The Global Latin America Artificial Lift Systems Market progress of the Industry is expected to capture increased momentum in the coming years primarily due to the presence of conducive government policies. The growth turnaround in the market is expected to activate new opportunities for expansion of the market. The improvements in various domestic economies are expected to motivate the development of the market in the upcoming period.
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In the coming years, the influence exerted by relatively high-income levels in nations around the world and the potential gains observed to some of the currencies in the world is expected to reinforce the evolution of the market in the forecast period. A considerable rise in the number of investors in the market is projected to create an advantageous scenario for the progress of the market in the forecast period.
A significant number of oil and gas fields in Latin America are witnessing a decline in production level, due to low reservoirs natural flow. As a result, the demand for artificial lift is expected to grow, to supplement the energy of the reservoir for production of oil & gas. Most oil fields use the artificial lift method at some point in their life, gas wells also benefit from artificial lift to increase gas flow. Among the types of techniques used in artificial lift method, the electrical submersible pump or ESP is expected to be the most dominant product segment in the artificial lift systems market by 2023, and the major countries driving the demand for ESP include Brazil, Mexico, and Argentina.
Declining Investorâs Confidence â Restraints the Market
South Americaâs oil & gas industry has been negatively affected by declining investment. Venezuela and Brazil, which account for nearly 67% of the oil production in South America, have witnessed a decline in the investment, majorly due to reasons, such as political instability, huge debts on major oil & gas companies, and high inflation rates. Venezuela holds an estimated 1.2 trillion barrels of oil reserves, in the Orinoco belt, most of which are heavy in nature and consequently challenging to produce, as a result, the production would require substantial investment. In 2017, Venezuelaâs currency Bolivar lost more than 90% of its value, and the GDP dropped by 12%, making oil & gas activities costlier, and negatively affecting the artificial lift systems market in the country. Moreover, the state-owned oil major of Venezuela, PDVSA, owes USD 60 billion in debt and has defaulted on debt repayments. In Brazil, state-owned Oil & Gas Company, Petrobras, has been witnessing a decline since last few years, due to companyâs leverage and a shortfall in liquidity, in addition to the âcarwashâ corruption scandal.
Brazil Oil & Gas activities Driving Latin America Lift Systems Market
In Latin America, Brazil is expected to be among the major countries driving the market for artificial lift systems market. The country is estimated to reach 5 million oil barrels per day by 2027, which is likely to make the country one of the biggest source of global crude supplies outside OPEC. Moreover, in 2017, Shell, one of the biggest oil producing company in Brazil, announced that it would be investing USD 2 billion, related to oil & gas activities, in the country each year between 2017 and 2020, the amount excludes the cost of assets acquired by the company in the pre-salt auction, in October 2017. Supported by increasing investments and liberal regulatory environment, Brazil is expected to be among the major countries increasing the demand for artificial lift during the forecast period.
Key Developments in the Market
â¢ October 2017: Dover Artificial Lift acquired PCP Oil Tools of Argentina, the company took over the operations of the local firm in the San Jorge Basin.
â¢ July 2017: Halliburton Company announced the acquisition of Summit ESP, a leading provider of electric submersible pump (ESP) technology and services. The addition of Summitâs artificial lift offerings and industry-leading customer service will strengthen Halliburtonâs artificial lift portfolio for its global customers.
Major Players: HALLIBURTON COMPANY, SCHLUMBERGER LIMITED, WEATHERFORD INTERNATIONAL Ltd, GENERAL ELECTRIC Co., BORETS COMPANY LLC, NATIONAL OILWELL VARCO Inc., DOVER ARTIFICIAL LIFT, LLC, NOVOMET OIL SERVICES HOLDING Ltd, OcCIDENTAL PETROLEUM CORPORATION
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Latin America Artificial Lift Systems Market Forecast 2019-2024
The Latin America Artificial Lift Systems industry research report analyses the supply, sales, production, and market status comprehensively. Production market shares and sales market shares are analysed along with the study of capacity, production, sales, and revenue. Several other factors such as import, export, gross margin, price, cost, and consumption are also analysed under the section Analysis of Latin America Artificial Lift Systems production, supply, sales and market status.
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Lastly, this report covers the market landscape and its growth prospects over the coming years, the Report also brief deals with the product life cycle, comparing it to the relevant products from across industries that had already been commercialized details the potential for various applications, discussing about recent product innovations and gives an overview on potential regional market shares.
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