Artificial lift refers to the mechanical devices that are used to increase the oil recovery when the natural drive is not sufficient to lift the oil. It is the means of overcoming bottom hole pressure so that the well can produce at some desirable rate. Artificial lifts have become an important part of the production process. The use of modern technologies like horizontal drilling promotes the use of artificial lift.
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Artificial lift systems can be segmented based on the type such as Rod lift, Processing Cavity Pump (PCP), Gas lift, Electric Submersible Pump (ESP) and Plunger lift. ESP is estimated to be the market leader amongst all. Each type is used for different purpose and reservoir conditions. Major components used in artificial lift systems are motor, pump, cable, sucker rod, separator and pump jack among others. Booming oil production in some parts of the world have propelled the growth of artificial lift market. Middle East region is the fastest growing market for artificial lift as huge oil reserves exists there. North America is the most active region as countries like Canada and Mexico are using artificial lift on their matured fields. European nations such as Russia are also a prospective market for artificial lift as high production is carried out from its matured fields.
Of the total well drilled across the world majority of them requires artificial lift to carry out oil recovery. Along the life span of a well, the reservoir pressure decreases and well requires artificial lift to produce the fluids. Investments carried out by exploration & production companies on development of matured oil fields and unconventional resources are creating a wide scope for artificial lift systems market to grow. Matured oil fields accounts for a very high percentage in global crude oil production.
Some of the key players in the manufacturing of...
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