Artificial Lift Market Size, Share, Leading Players, Growth and Business Opportunities

Artificial lifts are deployed in oil wells to enhance the pressure within the reservoirs, to bring the oil to the surface. These machines are used to recover oil from reservoirs that are witnessing a reduced pressure due to the constant extraction. Artificial lifts can be used in offshore as well as onshore mature oil fields to increase the bottom-hole pressure of the reservoirs. These lifts can be gas-assisted or pump-assisted. Currently, oil companies are preferring pump-assisted artificial lifts over gas-assisted variants as the former can increase the bottom-hole pressure of the tube string.

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Thus, the rising number of mature oil fields is expected to drive the artificial lift market at a CAGR of 5.3% during the forecast period (2018–2023). Additionally, the surging availability of recoverable shale gas reserves in different parts of the world will help the market revenue grow from $8,010.8 million in 2017 to $10,883.1 million by 2023. For instance, the U.S. Energy Information Administration (EIA) reveals that shale gas reserves are found in nearly 30 states of the U.S.

The type segment of the artificial lift market is classified into rod lift, gas lift, progressive cavity pump (PCP), electrical submersible pump (ESP), and others, such as hydraulic jet pump, plunger lift, and other small lifts. In 2017, the ESP category generated the highest revenue due to the ability of tightly contained units of ESPs to prevent leaks and short circuits. These artificial lift systems use direct pressure through the pipe to extract the liquid, owing to which they are more effective than the suction method as they can extract oil from greater depths of the earth.

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Globally, the North American artificial lift market generated the highest revenue during the historical period (2013–2017), and it is expected to continue this trend throughout the forecast period. The dominance of North America can be primarily ascribed to the presence of established players in the U.S. and Canada. Additionally, the increasing number of mature oil fields in the U.S. and rising preference for unconventional oil and gas reserves over traditional fields will support the market growth in the region.

Therefore, the increasing number of mature oil fields and rising availability of recoverable shale gas reserves will augment the global demand for artificial lifts.

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