Liquid-assisted Gas-lift Market: Introduction
- Liquid-assisted gas-lift is an alternative technology employed to perform the gas-lift unloading process. The technology utilizes co-injection of liquid with gas to increase mixture density of the fluid in the casing annulus, which reduces the injection pressure for gas so that it reaches the bottom of the well.
- The liquid-assisted gas-lift technology eliminates the need for multi-point injection for the unloading process. Thus, this technology can increase production in comparison to the conventional gas-lift technology.
Key Drivers and Restrains of Global Liquid-assisted Gas-lift Market
- Increase in investments in the exploration and production of unconventional hydrocarbon resources, such as shale gas and tight gas, to meet the demand for petroleum products from several industries, such as automotive and power generation, is a key factor driving the global liquid-assisted gas-lift market
- Rise in the number of mature and aging oilfields is expected to propel the global liquid-assisted gas-lift market during the forecast period. Oil and gas production has been increasing in aging fields across the globe. As a result, the production output of these fields is gradually decreasing, due to decline in the reservoir pressure. Liquid-assisted gas lift systems are deployed in these fields to ramp up the production output.
- Fluctuating crude oil prices have enhanced the focus of operators on finding innovative techniques to produce more oil at a low price. This, in turn, is anticipated to boost the global liquid-assisted gas-lift market during the forecast period. Furthermore, technological innovations in the design of gas lift systems to improve the operational efficiency are likely to propel the global market during the forecast period.
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Ultrasonic Segment to Hold a Major Share of Global Market
- The global liquid-assisted gas-lift market can be segmented based on location and region
- In terms of location, the global liquid-assisted gas-lift market can be divided into onshore and offshore. Liquid-assisted gas-lift is one of the most extensively used techniques in onshore locations. The onshore segment is anticipated to witness considerable growth during the forecast period, due to increase in the number of marginal oilfields. Surge in the demand from oil and gas producers to maintain production from horizontal gas wells and boost the rate of recovery from reservoirs is also likely to drive the global liquid-assisted gas-lift market during the forecast period.
North America Liquid-assisted Gas-lift Market to Expand Rapidly
- In terms of region, the global liquid-assisted gas-lift market can be divided into: Middle East & Africa, Latin America, Asia Pacific, Europe, and North America
- The liquid-assisted gas-lift market in North America is expected to expand at a significant pace during the forecast period. This growth of the market in the region can be attributed to continual increase in the oil consumption along with presence of low-pressure oil wells in North America.
- The liquid-assisted gas-lift market in Europe is projected to witness growth during the forecast period, due to rise in efforts for production of hydrocarbon resources from aging fields to reduce imports of fossil fuel. Improved living standards, strong economic growth, and rapid industrialization are some of the key factors that have attracted oil and gas operators to invest in the development of mature fields. Furthermore, increase in focus to safeguard nation’s energy security by ensuring the security of oil supplies is also estimated to drive the market in Europe during the forecast period.
- The liquid-assisted gas-lift market in Asia Pacific is anticipated to expand at the maximum CAGR during the forecast period, due to rise in energy consumption and increase in focus of oil and gas operators on the development of innovative technologies to produce oil and gas at low prices. For instance, as per BP stats, the crude oil consumption in Asia Pacific increased from 1,651.3 million tons oil equivalent in 2017 to 1,695.4 million tons oil equivalent in 2018.
- The liquid-assisted gas-lift market in Latin America and Middle East & Africa is projected to expand at a sluggish pace during the forecast period, due to abundance of untapped oil and gas reserves. For instance, in 2018, Saudi Arabia accounted for 15.7% share of the global proven oil reserves i.e. 266.2 billion barrels of proven oil reserves.
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Key Players Operating in Global Market
The global liquid-assisted gas-lift market is at the nascent stage. Hence, a limited number of technology providers, including Lift Well International, are currently operating in the market.
Global Liquid-assisted Gas-lift Market: Research Scope
Global Liquid-assisted Gas-lift Market, by Location
Global Liquid-assisted Gas-lift Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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