Artificial Lift Market Research Report: Information by Type (Rod Lift, ESP, PCP, Gas Lift), Mechanism (Pump Assisted, Gas Assisted), Application (Onshore, Offshore) and Region - Forecast till 2030

Artificial Lift Market Overview

The Artificial Lift Industry is evaluated to grow at a substantial CAGR of 5.63%. Therefore, the Artificial Lift Market Value is expected to increase in the forthcoming years. Basically, artificial lift is an effective method that is used for increasing pressure in oil wells. Hence, they are used for lifting the oil to the surface for both new and mature oil wells. Furthermore, artificial lifts help boost productivity and increase the ROI by reducing lifting costs.

Hence, the artificial lift can also generate and enhance the flow from a well at a higher rate. Also, they are used for gas wells to separate liquids from the formation. Thus, it helps in moving the gas at a higher rate. The Middle East and Africa are expected to provide significant Artificial Lift Market Opportunities in the forthcoming years.

COVID-19 Analysis

The COVID-19 disease majorly affected the Artificial Lift Industry from 2020 to 2021. The activities at the business reservoirs were reduced, which led to the fluctuation in the price of crude oils. Along with that, the Artificial Lift Market Demand heavily affected other several industries. Hence, the declining demand for gas and oil, mainly from China, caused a massive financial disruption during the pandemic period.

Market Dynamics

• Drivers

There are various drivers, such as the rising production of heavy oil and shale gas. Therefore, the market is expected to achieve significant growth in the forecast period. Along with that, the immense presence of several gas and oil reserves will also drive the Artificial Lift Industry in the upcoming years.

• Restraints

However, several restraints are still evaluated to hamper the Artificial Lift Market Revenue. Thus, the low availability of significant skilled professionals is expected to restrain the market growth in the studied forecast period. Along with that, stagnant prices of oils can also have a negative effect on market growth.

• Opportunities

Furthermore, the artificial system is used in many gas and oil wells. As a result, they help in increasing productivity and reducing operational costs. Due to this reason, several companies are using artificial lifts for increasing their return on investments. Along with that, other types of artificial lifts, such as gas lifts, cavity pumps, etc., are expected to open several new Artificial Lift Market Opportunities.

• Challenges

However, the fluctuations in oil prices can be a challenging factor for the Artificial Lift Market Growth. Also, the pandemic has heavily affected the market growth, which is expected to grow gradually. Hence, key players are also providing the significant boost needed for the market.

• Cumulative Growth Analysis

The Compound Annual Growth Rate (CAGR) of the Artificial Lift Market is projected to reach around 5.63%. Hence, the Artificial Lift Market Forecast suggests that it will achieve a significant market value in the upcoming years. Apart from the US, countries like Mexico, Saudi Arabia, Venezuela, Brazil, Russia, etc., also produce oil. However, the Middle East and Africa region comprise a large number of oil reservoirs.

• Value Chain Analysis

Additionally, the redevelopment of several mature oilfields across significant countries is expected to enhance the Artificial Lift Market Trends. Furthermore, the new discoveries for offshore gas and oil across several countries are further expected to boost the value chain.

Segment Overview

The Artificial Lift Market Size is divided into different segments such as Mechanism, Application, Type, and Region. On the basis of type, the market is divided into PCP, ESP, Gas Lift, and Others. The others sub-segment comprises hydraulic pumping and plunger lift. It is projected that the segment of rod-lift will dominate the market in the studied forecast period.

On the basis of Application, the Artificial Lift Market is segmented into Offshore and Onshore. However, the offshore segment is evaluated to grow at the fastest CAGR during the forecast period.

Thirdly, on the basis of mechanism, the Artificial Lift Industry is segmented into Gas Assisted and Pump Assisted. Furthermore, the growth of pump assisted market segment is anticipated to expand due to the increasing investments.

Regional Analysis

On the basis of region, the Artificial Lift Industry is divided into Europe, Asia-Pacific, North America, South America, and the Middle East and Africa. According to the Artificial Lift Market Analysis, the North American region is evaluated to hold the most significant Artificial Lift Market Share in the studied forecast period. The high shale gas production, mainly in the US, is a favourable factor for significant growth.

Apart from that, the Middle East and Africa are also expected to grow at a lucrative CAGR in the upcoming years. Thus, the immense presence of several mature oil fields is one of the crucial factors due to significant growth.

Competitive Landscape

The Artificial Lift Market is fragmented, with several renowned critical players from across the world. These key players apply various tactics to increase their customer base and business portfolio. Therefore, some of the Artificial Lift Market Key Players are listed below.

• National Oil Well Varco Inc. (US)


• Weatherford (US)


• OILSERV (UAE)


• JJ Tech (US)


• Flotek Industries Inc. (US)


• Schlumberger (US)


• Haliburton (US)


• Dover Corporation (US)


• AccessESP (US)


• Novomet (Russia)


• GE Oil and Gas (US)


• John Crane Group (US)


• Baker Hughes Company (US)


• Apergy (US)


• Borets International (Russia)

Recent Developments

• ChampionX Technologies, in 2021 announced the launch of XSPIC production, which is optimization software. This software was designed to provide better efficiency in the wells through the artificial lift.


• Microsoft Azure in 2021 deployed the Ambyint production as well as the artificial optimization into E&P companies for present Azure companies.


• EnscoRowan in 2019 announced its approval for drilling three wells in the Manora field situated in the Gulf of Thailand.


• Tenaris, 2019 announced the opening of a new facility specifically designed for the manufacturing of sucker rods in the region of Conroe, Texas.

Report Overview

The overview of the Artificial Lift Market Forecast is as follows.

• Market Overview


• COVID-19 Analysis


• Dynamics of the Market


• Value Chain Analysis


• Market Segmentation


• Regional Analysis


• Competitive Analysis


• Recent Development

Report Score and Segmentation

• Study Period- 2022-2030


• Base Year- 2021


• Forecast Period- 2022-2030


• Historical Period- 2020-2021

The Artificial Lift Market Report covers essential information about the market dynamics. It highlights information such as market drivers, opportunities, key players, etc. Furthermore, the information provided in this report is collected from several primary and secondary sources.

Segmentation

By Mechanism

• Gas-Assisted


• Pump Assisted

By Type

• ESP


• PCP


• Gas Lift


• Rod Lift


• Others

By Application

• Offshore


• Onshore

By Region

• Asia-Pacific


• North America


• Europe


• South America


• The Middle East and Africa

Report Scope:

Report Attribute/Metric	Details
Market Size	2030: Significant Value
CAGR	5.63% CAGR (2022-2030)
Base Year	2021
Forecast Period	2022-2030
Historical Data	2019 & 2020
Forecast Units	Value (USD Million)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Type, Mechanism, Application
Geographies Covered	North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Vendors	Halliburton (US), Schlumberger (US), Weatherford (US), GE Oil & Gas (US), National Oilwell Varco, Inc. (US), Borets International Limited (UAE), Dover Corporation (US), Flotek Industries, Inc. (US), JJ Tech (US), John Crane Group (US), and AccessESP (US), and OILSERV (UAE)
Key Market Opportunities	Growing faster with the market share
Key Market Drivers	Rising shale gas production Growing heavy oil production Presence of large number of oil & gas reserves

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