pacific (APAC) in the upcoming years. This would be a result of the rapid rise in the requirement for fresh water in various developing nations such as India, China, Vietnam, and Thailand. In addition to this, the support of the governments of the regional countries regarding the treatment of industrial wastewater is predicted to boost the market growth in the region in the forthcoming years. 

Hence, it can be said with certainty that the market will exhibit huge expansion all over the world in the upcoming years, primarily because of the mushrooming demand for wastewater treatment and the rising popularity of microfiltration technologies in various countries around the world. 

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