Artificial lift market is expected to expand at 5.63% CAGR during the forecast period.
Artificial lift global market has been segmented on the basis of type, mechanism, application, and region.
Based on type, the market is classified into rod lift, ESP, PCP, gas lift, and others. Others include plunger lift and hydraulic pumping. Among these, rod lift segment is expected to dominate the market as it can be used for wide range of operating conditions and production rates. Also, it is easy to operate, and it find application majorly in inclined, deep, and horizontal wells.
Based on mechanism, the market is segmented into pump assisted and gas assisted. Pump assisted is estimated to hold the largest share owing to major deployment of rod lift, ESP, and PCP pumping systems.
Based on application, the market is segmented into onshore and offshore. Onshore segment is expected to dominate the artificial lift global market. Offshore segment is expected to grow at fastest rate owing to rising investments in offshore sector globally and due to offshore discoveries in African region.
Artificial lift market by region is segmented into Asia Pacific, North America, Europe, the Middle East & Africa, and South America. North America is expected to hold the largest share during the forecast period due to rising number of mature oilfields in the region and increasing shale gas production in the region. US is the key country in the North America region for artificial lift due to rising production from unconventional sources. In North America, rod lift is expected to dominate the global market based on type segment. The Middle East & Africa is projected to grow at fastest rate during the forecast period owing to presence of large number of reservoirs in the Middle East and Africa region. In addition to this, presence of mature fields is further expected to drive the market in the Middle East & Africa.
The key players of global artificial lift market are 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), among others.
Artificial Lift is a method which is used on oil wells to increase pressure within the reservoir in order to increase flow of liquids such as crude oil or water. Some reservoirs do not flow naturally. Hence, artificial lift methods are employed to lift the oil to the surface. These methods can be deployed on both mature and new wells to maximize and maintain production from well. For instance, in US, 96% of the wells require artificial lift from the beginning. The other advantages of artificial lift method include reduced maintenance and risk, boost life-of-well productivity, and increase ROI by balancing flow rates and lifting costs.
The two main type of artificial lift methods include pump assisted and gas assisted. Pump assisted methods mostly include rod lift, ESP, and PCP and gas assisted include gas lift and plunger lift. The key drivers of artificial lift market are rising shale gas production, increasing heavy oil production, and presence of large number of oil & gas reserves. U.S., China, Canada, and Argentina are the key countries involved in production of shale gas. US is the largest producer of shale gas and is expected to produce 80 billion cubic feet (bcf) of shale gas by 2040. The countries such as Canada, Venezuela, Saudi Arabia, U.S., Mexico, Brazil, Russia, and China are the active heavy oil producing countries. Large number of reservoirs are present especially in the Middle East & Africa region, thereby driving the market.
However, the factors such as stagnant oil prices and lack of skilled labor are going to restraint the global market of artificial lift. The factors such as re-development of mature oilfields and rising offshore oil & gas discoveries are expected to provide lucrative business opportunities to the global market.
The intended audience of the global artificial lift market are artificial lift manufacturers, exploration & production companies, government & research organizations, drilling contractors, oilfield service operators, national oil companies, and oil & gas associations.
|Market Size||2027: Significant Value|
|CAGR||5.63% CAGR (2020-2027)|
|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||
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.