Artificial Lift Market Growth Parameters, Industry Analysis, Regional Outlook, Forecast To 2023

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.

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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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Artificial Lift Market: 2019 Worldwide Opportunities, Market Share, Key Players and Competitive Landscape Prediction To 2027 | MRFR

Artificial Lift Market Overview

The need for an artificial lift in almost all oil & gas wells to remove water is expected to garner substantial growth in the artificial lift market around the globe. According to the latest MRFR report, the global artificial lift market is expected to showcase a steady CAGR during the forecast period of 2016-2027. Furthermore, increasing production of heavy oil, the rise in the demand for energy across the globe, improving production efficiency and the increase in the production of shale gas are some of the factors driving exponential growth to the global artificial lift market during the forecast period.

Key growth opportunities are served to the artificial lift market due to many recoverable shale gas reserves. A decline in onshore production and the increasing demand for oil & gas are projected to push major operators to increase deep-water activities.  Additionally, the growing number of wells that need secondary extraction, enhanced recovery rates, and the rapid proliferation in demand for technological advancements and energy and petrochemicals are allowing companies to extract oil from difficult areas, further driving artificial lift market growth. Also, rapid industrialization is causing oil & gas sources to deplete, leading to the companies to fulfill consumer needs by looking for unconventional gas resources, primarily driving substantial growth to the market.

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Segmental Analysis

The global artificial lift market is segmented on the basis of type, mechanism, and application. The market is segmented into electrical submersible pump (ESP), rod lift, gas lift, and progressive cavity pump on the basis of type. The rod lift segment is anticipated to garner a larger revenue share and dominate the artificial lift market. Also, the ESP and plunger segments are projected to witness augmentation during the forecast period.

The global artificial market is segmented into pump assisted and gas assisted. The pump assisted segment is further segmented into positive displacement and dynamic displacement. The pump assisted segment garnered the largest market share in 2016. The dynamic displacement sub-segment is expected to witness the fastest market growth for artificial lift. By application, the artificial lift market is segmented into onshore and offshore. The onshore segment is predicted to capture a larger market share due to the presence of a high amount of onshore oil wells.

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Detailed Regional Analysis

The report published by MRFR has been studied by segmenting the artificial lift market into North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW). North America dictated the market in 2017 and is expected to continue holding the bulkiest share during the forecast period. The market growth in North America can be accredited to the presence of many oil reserves in onshore basins, a decline in the production from mature conventional fields, and an increase in the adoption of latest technologies in the oil & gas sector. Challenges faced by North America’s oil industry for meeting high energy demand are proliferating growth in the market due to the rising adoption of secondary extraction techniques like artificial lifting.

The European market is anticipated to witness a steady growth rate during the review period. The Asia Pacific market is estimated to project a higher growth rate than Europe due to an increasing focus towards the development of shale gas projects in various developing countries.

Key Players

Prominent players in the artificial lift market, as profiled by Market Research Future include Cameron International, Borets, GE Oil & Gas, Dover Corporation, and Baker Hugh. Key players in the market are focusing on enhancing their business via inorganic growth ventures.

Industry Update

March 2019: AccessESP Rigless Wireless Retrievable ESP technology has been chosen as the winner of the Hartenergy E&P prestigious Meritorious Awards for Engineering Innovation (MEA) for the Artificial Lift Category. The award will be presented on 8th May 2019.

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