According to Global Market Insights, Inc., Offshore artificial lift systems market is anticipated to achieve a robust CAGR in given timeframe owing to continuous expansion of deep-water projects and abundant availability of resources along with increasing offshore investments.
Selbyville, DE (PRWEB) - The U.S. artificial lift systems market was valued at over USD 3 billion in 2017. Ongoing E&P spending coupled with increasing shale exploration will enhance the business growth. As per the EIA, 44 onshore oil companies have increased its capital expenditure by 72% between 2016 and 2015 in the country. The U.S. DOE has estimated 89 BBL of untapped oil across onshore wells, which will further enhance the product adoption.
Global Artificial lift Systems Market is expected to hit USD 14 billion by 2024; as reported in the latest study by Global Market Insights, Inc. Increasing number of marginal and stripper wells coupled with the rising demand of crude oil will drive the artificial lift systems market size. In the U.S., the Energy Information Administration estimated around 380,000 stripper wells compared with about 90,000 non-stripper wells in 2015. As per the Artificial Lift R&D Council, around 80% of the wells in the U.S. are stripper wells, with majority of them installed with sucker rod pump.
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Hydraulic pump artificial lift systems market is set to expand by 5% by 2024. Reduced work requirement of downhole pump coupled with ability to minimize the resistance will complement the industry growth. Minimum intervention cost, easy operability and uncomplicated design will further augment the product penetration.
Offshore artificial lift systems market will witness a strong growth owing to the ongoing expansion of deep-water projects. In 2018, the U.S. Federal Government has unveiled five-year plan which includes expansion plans of offshore drilling, targeting Atlantic, Pacific and Arctic oceans. Abundant resource availability coupled with increased offshore investments will further complement the industry outlook.
Ongoing government strategies and plans to fuel crude production coupled with growing number of mature fields is set to have a positive impact on the deployment of these systems. The Government of Iraq announced its crude oil output target of 7 million bpd by 2022, in 2018. Furthermore, operators focus toward unconventional wells to meet the increasing demand for crude oil will boost the global ALS market share.
Browse key Artificial lift Systems Market insights from the 2018 report spread across 230, pages offering 253 market data tables as well as 39 figures & charts along with the table of contents:
Advancements in technology to offer cost efficient solutions for low rate gas-lifted oil wells and liquid-loaded gas wells will augment the gas lift systems market growth. In addition, innovations comprising the enhancement of smart gas lift systems to provide minimized manual intervention, rig-less installation, increased visibility and data logging, reduced OPEX, multi-well control and decreased flowline backpressure will further compliment the product adoption.
Iran artificial lift systems market is set to witness a growth owing to rising focus toward sustainable measures to extract crude O&G along with growing primary energy consumption. According to the British Petroleum, the primary consumption of energy increased to 266.5 million tonnes oil equivalent in 2016 in the country, when compared with 237.4 million tonnes oil equivalent in 2013.
Key market vendors operating across the artificial lift systems market include Halliburton, General Electric, Weatherford, Borets Co. LLC, JJ Tech, National Oilwell Varco, Schlumberger, NOVOMET, BCP Group, Occidental Petroleum, Dover Corporation, and Aker Solutions.
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