New York, April 06, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Artificial Lift Market by Type; Well Type; Application; Region - Global Forecast to 2025" - https://www.reportlinker.com/p04278430/?utm_source=GNW
Furthermore, shale developments and rising drilling activities are driving the market. However, declining oil demand from Europe due to the transition towards renewables is likely to hamper the growth of the artificial lift market.
The horizontal segment, by well type, is expected to be the largest and the fastest-growing market from 2020 to 2025.
The well type segment is categorized as horizontal and vertical, the two drilling methods adopted by companies.In 2018, horizontal wells accounted for about 70% of the wells drilled globally.
This is majorly due to the increasing drilling activities in the Middle East and Europe, where horizontal drilling is more prominent.More artificial lift operations are required in horizontal wells as compared to the vertical wells as the wellbore faces a higher challenge of water shutoffs and wax formation.
North America is expected to hold the largest horizontal well type market, with continuous shale developments in lower-48 states in the US.
The offshore segment, by application, is expected to be the fastest-growing market from 2020 to 2025.
The offshore segment is expected to grow at the fastest rate during the forecast period.Artificial lift methods such as hydraulic pumping, gas lift, ESP, and PCP are most prominently used in offshore oil wells.
The companies have been exploring the offshore locations for oil & gas production owing to the fact that offshore has huge untapped reserves.Thus, the offshore market is a more capital-intensive segment as compared to onshore.
According to the IEA, between 2019 and 2040, 2,500–3,000 offshore projects are likely to undergo decommissioning, as they have attained their operational lives.The Gulf of Mexico and the North Sea have the highest number of maturing shallow fields.
Thus, such maturing shallow fields have created demand opportunities for artificial lift methods in the Gulf of Mexico and the North Sea regions.
North America: The largest and the third fastest-growing region in the artificial lift market.
North America is expected to dominate the global artificial lift market between 2020 and 2025. The North American oil production is rising drastically, with a growth rate of 5.0% from 2020 to 2025. Moreover, the continuous shale activities in the region are driving the demand for artificial lift operations. The upstream operators, such as Total, ExxonMobil, Chevron, and Apache, also have a significant presence in North America. This creates more opportunities for oilfield service providers to capture long-term contracts.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
• By Company Type: Tier 1- 60%, Tier 2- 25%, and Tier 3- 15%
• By Designation: C-Level- 35%, Director Level- 25%, and Others- 40%
By Region: North America- 40%, Europe- 20%, Asia Pacific- 15%, Middle East & Africa – 15%, and South & Central America- 10%
*Others includes sales managers, engineers, and regional managers.
Note: Tier 1 Company—Revenue > USD 5 billion, Tier 2 Company—Revenue between USD 1 and USD 5 billion, and Tier 3 Company—Revenue < USD 1 billion
The artificial lift market is dominated by a few major players that have an extensive regional presence. The leading players in the artificial lift market are Schlumberger (US), Baker Hughes Company (US), Weatherford (Switzerland), Halliburton (US), and Borets International (Russia).
Research Coverage:
The report defines, describes, and forecasts the artificial lift market, by type, well type, application, mechanism, and region.It also offers a detailed qualitative and quantitative analysis of the market.
The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market, which include the analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the artificial lift market.
Why Buy this Report?
1. The report identifies and addresses the key markets for artificial lift operations and services, which would help equipment manufacturers and service providers review the growth in demand.
2. The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
3. The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.
Read the full report: https://www.reportlinker.com/p04278430/?utm_source=GNW
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