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Market Leaders - Artificial Lift Market
The global artificial lift market is projected to grow at a CAGR of 4.91% from 2016 to 2021. North America is estimated to be the largest market for artificial lifts, followed by Europe. This trend is expected to continue till 2021. The growth of the artificial lift market is driven by increasing shale gas and heavy oil production.
The artificial lift market is dominated by a few global players. Key players operating in the market include Schlumberger Limited (U.S.), Weatherford International plc (Switzerland), Baker Hughes Incorporated (U.S.), General Electric Company (U.S.), and Halliburton Company (U.S.).
Major strategies adopted by players in the artificial lift market include contracts & agreements, new product development, expansions, and mergers & acquisitions. Contracts & agreements was the most commonly adopted strategy from 2012 to 2016. Industry players also adopted new product development, which was the second most widely followed strategy from 2012 to 2016.
Schlumberger Limited offers products, services, and solutions for global oil & gas exploration & production industry. It conducts its business through three segments, namely, drilling, production, and reservoir characterization. Artificial lift is a part of the production segment. Schlumberger Ltd. adopted contracts & agreements and mergers & acquisitions as its growth strategies. In July 2016, OneSubsea (U.S.), a subsidiary of Schlumberger Limited (U.S.) received a contract from Woodside Energy Ltd. (Australia) for provision of subsea production system and a dual multiphase boosting system to Woodside for its “Enfield” offshore project in Australia. In November 2012, it acquired Cameron International Corporation (U.S.) and formed a joint venture company that was named OneSubsea (U.S.). This joint venture is involved in manufacturing of products, systems, and services related to subsea oil & gas industry.
Weatherford International plc is a leading international oilfield service company. The company operates through three segments: formation evaluation and well construction, completion and production, and land drilling rigs. Artificial lift is a part of the completion and production segment. It also offers solutions and software that helps in production optimization, reservoir monitoring, and cost reduction by providing real-time data for the oilfields. The company adopted contracts & agreements as its key strategy in order to enhance its geographic presence. In September 2016, the company received two large multi-year contracts from a major operator for extended reach wells located both offshore and onshore on Sakhalin Island in Russia. As part of the contract, Weatherford will be providing gas lift mandrels, chemical-injection equipment, gas-lift valves, downhole temperature and pressure gauges and surface-controlled subsurface safety valves (SSVs) for wells on multiple rig lines.
Artificial Lift Market by Type (Electrical Submersible Pumps, Rod Lift, Progressive Cavity Pumps, Gas Lift, and Others), Mechanism (Pump Assisted and Gas Assisted), Application (Onshore and Offshore), and Region - Global Forecasts to 2021
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