Global Subsea Artificial Lift Systems Market 2017-2021
About Subsea Artificial Lift Systems
Artificial lift systems are used during the production activities in oil and gas wells. They are used in mature fields as well as in new fields to increase the production rate of petroleum. Because the pressure in oil and gas well drops with production, artificial lift methods, which reduce the bottom-hole pressure on the formation and increase the production rate of the wells, are employed.
Technavio’s analysts forecast the global subsea artificial lift systems market to grow at a CAGR of 2.20% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global subsea artificial lift systems market for 2017-2021. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Subsea Artificial Lift Systems Market 2017-2021
Technavio recognizes the following companies as the key players in the global subsea artificial lift systems market: Baker Hughes, General Electric, Halliburton, National Oilwell Varco, Schlumberger, and Weatherford.
Other Prominent Vendors in the market are: Borets, Dover Artificial Lift, Epic Lift Systems, Flotek Industries, JJ Tech, Lycon, Multi-Chase Group, NOVOMET, Superior Energy Services, Tenaris, and United Drilling Tools.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is integration of Big Data Analytics with upstream operations. With the declining profit margins owing to the increased production costs and low oil prices, the industry is focusing on managing operational costs to maintain incremental profit margins and cash flow.”
According to the report, one driver in the market is need of increasing efficiency of existing wells. The plunge in global crude oil prices had a significant negative impact on the upstream oil and gas sector. The drilling market was severely affected and saw high rates of employee layoffs and reduced revenues in major oil and gas companies. The crude oil price slump caused a huge decline in the profits of the upstream E&P and service provider companies.
Further, the report states that one challenge in the market is flow assurance difficulties associated with subsea artificial lift systems. There are many challenges for subsea artificial lift systems, such as flow assurance problems, which include scaling, slug flow, emulsions, and asphaltenes. Asphaltenes are undesired compounds found in crude oil. During gas lift operations, asphaltenes may get precipitated near the wellbore, leading to the plugging of tubing and gas lift equipment.
Baker Hughes, General Electric, Halliburton, National Oilwell Varco, Schlumberger, Weatherford, Borets, Dover Artificial Lift, Epic Lift Systems, Flotek Industries, JJ Tech, Lycon, Multi-Chase Group, NOVOMET, Superior Energy Services, Tenaris, and United Drilling Tools.
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