Artificial Lift System Market

Artificial Lift System Market Share-2030

The global artificial lift system market size was valued at $26.3 billion in 2020, and is projected to reach $55.3 billion by 2030, growing at a CAGR of 7.7% from 2021 to 2030. Artificial lift is a method used to reduce the bottomhole pressure (BHP) on the development to increase production rate from the well. To reduce the running pressure at the pump intake, a positive-displacement downhole pump, such as a   modern progressive cavity pump (PCP), can be used . It  can also be made with a downhole centrifugal pump, which could be a part of an electrical submersible pump (ESP) system. A reduced bottom hole moving pressure as well as a higher flow rate can be achieved with gas lift in which the thickness of the fluid in the tubes is lowered with increase in gas to lift the fluids. The artificial lift can be utilized to generate flow from a well in which no flow is occurring or made use of to enhance the flow from a well to generate at a higher rate. Many oil wells require artificial lift at some time in the life of the field, as well as several gas wells benefit from an artificial lift to take liquids off the formation so gas can move at a higher rate.

Emergence of COVID-19 had a negative impact on the growth of the artificial lift system market due to reduced activity in reservoirs.

An increase in demand for energy along with industrialization and a rise in population and urbanization boost the growth of the artificial lift market. Moreover, across the globe, oil & gas wells need an artificial lift to boost oil production at higher efficiency. Decline in conventional oil & gas sources leads to shift in  focus toward unconventional sources. Oil & gas reserves require an artificial lift system during production & exploration activities for optimal production of oil, which leads to the increase in demand for the artificial lift in the upcoming years.

The artificial lift system market is segmented on the basis of type, application, mechanism, well type, and region. By lift type, the market is segmented on the basis of reciprocating rod lift, electric submersible pumps, gas lift, progressing cavity pumps, jet pump, and others. On the basis of component, the market is segmented into pump, motor, cable system, controller, and others. On the basis of mechanism, it is classified into pump assisted and gas assisted.  By well type the market is divided into vertical and horizontal. Region wise it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.

The global artificial lift system market analysis covers in-depth information about the major industry participants. The key players operating and profiled in the artificial lift system industry report include Baker Hughes Company, Borets International Limited., ChampionX, Dover Corporation, Halliburton, JJ Tech, NOV Inc., Novomet, Schlumberger Limited, and Weatherford International PLC.
The other players in the value chain (not included in the report) include Baker Hughes., Apergy and DistributionNOW.

Global Artificial Lift System Market, By Lift Type

 The electric submersible pump (ESP) has the most significant contribution during the forecast period. ESP is the suitable choice in mature fields and aging oil & gas wells where the oil wells have reached the production phase and require developments to strengthen the production rates.

 Global Artificial Lift System Market, By Application

The offshore segment is anticipated to grow at a faster pace during the forecast period. Artificial methods such as electrical Submersible pumps (ESP), progressing cavity pumps(PCP) are mostly used in offshore oil wells as the offshore oil wells have untapped reserves.

  Global Artificial Lift System Market, By Mechanism

Gas lift exhibits a significant contribution in the artificial lift system market as it is easy to implement and cost-effective, in addition, it requires less maintenance in comparison to other alternatives.

 Global Artificial Lift System Market, By Well Type

By well type, the horizontal segment is expected to grow at highest growth rate during the forecast period due to large discoveries of shale reserves in the North America 

Artificial Lift System Market, By Region

Region wise, North America dominated the global artificial lift system Market in 2020 and is projected to remain the dominant during the forecast period. This is attributed to the growth in demand for artificial lift operations in mature and aging oil wells in this region. Furthermore, the leading shift from conventional sources to unconventional and redevelopment of shale gas reserves in countries such as the U.S. and Canada are attributed to the artificial lift system market growth.

Key Benefits For Stakeholders

• The report provides an in-depth analysis of the global artificial lift system market trends along with the current and future market forecast.
• This report highlights the key drivers, opportunities, and restraints of the market along with the impact analysis during the forecast period.
• Porter’s five forces analysis helps analyze the potential of the buyers & suppliers and the competitive scenario of the global artificial lift system market for strategy building.
• A comprehensive global artificial lift system market analysis covers factors that drive and restrain the market growth.
• The qualitative data in this report aims at market dynamics, trends, and developments.

Covid-19 Impact Analysis

The novel coronavirus had a negative impact on the growth of the artificial lift system market due to reduced activity in reservoirs. Price volatility in the oil & gas industry has been a challenging factor. The COVID-19 crisis led to disruption of  demand for oil and also affected a wide range of industries such as coal and renewable oil & gas. Energy Information Administration (EIA) announced its forecast relating to crude oil production fall in the year 2020 and 2021 due to the falling demand for petroleum products. The Unprecedented fall in oil prices due to the COVID crisis resulted in a steep fall in the demand for oil from China leading to implications in the oil & gas industry. Hence, the market has been negatively impacted during the pandemic period.

 Artificial Lift System Market Report Highlights