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Some of the key findings from our artificial lift pumps market forecast report are summarized below
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The artificial lift pumps market is projected to witness steady growth and will post a CAGR of more than 1% over the forecast period. The introduction of jet pump lifting systems, a breakthrough technology that can be used to achieve high-volume production of crude oil, will bolster the growth prospects for this market in the coming years. Oil production involves reaching greater depths, navigating extreme deviations, encountering high levels of gas and sand, and handling heavy, corrosive fluid. These extreme conditions can result in stick, lock, or wear down of artificial lift techniques. Jet pumps provide low maintenance solutions in situations where the potential for high-volume production exists but the conditions are harsh. Jet pumps operate by creating a downhole venture effect which allows the pumps to lift fluid from the wellbore by pumping a power fluid stream through the jet pump. Also, after installation, jet pumps require little to no maintenance and can achieve significant results. The numerous benefits associated with the use of jet pumps is expected to drive this market’s growth until the end of 2020.
The emergence of flywheel systems for energy storage at sea is one of the upcoming trends propelling the growth prospects for this market over the next four years. Power outages in drilling rigs and vessels is a common problem, which raises the need to have an alternative option that is low-cost, durable, and eco-friendly. A new technology company based in Denmark, WattsUp Power, has been testing a replacement for the batteries that make up the emergency power systems in the event of a generator failure. This technology makes use of a flywheel that rotates in a vacuum and helps in energy storage. Acceleration of the rotating flywheel enables energy storage and when there is a need for emergency power, deceleration of the wheel allows quick release of the stored energy. The deployment of the flywheel system to meet the stringent performance and safety requirements at sea for rigs and vessels will boost this market’s growth prospects over the next four years.
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.
The report offers a detailed analysis of several leading companies, including:
Other prominent vendors in the market are Aker Solutions, Petrofac, Technip, and Transocean.
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During 2015, the electric submersible pump (ESP) segment dominated the market and accounted for more than 49% of the market share in terms of revenue. ESP has several advantages over the other conventional artificial lift pumps since they can be deployed in onshore as well as offshore installations. The growth of this segment is attributed to the higher unit cost of ESP systems compared to other systems. Moreover, ESP systems enable the production of higher volumes which will drive this segment’s growth. Also, these systems are safe and require less surface area than other lift systems, making them the preferred option in offshore and in environmentally sensitive areas.
In terms of geography, the Americas led the global artificial lift pumps market and is expected to hold more than 62% of the market share by 2020. The US is the highest revenue contributor in the region owing to the country’s high crude oil production. With crude oil production likely to increase in Canada, Brazil, Mexico, and Venezuela, the market for artificial pumps will show positive growth in the Americas.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market drivers
PART 07: Impact of drivers
PART 08: Market challenges
PART 09: Impact of drivers and challenges
PART 10: Market trends
PART 11: Market segmentation by type
PART 12: Geographical segmentation
PART 13: Vendor landscape
PART 14: Key vendor analysis
PART 15: Appendix
PART 16: Explore Technavio
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