CHICAGO, Aug. 28, 2023 /PRNewswire/ -- Artificial Lift Market is projected to reach USD 9.0 billion in 2028 from USD 7.3 billion in 2023 at a CAGR of 4.4% according to a new report by MarketsandMarkets. Artificial lift comprises techniques in the oil and gas sector to boost hydrocarbon production from wells with insufficient natural pressure. Employed when reservoir pressure is inadequate, methods like rod lift systems, electric submersible pumps, gas lift, and hydraulic pumping enhance flow rates. These mechanisms enable more efficient recovery, compensating for declining reservoir pressure and optimizing production in mature wells. The growing requirement to maximize the production potential of mature fields is one of the leading factors driving the growth of the Artificial Lift Market, as the demand for oil and gas is constantly growing. Digitalization and automation to enable better analysis of good conditions present promising opportunities for the Artificial Lift Market. However, the risks associated with decreasing CapEX of oilfield operators and upstream service providers have hindered the growth of the market in recent years and are expected to restrain the market's growth during the forecast period.
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251 - Tables
60 - Figures
227 - Pages
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Artificial Lift Market Scope:
Report Coverage | Details |
Market Size | USD 9.0 billion in 2028 |
Growth Rate | 4.4% of CAGR |
Largest Market | North America |
Market Dynamics | Drivers, Restraints, Opportunities & Challenges |
Forecast Period | 2023-2028 |
Forecast Units | Value (USD Million/Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Artificial Lift Market by Type, Mechanism, Well Type, Application, and Region. |
Geographies Covered | Asia Pacific, North America, Europe, South America, and Middle East & Africa. |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | New oilfield discoveries to promote production activities |
Key Market Drivers | Growing requirement to maximize the production potential of mature fields |
The Rod Lift System, by type, is expected to grow at the highest CAGR during the forecast period.
Based on type, the Artificial Lift Market has been split into rod lift systems, electric submersible pumps, progressive cavity pumps, gas lift systems, and others. Rod lift systems are expected to grow at the highest CAGR during the forecasted period. The most prevalent form of the artificial lift system is the rod lift. Operating through mechanisms like sucker rod pumps and beam pumps, rod lifts employ a surface power supply to operate a downhole pump assembly, constituting a method of artificial lift.
The pump-assisted segment, by mechanism, is expected to be the largest segment during the forecast period.
This report segments the Artificial Lift Market based on mechanism into two segments: pump-assisted and gas assisted. The pump-assisted segment is expected to be the largest segment during the forecast period owing to the Rise in multistage drilling operations. This segment is further categorized, by type, into positive displacement and dynamic displacement pumps. Artificial lift methods with pump assistance encompass ESPs, PCPs, plunger lifts, hydraulic systems, linear lifts, and rod lifts. These pumps elevate the bottom-hole pressure within the tubing, facilitating the upward movement of sufficient fluid to the surface.
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North America is expected to be the largest region in the Artificial Lift Market.
North America is expected to be the largest Artificial Lift Market during the forecast period. The North American region comprises major economies such as US, Canada, and Mexico. The Artificial Lift Market in North America is primarily fueled by the robust infrastructure and thriving oil & gas sector. An accelerated surge in both upstream and downstream operations, coupled with a buoyant outlook for the oil & gas industry, forms the core drivers propelling the regional Artificial Lift Market. Notably, the share of horizontal wells surged from 5.4% in 2011 to 18.1% in 2021. The escalating presence of unconventional reserves like tight oil and shale gas stands as a key impetus behind the escalated demand for artificial lift solutions across the United States and Canada.
Key Market Players:
Some of the major players in the Artificial Lift Market are SLB (US), Baker Hughes Company (US), Halliburton (US), Weatherford (US), and ChampionX (US). The major strategies adopted by these players include new product launches, acquisitions, contracts, agreements, collaborations, and expansions.
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Recent Developments
- In November 2022, Halliburton deployed the first single trip, electro-hydraulic wet connects in deepwater for Petrobras in Brazil. The Halliburton Fuzion EH electro-hydraulic downhole wet-mate connector contributes to higher well recovery factors by ensuring the integrity of Halliburton's SmartWell completion technologies throughout the well's lifecycle.
- In July 2022, Baker Hughes Company acquired AccessESP, one of the leading providers of technological solutions used in ESP systems. This acquisition will broaden the artificial lift portfolio of Baker Hughes Company and improve its position globally.
- In April 2022, Weatherford was awarded two five-year artificial lift contracts by Tatweer Petroleum in Bahrain to supply, install, and service beam pumping units and downhole pumps.
- In December 2021, LUFKIN acquired the US Rod and Patriot Pump. US Rod is an API-licensed manufacturer and distributor of artificial lift items such as sucker rods, rod guides, couplings, pony rods, stabilizers, and sinker bars. This acquisition would enhance the product portfolio of LUFKIN and position the company higher in North America in terms of artificial lift technologies.
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