The global artificial lift market
is growing due to decline in oil reservoirs, increase in shale oil and gas
production. The recent decline in oil prices is also estimated to increase the
demand for production focused services such as pressure pumping, artificial
lift and enhanced oil recovery in comparison to drilling services. The
unconventional production has transformed the oil and gas industry in North
America over the last decade. The tight oil production in U.S. has pushed its
crude oil supply to over 10% of world total. There are different types of
artificial lifts which include rod lift, electric submersible pumps,
progressive cavity pumps, gas lift and others.
The global artificial lift market
is growing due to decline in oil reservoirs, increase in shale oil and gas
production. The recent decline in oil prices is also estimated to increase the
demand for production focused services such as pressure pumping, artificial
lift and enhanced oil recovery in comparison to drilling services. The
unconventional production has transformed the oil and gas industry in North
America over the last decade. The tight oil production in U.S. has pushed its
crude oil supply to over 10% of world total. There are different types of
artificial lifts which include rod lift, electric submersible pumps,
progressive cavity pumps, gas lift and others. The Artificial lift Market is
projected to grow at a high CAGR of around 7% during the forecast period.
Leading Players
The major participants of this
market are Baker Hughes, Borets, Cameron International, Dover Corporation, GE
Oil & Gas, Halliburton, John Crane, National Oilwell Varco, Schlumberger,
and Weatherford.
Segmental Overview
Artificial lift 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. The
artificial lift market by mechanism 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 artificial
lift market is segmented into onshore and offshore. Onshore segment is expected
to dominate the global artificial lift 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.
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Regional Outlook
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
artificial lift 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 artificial
lift market in the Middle East & Africa.
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