Covina, CA, Dec. 22, 2020 (GLOBE NEWSWIRE) – Artificial construction is a method used to lower yield hole pressure (BHP) created to obtain a higher yield rate from the well. Increased efforts by upstream companies to boost production from the mature fields are driving the artificial construction market.
The report “Global Artificial Lift System Market, by Type (Electric Submersible Pump System, Progressive Cavity Pump System, Lift Rod System, and others), and by region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Bias, Analysis and Forecast to 2029 ”.
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Key events:
- In January 2019, Weatherford launched the ForeSite production & optimization platform. This platform can take advantage of the historical movement of real-time data and use physics-based models to an intuitive and visual interface, which will help increase performance.
- In January 2019, ESP and Baker Hughes worked together to design an efficient and effective artificial construction solution for the wells in the Bouri field.
- In December 2018, BHGE merged with Oman Petroleum Development (PDO) and opened the first artificial building systems assembly and repair facility in Oman to support the activity of PDO and other customers in the region, with the goal of production increase, save costs, and increase. oil production.
- In March 2017, Schlumberger introduced its product lifecycle management service, the Lift IQ service. It offers real-time analysis, diagnostics-, and optimization of artificial intelligence systems. The IQ Lift securely purchases, disseminates, analyzes and interprets data from customer sources to improve product efficiency, extend equipment lifecycle, and reduce operating costs.
Analyst view:
Rising energy demand
With the growing demand for energy, the dependence on conventional sources is also increasing. However, overuse of these resources has reduced them, thus encouraging the oil and gas industry to shift the focus towards developing unconventional resources such as natural gas, petroleum oil. -coal & gas, and tight oil. These factors have led to further analysis of non-traditional sources, which is expected to drive artificial market demand over the expected period. For Instance, in 2017, Schlumberger designed a workflow to increase the performance and reliability of an artificial lift implemented in a mature field in Latin America, as the core of a strategy to reactivate 10 abandoned wells.
Growing investments towards technological advancement
Growing investments towards technological advancement to improve efficiency across the full spectrum of E&P technology will stimulate market growth. Recent innovations including real-time monitoring, smart alarms and redesign capability are making a positive impact on the growth of the industry. The development of a multistage gas treatment pump for the continuous operation of ALS systems will increase acceptance of the product. The government’s ongoing plans and strategies to increase crude oil production will have a positive impact on the ALS market share. In 2015, the UAE Government announced plans to increase its oil production to 30% by 2020. Growing demand for petrol production coupled with a positive outlook towards low-cost oil production will contribute to the growth of the industry. However, with advances in smart water flooding and several IOR technologies are expected to hamper market growth in the forecast period.
Browse 60 market data tables * and 35 figures * through 140 slides and a deep TOC on “Global Artificial construction system Market ”, by type (Electric Pump System, Advanced Cavity Pump System, Rod Lifting System, and others), and by region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Trends, Analysis and Forecast till 2029
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Key market insights from the report:
The global artificial intelligence system market is expected to record a CAGR of 6.5%. The market report has been broken down by type, and area.
- Depending on the type, the rod construction piece is expected to grow at the highest CAGR over the expected period. Rod lifting, beam lifting, or sucker rod lifting refers to an artificial lifting system that uses a surface power source to drive a downhole pump assembly. The unit is made up of several components used both in surface and underlay. Depending on the size of the equipment, this build method can pump up to 1,000 BPD. Rod lifts have a high saving value for downhole equipment and can efficiently handle gas and corruption throughout the artificial construction process. Such benefits are expected to increase the demand for artificial construction in the coming years. Therefore, the rising need to prevent gas handling & corruption during artificial construction work drives the rod construction ratio.
- By region, the American artificial building systems market is expected to see a significant growth rate in the forecast period. This growth is due to advances in the field of shale gas exploration and the availability of low pressure oil wells in the area.
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Competitive Landscape:
Prominent players operating in the global robotic building system market include Halliburton, Schlumberger, Baker Hughes Company, Weatherford, NOV, Borets International, Oilserv, JJ Tech, Apergy, DistributionNow, Novomet, and AccessESP.
The market provides detailed information on business base, productivity, strengths, manufacturers, and recent trends that help companies to expand their businesses and drive financial growth. Additionally, the report highlights dynamic features including segments, sub-segments, regional market segments, competition, key advanced players, and market forecasts. In addition, the market includes recent collaborations, unions, acquisitions, and partnerships along with regulatory frameworks across different sectors impacting the market direction. Recent technological advances and innovations that have impacted the global market are included in the report.
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Some important points answered in this market report are given below:
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- Analysis of market revenues over the expected period.
- Exploring various market perspectives with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
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- A study of the expected regional survey that will record the highest growth over the expected period
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- Examine Delivery Outcomes
- Assumption research
- Scope of the Study
- Research Methodology
- Government Minutes
- Opportunity Map Analysis
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- Market share (%) and BPS analysis, by region
- Competitive Landscape
- Heat Map Analysis
- Market presence and specificity analysis
- Investment Analysis
- Competitive Analysis
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