Sucker rod lift method, which is also called beam pumping is the most efficient and sought after artificial lift method. It is widely utilized to raise the pressure within the reservoir and push the oil to the surface.
A sucker rod pump is an integral product of the oil and gas industry because it almost becomes a necessity when the production reaches 10bbl/day or when reservoir pressure decreases. Sucker Rod Pump is required to recover more production.
A sucker rod pump is used extensively to lift massive volumes of oil not only in onshore but also on offshores. Like in most of the other products in the oil and gas industry, USA is the leading player in this market. Although, Europe and China are also the leading Sucker Rod Pump Manufacturers.
Global Market for Sucker Rod Pump Manufacturers
The global artificial lift system market is worth US$16.44 billion as in 2015 and is expected to reach US$ 38.96 billion by 2022, with a CAGR of 13.08% in the next few years. Although the electrical submersible pump will continue to be the primary segment of the artificial lifting, the sucker rod lifting will contribute extensively in the revenue.
The United States will be the leader of the Sucker Rod Pump Manufacturers holding a market share of 45% and Europe is second on the list.
Some of the factors driving this high demand are as follows-
- Rising need for energy, especially in areas like India and China.
- Increase in the production of oil and gas.
- Increased use of artificial lifts in countries like Mexico and Canada.
- A rise in exploration activities.
The market for sucker rod pump manufacturers is not massive and restricted to the areas in North America, Europe and the Asia Pacific. Following are some of the best Sucker Rod Pump Manufacturers from around the world.
- Baker Hughes Limited: This company is an extremely important market player as it is the only provider of integrated oilfield products, services, and digital products. It claims to have resources, technology and cloud to reduce wastage and risk and it operates in 120 countries.
- National Oilwell Varco (Houston, Texas): Through constant improvements, sheer hard work and unparalleled consistency over 150 long years, this company has emerged as one of the leaders in the manufacturing and selling of oil and gas drilling equipment. They are renowned worldwide for their admirable oilfield service in the industry.
- Schlumberger Limited: Schlumberger Limited is considered to be the best oilfield service. It employs 1,00,000 people and got headquartered in Paris, Houston, London, and the Hague and it operates in 85 countries. Cameron International company is its subsidiary which deals in several products relating to the oil and gas industry.
- Weatherford International: Weatherford International is one of the leading oilfield organizations giving imaginative arrangements, innovation and administrations to the oil and gas industry. The Company works in more than 90 nations and has a system of roughly 800 areas, including production, administration, innovative work, and preparing offices.
- Halliburton: Halliburton is one of the largest oil field companies which operates in more than 70 countries and employs about 55,000 countries. It has got its headquarters in Dubai and Houston. Its primary business segment is Energy Service Groups.
Challenges to the Global market
Although the market is expected to experience robust growth in the next few years, there are a few challenges that the leading Sucker Rod Pump Manufacturers will look to overcome to raise the bar for themselves. The challenges faced by manufacturers are-
- Oil and gas industry is unstable.
- Strict government policies
- The high cost of investment
The Bright Future Ahead:
Besides some common factors driving the demand for artificial lifting, the following factors promise a bright future for this market-
- A rise in demand for lubricate field equipment.
- Subsea drilling activities are on the rise
Sucker rod pump is a vital segment of artificial lifting and is one of its oldest techniques. It generates a good amount of revenue for the oil and gas industry. The United States of America leads the way in terms of the leading Sucker Rod Pump Manufactures with a market share of 45%. Though the high cost of investment and instability of the oil and gas industry are the major challenges this market faces, with a rise in demand for energy and exploration activities, the market will only grow bigger and better.