Artificial Lift Market Research Report- Forecast till 2030

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

ID: MRFR/E&P/0455-HCR | February 2021 | Region: Global | 100 pages

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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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    Frequently Asked Questions (FAQ) :

    The key drivers of artificial lift market are rising shale gas production, growing heavy oil production, and presence of large number of oil & gas reserves.

    Asia Pacific, North America, Europe, the Middle East & Africa, and South America are the regions that are growing faster with the market share

    The countries such as Canada, Venezuela, Saudi Arabia, U.S., Mexico, Brazil, Russia, and China are the active heavy oil producing countries.

    North America is expected to hold the largest share during the forecast period

    The market has recorded 5.63% CAGR of the market.