The global market for artificial lift systems is estimated to have a significant CAGR during the forecast period. Artificial lift systems are the technologies used to augment fluid production from the reservoir. These fall into several categories depending on the operating principle, design and energy source. Artificial lift systems reduce the weight of the hydrostatic column on the reservoir, by reducing the density of the fluid column, thereby reducing the drawdown on the reservoir. Extensive research and field studies have been conducted on a range of artificial-lift systems that have been developed and applied extensively to meet industry needs. These systems include beam pumping, gas lift, electrical submersible pumps (ESPs), and hydraulic lift. The Production of oil requires energy to lift the fluids from the reservoir to the surface therefore growing production of oil & gas further encorages the artificial lift systems market.
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The global market for artificial lift systems is classified on the basis of product type, application and technology. On the basis of product type, the market is further segregated into gas lift, rod lift, electrical submersible pump (ESP), and progressive cavity pump (PSP). The rod lift segment is projected to have considerable share in the global market owing to the increasing applications of handling corrosive gases during artificial lift system process. Moreover, the progressive cavity pump for artificial lift systems is estimated to have significant growth during the forecast period. On the basis of application the global market for artificial lift systems further classified into offshore and onshore. The offshore application segment is projected to grow significantly in the global artificial lift systems market. Based on the technology, the global artificial lift systems market is further segmented into pump assisted and gas assisted.
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Market Segmentation
Global Artificial Lift Systems Market by Product Type
- Gas Lift
- Rod LIft
- Electrical Submersible Pump (ESP)
- Progressive Cavity Pump (PSP)
Global Artificial Lift Systems Market by Application
- Offshore
- Onshore
Global Artificial Lift Systems Market by Technology
- Pump Assisted
- Gas Assisted
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