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.
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.
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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