The report forecasts the global artificial lift pumps market to grow at a CAGR of 1.56% during the period 2016-2020.
The report has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.
One trend inciting growth in this market is the emergence of the microgrid technology. Artificial lift equipment is marred by electrical unreliability and power quality problems, which can result in lost production, hardware failure, high CAPEX, increased energy costs, and grid blackouts. A production power microgrid can solve these problems by automatically delivering or receiving precise, high-power pulses with millisecond accuracy, basically cleaning the electrical power flowing to and from the artificial lift motor.
According to the report, one driver impelling this market's growth prospects is the use of jet pumps for rig-free lift operations. Jet pump lifting systems constitute a breakthrough technology that can be used to achieve high-volume production where most other lift methods fail.
Further, the report states that deferred investments and projects will act as a major challenge for this market. The oil industry is going through a period of turmoil wherein the prices have fallen sharply and reached an all-time low.