Market Trends of Latin America Artificial Lift System Industry
This section covers the major market trends shaping the Latin America Artificial Lift System Market according to our research experts:
Electric Submersible Pump (ESP) Expected to Dominate the Artificial Lift Systems Market
- Most of the oil & gas fields operating have been in production for a few decades. They are either matured or at the end of their production life.
- ESPs are preferred as the most suitable choices for usage in large oil wells that reached or crossed their peak oil production phase and require further developments to enhance the production rates.
- An onshore electric submersible pump is projected to witness decent growth in demand, owing to an increasing number of mature fields in the sector.
- Growing focus toward heavy oil reservoirs and increasing production, coupled with the requirement of ESP systems in shale reservoirs, is further expected to drive the business growth and artificial lift market.
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Brazil to Drive the 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 2026, 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.
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