Artificial Lift Systems Market Share and Key Trends 2016-2026 FMI | Page 3

Report
Description
Report Description
The recovery of hydrocarbon resources from the reservoir occurs either through natural
bottomhole pressure or by creating artificial pressure using artificial lift systems. The
artificial lift systems market is expected to witness a moderate annual growth in coming
years owing to strengthening of crude oil prices. According to Energy International
Agency (EIA), Brent crude is anticipated to be traded at around $90 per Bbl by the end of
2025. Further, the mature fields account for over 70% of the global oil & gas production.
With recovery in prices of the global crude oil benchmarks, coupled with attempts to
increase production from mature fields, the global artificial lift systems market is
expected to witness increased revenues in coming years.

Although, a number of Enhanced Oil Recovery (EOR) techniques are available for
increasing the amount of hydrocarbon recovery, but they are considered as tertiary
recovery system. The artificial lift system on the other hand is a primary recovery
technique, which provides low cost and effective means of maintaining the desired
production rate in a well. An artificial lift system is utilized to overcome bottom-hole
pressure during the phase when natural bottomhole pressure is not enough to support
the flow of hydrocarbons from reservoir to the well bore. The artificial lift system enables
to overcome downhole pressure in order to maintain the desired production rate from a
producing well.
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