Press release
Global Artificial Lift Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023
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When the reservoir natural drive energy is insufficient to push the oil to the surface, this artificial lift system is used to increase the pressure of the oil in the well. On the basis of type, the artificial lift market is classified into rod lift, gas lift, electrical submersible pump (ESP), and progressive cavity pump (PCP). Out of these, in 2017, the ESP classification held more than 40.0% revenue share in the market, and it is expected to maintain its lead during the forecast period as well. The main factor behind its lead are its high operational efficiency and adoption rate over other types of artificial lifts.
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Coming to the global scenario, North America was the largest artificial lift market in 2017, followed by Europe. Even during the forecast period, the North American market is anticipated to witness the fastest growth, owing to the increasing use of the technology in Canada and Mexico to meet the rising demand for energy from India and China. Also, unlike regions with predominantly developing economies, North America is home to a large number of mature wells, where these lifts are required to gain operational efficiency.
Artificial lift market competitive landscape
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.
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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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