Artificial Lift Market to Hit USD10,883.1 Million by 2023 Top Key Players are Baker Hughes, a GE company, Schlumberger, Dover Corporation, Halliburton, JJ Tech (J&J Technical Services, LLC) And Others

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 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.

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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.

North America held the largest share, of more than 45.0%, in the artificial lift market in 2017. The market growth in the region can be mainly attributed to the declining production from mature conventional fields, presence of a large number of oil reserves in onshore basins, and growing adoption of new technologies in the oil and gas sector.

Artificial lifting methods are used in horizontal shale gas-producing wells to lift the accumulated fluid in the well and help achieve operational efficiency. Several countries around the world are testing and evaluating production potential from shale formations in addition to commercially viable production techniques.

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Globally, the increasing demand for oil and gas and declining onshore production are compelling the operators to increase deepwater activities. Ultra-deepwater activities are majorly conducted in Brazil, West Africa, and the Gulf of Mexico. East Africa is also emerging as a significant deepwater frontier, with sizable discoveries in Mozambique and Tanzania.

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.

Related Report

Pump Jack Market

The global pump jack market size stood at $2,712.8 million in 2016, it will grow at a CAGR of 5.0% during 2017 - 2023. The growing number of mature oilfields in North America has been the major factor driving the growth of the pump jack market.

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