Global Artificial Lift Pumps Market 2016-2020
- Published: Jun 2016
- Pages: 60
- SKU: IRTNTR9688
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The global artificial lift pumps market research report provides a detailed analysis of the market by type (ESP, rod pump, PCP, plunger lift, and hydraulic piston pump) and by geography (Americas, APAC, Europe, and MEA). The report also provides an analysis of the market’s competitive landscape and offers information on several artificial lift pump manufacturers including Baker Hughes, Dover, GE-Alstom Grid, Schlumberger, and Weatherford.
Some of the key findings from our artificial lift pumps market forecast report are summarized below
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Global Artificial Lift Pumps Industry Outlook
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.
Competitive landscape and key vendors
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:
- Baker Hughes
- GE-Alstom Grid
Other prominent vendors in the market are Aker Solutions, Petrofac, Technip, and Transocean.
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Segmentation by type and analysis of the artificial lift pumps market
- Electric submersible pump (ESP)
- Rod pump
- Progressive cavity pumps (PCP)
- Plunger lift
- Hydraulic piston pump
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.
Geographical segmentation and analysis of the artificial lift pumps market
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.
Key highlights of the global artificial lift pumps market for the forecast years 2016-2020:
- CAGR of the market during the forecast period 2016-2020
- Detailed information on factors that will accelerate the growth of the artificial lift pumps market during the next five years
- Precise estimation of the global artificial lift pumps market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behaviour
- Growth of the artificial lift pumps industry across the Americas, APAC, Europe, and MEA
- A thorough analysis of the market’s competitive landscape and detailed information on several vendors
- Comprehensive information about factors that will challenge the growth of artificial lift pump companies
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Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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