Global Artificial Lift Market was valued at USD 11,290 Million in 2019 and is forecast to register a CAGR of 4.7% during the forecast period (2020-2027), owing to the growing emphasis of upstream companies to improve the production from the aged fields.

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Key Drivers

The major factors propelling the artificial lift market includes the development of advanced exploration fields and rising number of onshore and offshore production and exploration activities. The growing use of artificial lifts in oil and gas industries to increase the production of oil in reservoirs is forecast to strengthen the market size. Moreover, emerging needs for a higher recovery rate, rising number of wells needing pressure support for extraction, technological innovations to help companies extract oil from challenging areas, and surging demand for energy & petrochemicals, are driving the artificial lifts market. The integration of artificial intelligence (AI) and the Internet of Things (IoT) in order to prevent the incidence of destructive events and optimize hydrocarbon withdrawal, will bolster the Artificial Lift Market size.

Increasing oil consumption across the world along with the economic development in various industries like transportation, power generation, aviation, etc. is likely to propel the demand for hydrocarbons, fueling the adoption of artificial lift systems in the forthcoming years. With the reduction in the prices of the global crude oil and the growing emphasis to increase the production from mature fields, the global artificial lift systems market is anticipated to propel over the upcoming years.

The COVID-19 outbreak had a huge impact on the demand for petroleum and resulted in a crash in crude oil prices, which made artificial lift market economically unfeasible. However, the recovery in crude oil price after recent crash has encouraged investments in artificial lift systems, which will pave the way for market. Besides, the rising penetration of renewable energy and lack of skilled personnel are likely to hamper the Artificial Lift Market share.

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Type Segment Analysis

Rod Lift is estimated to witness a higher CAGR during the upcoming period, primarily because of their ability to lift heavy viscid crude oils at higher temperatures which helps reduce the operational expenditure. Also, the growing demand for rod lifts due to the emerging need for corrosion resilience and prevention of gas during the operations of artificial lift is forecast to expand the segment’s growth.

The high extraction rate and lower operational costs of electrical submersible pumps (ESPs) has augmented their adoption, thereby, paving the way for electrical submersible pumps (ESPs) segment over the upcoming years. The growing deployment of these pumps to effectively push fluids from wells with low pressure will further strengthen the segment’s growth. Moreover, the minimum maintenance, higher effectiveness, flexible usage and minimum space requirement has increased their deployment in the oil and gas industry, fueling the market growth.

Application Segment Analysis

Offshore application is predicted to witness a faster CAGR over the forecast period, primarily because of the growing investments and rising exploration activities in the offshore application. In addition, a significant surge in the number of maturing shallow fields has augmented the demand for artificial lift methods, fueling the segment’s size. The exploration of offshore locations for oil & gas production by companies because of the huge untapped reserves, is likely to propel the segment’s growth. For example, In February 2022, BP PLC initiated the Herschel Expansion project in the Gulf of Mexico. Herschel is one of the four major projects scheduled to be offered across the globe in 2022.

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North American artificial lift systems market is predicted to witness a faster CAGR over the forecast period, owing to the innovations in the field of shale gas discovery. In addition, the ongoing technological to produce artificial lift with the introduction of new projects, and the development of the unconventional resources are some other factors fueling the segment’s growth.

Asia Pacific is estimated to witness a faster CAGR over the upcoming years, owing to the rising commercial activities and increasing allocation on infrastructural development. With the accelerating population primarily across China and India, there has been a drastic increase in the energy needs, which is estimated to propel the exploration activities, driving the market growth.

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 2022, the Upwing Magnetic Drive System (MDS) hermetically isolates all the failure-prone electrical components from the harsh production fluids by placing them in the well’s annulus as part of the permanent completion. It also simplifies deployment and intervention using a slickline for the system’s mechanical string.
  • In August 2021, ChampionX Technologies launched XSPOC production optimization software to deliver greater efficiencies in wells on artificial lift.
    In April 2021, Microsoft Azure allowed for the deployment of Ambyint’s production and artificial lift optimization applications into Energy and Power (E&P) companies’ existing Azure environments.
  • 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)
    • By Type
    • By Mechanism
    • By Well Type
    • By Application
    • US Market All-Up
    • Canada Market All-Up
  • Europe Artificial Lift Market (Option 2: As a part of the free 25% Customization)
    • By Type
    • By Mechanism
    • By Well Type
    • 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)
    • By Type
    • By Mechanism
    • By Well Type
    • 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)
    • By Type
    • By Mechanism
    • By Well Type
    • 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