The natural decline in reservoir energy would influence the flowrate of gas, water and oil, causing instabilities and lowering demand. Artificial lift is used to increase and stabilize hydrocarbon output in oil-dominated or liquid-loaded gas systems, as well as to reduce flow assurance and operational risks, such as slugging in the subsea production system. Methods of artificial lift transfer energy to the produced fluid with the goal of lowering the fluid density. For subsea applications, several artificial lift methods have been developed, each of which is tailored to specific lifting requirements and operational constraints. The artificial lift system is chosen based on the characteristics of the subsea production system, such as reservoir and fluid properties, well parameters, engineering, field construction strategies, and economics.
MARKET DYNAMICS
Growing need to increase efficiency of existing wells, rising demand of energy across the globe are driving the growth of subsea artificial lift systems market. However, high cost associated with the operation and high cost in maintenance may restrain the growth of subsea artificial lift systems market. Furthermore, the advancements in production facilities and growing ultra-deep offshore oil production is anticipated to create a market opportunity for subsea artificial lift systems market during the forecast period.
MARKET SCOPE
The "Global Subsea Artificial Lift Systems Market Analysis To 2028" is a specialized and in-depth study of the energy and power industry with a special focus on the global market trend analysis. The subsea artificial lift systems market report aims to provide an overview of the subsea artificial lift systems market with detailed market segmentation by type, application, and geography. The global subsea artificial lift systems market is expected to witness high growth during the forecast period. The report provides key statistics on the market status of the leading subsea artificial lift systems market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
The global subsea artificial lift systems market is segmented on the basis of type and application. Based on type, the subsea artificial lift systems market is segmented into: electric submersible pump system and progressive cavity pump system. On the basis of application, the subsea artificial lift systems market is segmented into: oil wells and gas wells.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global subsea artificial lift systems market based on various segments. It also provides market size and forecast estimates from the year 2018 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA) and South & Central America. The subsea artificial lift systems market by each region is later sub-segmented by respective countries and segments. The subsea artificial lift systems market report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the subsea artificial lift systems market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis highlighting factors affecting the subsea artificial lift systems market in these regions.
IMPACT OF COVID-19 ON SUBSEA ARTIFICIAL LIFT SYSTEMS MARKET
The impact of the COVID-19 pandemic on the market is covered throughout the report. The pandemic had a negative impact on the subsea artificial lift systems market. The novel coronavirus had a negative impact on the growth of the subsea artificial lift system market due to reduced activity in reservoirs. Price volatility in the oil & gas industry has been a challenging factor. The COVID-19 crisis led to disruption of demand for oil and also affected a wide range of industries such as coal and renewable oil & gas. Energy Information Administration (EIA) announced its forecast relating to crude oil production fall in the year 2020 and 2021 due to the falling demand for petroleum products. The unprecedented fall in oil prices due to the COVID crisis resulted in a steep fall in the demand for oil from China leading to implications in the oil & gas industry. Hence, the market has been negatively impacted during the pandemic period.
MARKET PLAYERS
The reports cover key developments in the subsea artificial lift systems market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as product launches, product approvals and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players from subsea artificial lift systems market are anticipated to lucrative growth opportunities in the future with the rising demand for filter products in the global market. Below mentioned is the list of few companies engaged in the subsea artificial lift systems market.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the subsea artificial lift systems market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
-Baker Hughes
-Borets International Ltd
-Dover Artificial Lift, LLC
-Epic Lift Systems LLC
-Flotek Industries
-General Electric Company
-Halliburton
-NOV Inc
-Schlumberger Limited
-Weatherford