Artificial lift pumps: Key market research findings
- Introduction of wireline retrievable ESP drives market growth
- The Americas dominate the market geographically
- Key vendors – Baker Hughes, Dover, GE-Alstom Grid, Schlumberger, and Weatherford
Technavio’s market research analysts expect the global artificial lift pumps market to grow at a CAGR of more than 1% between 2016 and 2020. The demand for artificial lift pumps spurs from the introduction of wireline retrievable electric submersible pump (ESP) to reduce OPEX. Continuous innovations that make these systems more efficient is expected to trigger an increasing demand for artificial lift pumps in the market during the forecast period. The Americas dominated the global artificial lift pumps market in 2015 by accounting for almost 65% of the overall market revenue. The high crude production in the region is expected to boost growth in the artificial lift pumps market through 2020.
The new market research report from Technavio presents a breakdown and analysis of the artificial lift segments based on the type.
“The emergence of microgrid technology is the latest trend in the market. Production power microgrids eliminate lost production, hardware failure, high CAPEX, increased energy costs, and grid blackouts by automatically delivering or receiving precise, high-power pulses with millisecond accuracy. They make use of software to analyze large volumes of electrical system data and presents automated control and hardware solutions to optimize power system performance at the lowest possible cost,” says Amit Sharma, Lead Analyst, ICT, Technavio Research.
During 2015, the ESP segment dominated the artificial lift pumps market by revenue was dominated by ESPs with a market share of more than 49%. Electrical submersible pumps or ESPs can be deployed in onshore as well as offshore installations, unlike conventional artificial lift pumps. An ESP is ideal for moderate-to-high production rate wells, including highly deviated wells and remote subsea deep-water wells. ESPs also enable increased production while handling high water cuts brought on by pressure maintenance and secondary recovery operations.
The key vendors in the market include Baker Hughes, Dover, GE-Alstom Grid, Schlumberger, and Weatherford. The global artificial lift pumps market is highly fragmented due to the presence of several large players in the market. However, the industry is expected to move toward higher consolidation in order to minimize losses and improve market positioning. The competition in the market will intensify further with an increase in product and service extensions, technological innovations, and M&A. The international players are likely to grow inorganically by acquiring regional or local players.
A more detailed analysis is available in the Technavio report, Global Artificial Lift Pumps Market 2016-2020.
We can customize reports by other regions and specific segments upon request.
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