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Innovation in Technology and Surging Energy Demands to Drive the Global Artificial Lift Systems Market

Blog Description

Surging demand for hydrocarbon resources and the ever-growing demand for energy are the two main factors driving the global demand for artificial lift
systems. Shift of focus towards greater efficiency in crude oil production plays a very vital role in stimulating the demand for artificial lift systems.
Maturing oil fields, heavy oil production, extra heavy oil production, deep offshore oilfields, and ultra-deep offshore oilfields are the key users of
artificial lift systems.

Browse the full Global Artificial Lift Systems Market Report:

Product-wise, the global artificial lift systems market is segmented into gas lift, plunger lift, progressive cavity pump, electrical submersible pumps,
hydraulic pumps, and rod lift or sucker rod pumps. Ongoing market trends suggest that the market for electrical submersible pumps will witness a robust
growth during the forecast period from 2014 to 2020. And in 2013, this product segment held the highest share in the global artificial lift systems market.

The key companies in the global artificial lift systems market are Weatherford International Ltd., Superior Energy Services Inc., Schlumberger Ltd., Borets
Company LLC, Dover Artificial Lift, Baker Hughes Inc., National Oilwell Varco Inc., Halliburton Company, and Flotek Industries Inc. amongst others.

Innovation: A Key Area of Focus of Baker Hughes

At present, the global artificial lift systems market is characterized by high investments in research and development by the prominent players in this
market. The Baker Hughes Artificial Lift Research and Technology Center was started in Oklahoma in February 2014. The company invested more than US$60
million in establishing this facility for solving the emerging problems in the area of production.

The Oklahoma facility enables engineers and experts to identify the potential opportunities and the challenges that the company may have to witness in the
future. The primary aim of the facility is to develop the technologies that will enhance the reliability of ESP systems in complex production environments
coupled with steep intervention costs, accelerate product development, greater commercialization, and also meet the material traceability needs.

Baker Hughes works on the principle of innovation. Over the last couple of years, the company has been striving towards developing innovative technology in
order to increase the reliability and the operating range of ESP (electrical submersible pumping) systems. This has also been pivotal in bringing down the
operating expenses related to ESPs.

Discovery of Shale Gas to Stimulate Market Demand

Increase in drilling activities and the discovery of shale gas in Canada and the U.S. are factors that are expected to propel the North America market for
artificial lift systems, which is anticipated to emerge as the largest regional player in the global artificial lift systems market, by the end of the
forecast period. Also, the discovery of shale gas reserves in Denmark, Spain, and Poland will drive the demand for artificial lift systems in the
forthcoming years. Most oil and gas companies in Europe use a variety of artificial lift systems in order to extract huge volumes of natural gas and crude

Browse the full Press Release of Global Artificial Lift Systems Market

It is expected that greater number of production and exploration activities in West Africa and Latin America will propel the global artificial lift systems
market in the forecasting horizon. The presence of huge petroleum reserves in Venezuela, Angola, and Nigeria bridges the gap in the demand and supply of
energy all across the globe.