02 August 2018
Visiongain’ has launched a new energy report Artificial Lift Systems Market Forecast 2018-2028: Forecast By Type (Electric Submersible Pump (ESP), Rod Lift, Progressive Cavity Pump, Gas Lift and Other Pumps including Hydraulic Pump & Plunger Lift), By Area (Onshore and Offshore) AND By Region (North America, Europe, Asia Pacific, Middle East, Africa and South America) PLUS Profiles of Leading Companies in the Artificial Lift Systems Market
Artificial lift systems are employed when the natural drive energy of the reservoir is not strong enough to push the oil to the surface. These systems enhance pressure within the reservoir and recover more oil production. Most of the wells that initially facilitate natural flow to the surface, demand for artificial lift systems once the pressure starts depleting over time. Some of the major types of artificial lift systems include an electric submersible pump (ESP), rod lift, progressive cavity pump, gas lift, plunger lift and other pumps.
From the approximate one million oil and gas wells producing in the world, around 5% flow naturally - leaving nearly all of the world’s oil and gas production reliant on some form of efficient artificial lift systems.
Rise in exploration and production (E&P) activity from unconventional wells, increase in drilling activity, the need to improve recovery rates from mature oil fields are some of the factors driving the demand for artificial lift systems.
The visiongain report analyst commented “Artificial Lift Systems Market is expected to witness a high growth on account of growing investments in exploration and production activities, development of new reserves and growing emphasis to increase the productivity from existing wells. Rising E&P activities and unconventional oil and gas boom will embellish the demand for artificial lift systems in North America followed by Europe and the Asia Pacific.”
Leading companies featured in the report who are involved in Artificial Lift Systems include Baker Hughes Inc., Halliburton, Schlumberger, Weatherford International, General Electric Company, Dover Corporation, Borets International Limited, National Oilwell Varco, Aker Solutions, Novomet, BCP Group Artificial Lift Inc. and OiLSERVE.
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