Keywords: Artificial Lift, Digital Oilfields, Chemical Injection, C02 Injection/EOR, Downhole Pumping/Fracturing, Intelligent Pumps, Multiphase Pumping, Subsea Boosting, Water Injection
The worldwide market for intelligent pumps for the digital oilfield will see sluggish growth this year due to lower oil prices, but is forecast to grow quite robustly over the next four years, according to a new ARC Advisory Group study.
According to Senior Analyst Tim Shea, principal author of ARC’s Intelligent Pumps for the Digital Oilfield Global Market Research Study, “The market for intelligent pumps will see strong growth across all project location segments over the forecast period, but the subsea and onshore segments will experience the fastest growth. While there is strong need for intelligent pumps across all project locations, ARC foresees the fastest growth coming from subsea projects as international oil companies (IOCs) and national oil companies (NOCs) seek to reduce the risk of operating offshore platforms, reduce rig day rates, and obtain production directly on the ocean floor. Hydraulic fracturing and directional drilling in North America will also drive market growth when oil and gas prices recover later in 2015.”
Intelligent Pumps Benefit Broad Base of Applications
Intelligent pumps have proven effective in artificial lift, chemical injection, C02 injection/EOR, crude oil transfer, downhole pumping/fracturing, multiphase pumping, subsea boosting, water injection, and other upstream applications. According to ARC research, demand for intelligent pumps and the continuing need to increase production will drive market growth for these technologies.
The market for intelligent pumps is comprised of nine intelligent pump types: diaphragm process pumps, electric submersible pumps, helico-axial pumps, horizontal multistage centrifugal pumps, jet pumps, plungers pumps, progressing cavity pumps, reciprocating rod pumps, and twin screw pumps. The new ARC study reveals which of these intelligent pump systems represent the largest share of the market and explains why.
Robust Growth in Selected Regions
ARC research indicates a high concentration of intelligent pump system 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.