Artificial Lift Market is anticipated to reach at USD 11,290 Million in 2019 at a CAGR of 4.7% during the forecast period.

The artificial lift is defined as a type of process that uses mechanical devices to rise the flow of fluids from the well that produces oil. This process is used to increase the pressure in the reservoir of oil wells and to encourage the oil to come to the surface. The artificial lift is active when the natural drive energy of the reservoir is not sufficiently strong to push the oil to the surface. The use of artificial method leads to the transfer of energy downhole, resulting in the decrease of the fluid density in the wellbore, thereby increasing the production of the well by declining the bottom hole pressure at the well.

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The factors that are driving the growth of the global artificial lift market include the rising demand for hydrocarbon as a result of increasing consumption of oil across several industries like power generation, transportation, and others and the growing spending in the oil & gas sector by the government and organizations across the globe. In addition to this, the implementation of advanced technologies in artificial lift, ongoing activities for shale development, and several R&D activities will further accelerate the growth of the market in the coming years. The implementation of the artificial lift provides exceptional benefits such as increased production of well, the ability to lift high-temperature & viscous oils, better flexibility, and enhanced efficiency. Moreover, the increasing number of mature oilfields resulting in their redevelopment will drastically increase the demand of the market. The significant rise in the exploration activities in the offshore oil field and increasing production of heavy oil is further leading to a surge in the growth of the global artificial lift market. On the other hand, the increasing penetration of renewable energy and the shortage of skilled personnel are the major factor that will have a negative impact on the market.

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Based on the type, the Rod Lift segment is expected to grow at a higher CAGR over the forecast period owing to the strong demand for rod lifts as a result of the increasing requirement for corrosion handling and prevention of gas at the time of operations of artificial lift. Several characteristics of rod lifts such as high efficiency, reduced installation cost, increased life, and ability to lift high-temperature oil, will further fuel the growth of the market of this segment.

Based on the application, the Offshore segment is anticipated to increase at a higher CAGR during the forecast period due to the increasing investments and exploration activities in the offshore application across the globe. In addition to this, the rise in the number of maturing shallow fields also leads to an increase in the demand for artificial lift methods propelling the market growth of this segment.

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Based on the region, North America is anticipated to grow at a higher compound annual growth rate during the forecast period owing to the high demand of artificial lifts and rise in the adoption of artificial lifts as a result of growing demand from the onshore fields in the U.S. In addition to this, continuous technological advancements for the production of artificial lift along with the introduction of new projects and expansion in the Gulf of Mexico basin and growing development of the unconventional resources are some other factors driving the market growth in this region.

Various notable players operating in the market include Weatherford International plc, Schlumberger, Baker Hughes Company, Halliburton, Borets International Ltd., National Oilwell Varco, DistributionNow, Apergy Corporation, OilSERV, JJ Tech, and Innovex Downhole Solutions, among others.

Key Developments:

• • In 2019, Innovex Downhole Solutions acquired Quick Connectors, Inc. and its Permian distributor Enerserv, Inc. Through this acquisition, the company entered into the artificial lift market and expanded its product portfolio to include mission-critical technologies such as surface & packer penetrators, ESP connectors, an entire line of API certified ESP and gas lift wellhead systems and production monitoring solutions.
  • In 2018, Weatherford International plc entered into a memorandum of understanding with Valiant Artificial Solutions. Through this MoU, the companies service, commercialize and market the electrical submersible pumps together and the company planned to fasten the commercialization of its ESPs along with having the opportunities for expanding in the market.
  • In 2018, Baker Hughes Company entered into a joint venture with Petroleum Development Oman (PDO) to setup its facility in Oman for artificial lift systems assembly and repair. Through this setup, the company planned to aid the operation of PDO and other customers in the region.

The global artificial lift market has been segmented on the basis of type, mechanism, well type, application, and region. Based on the type, the market is segmented into electrical submersible pump (ESP), rod lift, progressive cavity pump, gas lift, and others. Based on the mechanism, the market is segmented into the gas assisted and pump assisted. The pump assisted segment is further segmented into dynamic displacement and positive displacement. Based on the well type, the market is segmented into horizontal and vertical. Based on the application, the market is segmented into offshore and onshore.

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Key questions answered in this research report:

• • At what pace is the global artificial lift market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in the global artificial lift market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global artificial lift market?
  • Which type generated maximum revenues in 2019 and identify the most promising type during the forecast period?
  • What are the various application areas in the artificial lift market, and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Report Coverage	Details
Market Base Year	2019
Market Forecast Period	2020-2027
Market Revenues (2019)	USD 11,290 Million
Base Year & Forecast Units	Revenues (USD Million)
Market Segment	By Type, By Mechanism, By Well Type, By Application, By Region
Regional Coverage	Asia Pacific, Europe, North America, and RoW
Companies Profiled	Weatherford International plc, Schlumberger, Baker Hughes Company, Halliburton, Borets International Ltd., National Oilwell Varco, DistributionNow, Apergy Corporation, OilSERV, JJ Tech, and Innovex Downhole Solutions among others; a total of 11 companies covered.
25% Free Customization Available	We will customize this report up to 25% as a free customization to address our client’s specific requirements

Market Segmentation

Global Artificial Lift Market by Type

• • Electrical Submersible Pump (ESP)
  • Rod Lift
  • Progressive Cavity Pump
  • Gas Lift
  • Others

Global Artificial Lift Market by Mechanism

• • Gas Assisted
  • Pump Assisted
    • Dynamic Displacement
    • Positive Displacement

Global Artificial Lift Market by Well Type

• • Horizontal
  • Vertical

Global Artificial Lift Market by Application

• • Offshore
  • Onshore

Global Artificial Lift Market by Region

• • North America Artificial Lift Market (Option 1: As a part of the free 25% customization)
    • North America Market by Type
    • North America Market by Mechanism
    • North America Market by Well Type
    • North America Market by Application
    • US Market All-Up
    • Canada Market All-Up
  • Europe Artificial Lift Market (Option 2: As a part of the free 25% Customization)
    • Europe Market by Type
    • Europe Market by Mechanism
    • Europe Market by Well Type
    • Europe Market by Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Artificial Lift Market (Option 3: As a part of the free 25% Customization)
    • Asia-Pacific Market by Type
    • Asia-Pacific Market by Mechanism
    • Asia-Pacific Market by Well Type
    • Asia-Pacific Market by Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Artificial Lift Market (Option 4: As a part of the free 25% Customization)
    • RoW Market by Type
    • RoW Market by Mechanism
    • RoW Market by Well Type
    • RoW Market by Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Artificial Lift Leading Market Players (Option 5: As a part of the free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Weatherford International plc
  • Schlumberger
  • Baker Hughes Company
  • Halliburton
  • Borets International Ltd.
  • National Oilwell Varco
  • DistributionNow
  • Apergy Corporation
  • OilSERV
  • JJ Tech
  • Innovex Downhole Solutions