Artificial Lift Systems Market By Type, By Application, By Geography – Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2019 – 2026

The Global Artificial Lift Market was valued at USD 16.3 billion in 2016, and is anticipated to witness a substantial CAGR of 6.2% over the forecast period 2020-2026. Rise in oil exploration activities, increase in heavy oil & shale gas production globally and increased production from mature fields are the factors propelling the market growth.

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Artificial lift systems are mainly deployed in the oil producing areas once a reservoir is discovered and evaluated. Production engineers then begin the task of oil drilling process contained in the reservoir rock, as some rocks may help oil and gas to move freely, making it easy to recover whereas some reservoirs do not comply easily and special techniques are needed to move oil and gas from such spaces.

Prior to the production in oil well, a borehole must be drilled and alleviated with casing which protects the fresh water interval and also prevent any contamination entering the water. To accomplish this, a small tubing is needed which carries the oil and gas from reservoir until the surface. Usually, reservoirs are situated at elevated pressures due to underground forces. Further, until the gas expansion happens, particular set of methods to lift the liquids such as mechanical and submersible pumps are used in order to carry oil to the surface.

In another instance, progressive cavity pumps comprises a surface drive and a downhole PC pump. Major advantages within this approach is low investment, low power consumption, efficiency to pump heavy oils and no internal valves needed to remove clogging or gas lock. However, a major disadvantage observed is it is limited to low production volume.

Artificial Lift Systems Market Trends, Drivers and Opportunities:

Artificial lift system market is driven by growth in oil demands in the last few years attributing to the rising potential in industrial sector. Maximized production for hydrocarbon enables many operators around the world to perform incessant drilling operations. This demands configuration of artificial lift systems at the onsite locations. The purpose of artificial lift systems in oil wells is to assist in reservoir pressure. Therefore, artificial lifts deployed in onsite locations adheres to properties of well and technological relevance.