Artificial Lift Market Insights, Potential Business Strategies, Mergers and Acquisitions, Revenue Analysis

Global artificial lift market is projected to reach $10,883.1 million by 2023. The market growth is mainly driven by the increasing demand for artificial lifts from gas and oil fields and the growing exploration and production (E&P) activities to meet the energy demand. The key drivers for the artificial lift market include depleting oil reservoirs, increasing ultradeep and deepwater activities, and maturing oil and gas fields.

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Based on type, the artificial lift market is categorized into electrical submersible pump (ESP), rod lift, progressive cavity pump (PCP), gas lift, and others, where the “others” category includes plunger lift, hydraulic jet pump, and other small lifts. ESP held the largest share, accounting for more than 40.0%, in the market in 2017. This can be mainly attributed to its increased deployment in oils wells and high operational efficiency in environmentally conscious areas.

The artificial lift market is also categorized into pump-assisted and gas-assisted mechanisms. Pump-assisted mechanism is expected to be the faster-growing category, advancing at a CAGR of 5.5% in the market during the forecast period. This can be mainly attributed to its higher adoption rate in these lifts. On the basis of pump-assisted mechanism, the market is further classified into positive displacement and dynamic displacement. Positive displacement held a larger share, of more than 50.0%, in the market in 2017.

The artificial lift market is also bifurcated into onshore and offshore applications. Onshore application held a larger share in the market in 2017, which can be mainly attributed to the presence of a large number of onshore oil wells.

Currently, the U.S. is the leading country in shale oil and gas production and is therefore generating a huge demand for artificial lifting. Canada, China, and Argentina also produce shale oil. Hence, the growing interest of various countries in shale gas production is expected to create growth opportunities for the players in the artificial lift market.

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Some of the major players operating in the global artificial lift market are Baker Hughes, a GE company; Schlumberger N.V. (Schlumberger Limited); Dover Corporation; Halliburton Company; Borets International Limited; Weatherford International PLC; National Oilwell Varco Inc.; Flotek Industries Inc.; and JJ Tech.

GLOBAL ARTIFICIAL LIFT MARKET SEGMENTATION

By Type

Electrical Submersible Pump (ESP)
Rod Lift
Progressive Cavity Pump (PCP)
Gas Lift
Others
By Mechanism

Pump Assisted
Positive Displacement
Dynamic Displacement
Gas Assisted
By Application

Onshore
Offshore
By Region

North America
U.S.
Canada
Mexico
Europe
U.K.
Russia
Norway
Rest of Europe
Asia-Pacific (APAC)
China
Indonesia
India
Rest of APAC
Rest of the World (RoW)
Brazil
Venezuela
Saudi Arabia
Rest of RoW

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