Global artificial lift market was valued at USD 8.5 billion in 2017 and reached to USD 12.2 Billion by 2023. The increasing number of matured reservoirs that encompasses of huge amount of crude oil and extensive usage of fossil fuels are few factors that are driving the growth of this market across the globe. The artificial lift market is poised to grow at CAGR of 6.3% during the forecast period (2018-2023).
Market report “Artificial Lift Market – Analysis and Forecast (2013-2023)
Depleting oil reservoir and maturing oil and gas fields are the major factors contributing towards the growth of global artificial lift market. Artificial lifts help the producers in attaining cost efficiencies, flexibility and optimizing the fluid control process. These factors are enhancing the major oil producer especially in regions such as Russia and Kuwait. Additionally, large proportions of the global oil and gas production are generated from the settled oil and gas fields.
The increasing demand for energy and over-dependence on traditional sources of energy are increasing rapidly. However, there are several cases observed that leads to overexploitation of these energy generating resources causing depletion and thus persuading the oil & gas industry to lay emphasis upon generating eccentric resources such as shale oil & gas, natural gas and tight oil. These factors have ensured extensive consideration of eccentric reserves, which is further expected to drive the global artificial lift market demand over the forecast period. Moreover, the placement of rod pumps and in strayed manner leads to several problems such as high exertion on the reservoir, deprived liquid lift proficiencies due to intrusion of gas in down-hole pumps and huge operating costs that are some of the factors that hinder the growth of artificial lift market globally.
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On the basis of type, the global artificial lift market is segmented into Rod Lift, Electric Submersible, Progressive Cavity Pumps, Gas Lift and Others types of artificial lift. Among all the types, rod lift is expected to witness the fastest growth, registering a CAGR 6.5% during the forecast period 2018–2023. The rapid growth of rod lift is contributed towards enhanced demand in U.S. and Canada for unconventional fabrication of oil and shale gas. Rod lifts are considered to be quiet economical and efficient alternative enabling manufacturers in developing consistency in several downhole equipments’s, which provides enhanced volume and higher deviations in production process and thereby contributing towards the accelerating growth of global artificial lift market.
Geographically, North American artificial lift market is estimated to become largest market by 2023. The growth of this market is attributed towards the progression in shale gas accessibility and large number oil wells that have exerts low-pressure. Moreover, U.S. is anticipated to fastest growth in this region due to availability of shale gas, increasing marginal well counts and tight oil that is further anticipated to boost the demand for artificial lifts in North America.
Asia Pacific is anticipated to witness enormous growth over the forecast period owing to factors such as prolonged budget allocation on infrastructure and enhancement in commercial activities are expected to increase the demand for petroleum products, thus extensively driving the growth of artificial lift systems in the region.
Key players in the artificial lift system are Baker Hughes, Schlumberger, Dover Corporation, Cameron International, Borets, Weatherford, GE Oil & Gas, Halliburton, John Crane, and National Oilwell Varco.
Global Artificial Lift Market Coverage
Type Insight and Forecast 2014-2024
Mechanism Insight and Forecast 2014-2024
Application Insight and Forecast 2014-2024
Artificial Lift Market by Region
South & Central America
Middle East & Africa
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