Keywords: Artificial Lift Optimization (ALO) Solutions, Well Monitoring/Control, Production Optimization, Artificial Lift, Predictive Maintenance, Flow Assurance, Multiphase Pumping, Market Forecast
The worldwide market for artificial lift optimization (ALO) solutions for upstream oil & gas will grow at a relatively robust rate this year and even more so over the next five years according to a new ARC Advisory Group study.
According to Senior Analyst Tim Shea, principal author of ARC’s Artificial Lift Optimization Solutions Global Market Research Study, “The market for artificial lift optimization solutions will grow robustly across all project location segments, but the subsea and onshore segments will experience the fastest growth. While there is strong need for ALO solutions across all project locations, ARC foresees the fastest growth coming from subsea wells as international and national oil companies seek to reduce the risk of offshore platforms, reduce daily rates of rigs and obtain production directly on the ocean floor. Directionally drilled and hydraulically fractured wells in North America will also drive market growth.”
ALO Benefits Broad Base of Applications
Artificial lift optimization (ALO) solutions have proven effective in production optimization, well monitoring/control, artificial lift, reservoir management, flow assurance, predictive maintenance, multiphase pumping, and other upstream operations. According to ARC research, demand for artificial lift optimization and the continuing need to increase production will drive market growth for these technologies.
The overall market for artificial lift optimization solutions is comprised of seven artificial lift system optimization types: electric submersible pump (ESP), rod pump, progressing cavity pump (PCP), gas lift, plunger lift, hydraulic submersible pump (HSP), and jet pump. The new ARC study reveals which of these optimization solutions represent the largest share of the market and explains why.
Robust Growth in Selected Regions
ARC research indicates a high concentration of artificial lift optimization deployment in subsea and offshore projects in selected regions. The study provides a detailed forecast on which regions will see the fastest growth and why.
For more information on this study, please visit our Market Research section.