Overview of the global subsea artificial lift systems market
According to Technavio's market research report, the global subsea artificial lift systems market will grow at a CAGR of more than 2% during the forecast period. The rising need to increase the efficiency of existing wells is one of the key drivers stimulating growth in the market during the estimated period. The drop in global crude oil prices has severely affected the upstream oil and gas sector and the drilling market. This resulted in high rates of employee layoffs and reduced revenues in major oil and gas companies. The decline in oil price has also reduced the profit margin of the upstream exploration and production (E&P) and service provider companies. This compels the upstream E&P companies to increase the efficiency and recovery of oil from existing wells. Consequently, the demand for artificial lift techniques will increase in the forthcoming years to recover oil from existing wells, mature fields, or new wells. Furthermore, explorers are also increasingly focusing on the recovery of oil using artificial lift techniques because the recovery of oil is relatively less expensive than drilling new wells.
One of the major trends that will gain traction in the subsea artificial lift systems market is the integration of big data analytics with upstream operations. Descriptive analytics informs the driller about the wellbore pressures, depth attained, and the temperature, which in turn, helps them to predict possible outcomes. This enables the driller to control the outcome by making changes in the respective parameters.
Competitive landscape and key vendors
The subsea artificial lift systems market has the presence of well-diversified international and regional vendors. The market is highly-competitive and these vendors compete against each other based on factors such as price, quality, and market presence. Vendors are witnessing high growth opportunities due to the rising focus on deep-water exploration and the growing demand for oil and gas.
Key vendors in this market are -
National Oilwell Varco
Other prominent vendors in the market include Borets, Dover Artificial Lift, Epic Lift Systems, Flotek Industries, JJ Tech, Lycon, Multi-Chase Group, NOVOMET, Superior Energy Services, Tenaris, and United Drilling Tools.
Segmentation by product type and analysis of the subsea artificial lift systems market
During 2016, the pump-assisted segment contributed to the maximum shares of the subsea artificial lift systems market. The segment includes electric submersible pumps (ESPs), progressive cavity pumps (PCPs) and hydraulic pump systems. The increase in market shares of the pump-assisted segment will attribute to factors such as the low cost of equipment and an increase in oil recovery from existing fields.
Segmentation by geography and analysis of the subsea artificial lift systems market
The increasing demand for the production of oil and gas will fuel the adoption of artificial lift systems in the Americas. The US was the major participant in the production of crude oil and liquid fuel consumption during 2015. Owing to the constant increase in the demand from countries such as the US, Canada, and Mexico, North America is the second-largest consumer of crude oil across the world. This will consequently drive the market's growth prospects in this region during the next four years.
Key questions answered in the report include
What will the market size and the growth rate be in 2021?
What are the key factors driving the global subsea artificial lift systems market?
What are the key market trends impacting the growth of the global subsea artificial lift systems market?
What are the challenges to market growth?
Who are the key vendors in the global subsea artificial lift systems market?
What are the market opportunities and threats faced by the vendors in the global subsea artificial lift systems market?
What are the trending factors influencing the market shares of the Americas, APAC, and EMEA?
What are the key outcomes of the five forces analysis of the global subsea artificial lift systems market?
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Artificial lift is one of the primary methods used for production requirements to improve the ultimate recovery for a field or a well. Also, it is used in mature fields, as well as in newer fields to make projects economics work. This upcoming market research report on the subsea artificial lift systems market is an integral part of Technavio's energy industry and offers insights into niche segments like the oil and gas sector.
According to our market research analysts, the greater diversification and expansion of upstream and downstream operations is anticipated to witness steady progress in the near future. In the upstream segment, exploration of unconventional sources, such as shale gas, tight gas, and heavy oil, is the upcoming area of focus for oil and gas research experts. Our industry and competitive analysis help clients understand the impact of the subsea artificial lift systems market on the oil and gas industry.
To correctly estimate the growth of the subsea artificial lift systems market, the market research analysts at Technavio follow a scrupulous approach to primary and secondary research and analyze the data collected from various sources including industry experts, research journals, and manufacturers. Additionally, to offer clients insights into the competitive landscape, this market report on the subsea artificial lift systems market also covers vendors like Baker Hughes, Halliburton, National Oil Varco, Schlumberger, and Weatherford. Our market research analysts also believe that the steadily rising oil demand and declining production from aging oil fields may impact the global subsea artificial lift systems market significantly.
This upcoming market research report on the subsea artificial lift systems market also identifies the key influencers, the emerging trends, and the pain points faced by the vendors in the oil and gas sector. Furthermore, to give a complete picture of the industry's growth prospects, the report also provides detailed insights on the changing competitive landscape and the strategies followed by the major players to establish their presence in the global market.
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