The artificial lifts market has been predicted to increase at a compound annual growth rate (CAGR) of approximately 9.5% over the next five years, rising from 2012's total of $9.3 billion, to reach $16 billion by 2018.
Artificial lift refers to the use of artificial means to increase the flow of liquids, such as crude oil or water, from a production well.
Artificial lifting is widely approached by two methods: the first is by using gas lifting where the pressure gradient of the tubing is decreased to create sufficient pressure difference to lift the crude to the surface; the second method is carried out by the use of down hole pumps.
Artificial lifts are suitable for conventional crude production, unconventional crude production, deep and ultra-deep offshore production, rehabilitation of fields, redevelopment of mature fields, low API crude, early production systems, enhanced oil recovery methods, other recovery methods such as Steam Assisted Gravity Drainage (SAGD), Circulated Steam Simulation (CSS) and Cold Heavy Oil Production (CHOPS).
Artificial lifts of various types support different purposes which encompass all types of recovery activities from transforming stripper wells into financially viable wells, to bituminous crude production and high operating volume offshore production.
North America currently dominates the artificial lift market, accounting for 45.5% of revenue in 2012. This is followed by Europe, which is expected to have the second highest market revenue by 2018. South & Central American look set to represent the fastest growing region within the industry, experiencing a CAGR of 15.3% from 2013 to 2018, owing to rising production levels in this region.
Numerous factors are set to play a part in market growth over the coming years including the increase in deep and ultra-deep offshore and heavy oil production, enhanced production requirements in mature fields and the growth in energy demand.
Key players currently operating within the artificial lifts market include Weatherford International Ltd (Switzerland), Schlumberger Ltd (US), Baker Hughes Incorporated (US), GE Energy (US), JSC Alnas (Russia), National Oil Varco Inc. (US).
For more information on the artifical lifts market, see the latest research: Artificial Lifts Market
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