Artificial Lift Market: Increase in global oil demand to boost the market

The global Artificial Lift Market is projected to grow from USD 6.9 billion in 2022 to USD 8.7 billion by 2027, at a CAGR of 4.8% according to a new report by MarketsandMarkets™. The market has promising growth potential due to the rising global oil demand and the increasing demand to maximize production from maturing oil & gas fields and new discoveries, especially in the North American region.

The rod lift segment is expected to dominate the Artificial Lift Market during the forecast period.

 

By type, the rod lift segment is estimated to lead the Artificial Lift Market and is also expected to register the highest CAGR during the forecast period owing to developments pertaining to unconventional oil & gas resources.

 

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The offshore segment is expected to register the highest CAGR during the forecast period.

 

The Artificial Lift Market is divided based on application into onshore and offshore. Though the onshore application segment is estimated to hold a larger market share, the offshore segment is expected to grow at a faster rate during the forecast period. This high growth rate of the offshore segment can be attributed to the increasing investment by upstream oil & gas service providers and operators concerning deepwater and ultra-deepwater exploration and production activities.

 

North America is expected to be the largest artificial lift market

 

In this report, the Artificial Lift Market has been analyzed for five regions, namely, North America, South America, Europe, Asia Pacific, and Middle East & Africa. North America is a significant contributor to the Artificial Lift Market in the current scenario owing to the presence of a large number of key global players in the region, especially in the US. Further, the advancements in the upstream sector concerning unconventional oil & gas resources such as shale oil and shale gas are expected to further drive the Artificial Lift Market in the region.

 

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Artificial Lift Market.

 

Some of the key market players are Schlumberger Limited (US), Halliburton (US), Baker Hughes Company (US), NOV Inc. (US), and Weatherford (US). These leading players adopt various strategies to increase their share in the Artificial Lift Market.

Artificial Lift Market Huge Growth Opportunity between 2020–2025

 The global Artificial Lift Market is projected to reach USD 10.3 billion by 2025 from an estimated USD 8.0 billion in 2020, at a CAGR of 5.0% during the forecast period. Stabilized oil prices have revitalized the exploration & production expenditures globally. This has led to increased investments in the enhancement of productivity of oil & gas wells. Furthermore, the global artificial market is driven by the upsurge in the oil & gas production by countries owing to rising demand from the Asia Pacific.

 

North America is estimated to be the fastest growing market for artificial lift during the forecast period. The region has been segmented, by country, into US and Canada. The increasing shale oil & gas production in the North America region is driving the artificial lift market in this region. According to the BP statistical report for June 2019, the US is the top producer of oil, producing 15.3 billion barrels of oil, in 2018. Moreover, the country has been experiencing huge investments from upstream operators to increase the production from the depleting fields in Texas, Permian Basin, and the Gulf of Mexico, along with new drilling activities in ultra-deepwater locations in the Gulf of Mexico, which is likely to drive the North American artificial lift market.

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The offshore segment is expected to grow at the fastest rate in the global Artificial Lift Market

The offshore segment is expected to grow at the highest CAGR during the forecast period, owing to increasing new ultra-deep water offshore discoveries, and the rising rate of shallow water oilfields reaching maturity. Artificial lift methods such as hydraulic pumping, gas lift, ESP, and PCP are most prominently used in offshore oil wells. The Gulf of Mexico and the North Sea have the highest number of maturing shallow oilfields. Thus, such maturing shallow fields have created demand opportunities for artificial lift methods in the Gulf of Mexico and the North Sea regions.

The pump assisted mechanism segment is expected to grow at the highest CAGR in the global Artificial Lift Market.

Pump assisted segment is expected to grow at a higher CAGR during the forecast period, owing to high adoption rate ESPs and rod lift pumps. The pumps are used to increase the bottom hole pressure of tubing string to lift a sufficient amount of fluid to the surface. Artificial lift methods with pump assisted systems have an operating depth ranging from 100 ft TVD to 17,000 ft TVD and average working volume ranging from 5 BPD to 30,000 BPD. For this mechanism, the operating temperature ranges from 100ºF to 500ºF. This growing demand for pump assisted systems is driven owing to multi-stage hydraulic fracturing in horizontal wells.

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The major players in the global Artificial Lift Market are Halliburton (US), Schlumberger (US), Baker Hughes Company (US), Weatherford (Switzerland), NOV (US), Borets International (Russia), Oilserv (UAE), JJ Tech (US), Apergy (US), DistributionNow (US), Novomet (Russia), AccessESP (US), and Valiant Artificial lift Solutions (US).

Artificial Lift Market: Rising deepwater explorations and enhancing oil & gas production

According to the new market research report "Artificial Lift Market by Type(ESP, PCP, Rod Lift, Gas Lift, and Others); Mechanism(Pump Assisted (Positive Displacement, Dynamic Displacement), Gas Assisted); Well Type(Horizontal, Vertical); Application(Onshore, Offshore); Region - Global Forecast to 2025" The Artificial Lift Market is projected to reach USD 10.3 billion by 2025 from an estimated USD 8.0 billion in 2020, at a CAGR of 5.0% during the forecast period. Continuous shale development and the growing investments in the upstream oil and gas sector is driving the demand for Artificial Lift Market. Moreover, the rising number of mature fields in Europe and the Middle East, along with new offshore oilfield discoveries, is creating an opportunity for the Artificial Lift Market.

The offshore application segment is expected to grow at the highest CAGR in the global Artificial Lift Market.

The offshore segment is expected to grow at the highest CAGR during the forecast period, owing to increasing new ultra-deep water offshore discoveries, and the rising rate of shallow water oilfields reaching maturity. Artificial lift methods such as hydraulic pumping, gas lift, ESP, and PCP are most prominently used in offshore oil wells. The Gulf of Mexico and the North Sea have the highest number of maturing shallow oilfields. Thus, such maturing shallow fields have created demand opportunities for artificial lift methods in the Gulf of Mexico and the North Sea regions.

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The horizontal well segment is expected to grow at the highest CAGR in the global Artificial Lift Market.

The horizontal segment is expected to grow at the highest CAGR during the forecast period, owing to significant discoveries of shale reserves and increasing hydraulic fracturing in horizontal wells. Hence, creating opportunity for the Artificial Lift Market.  Horizontal drilling and multistage hydraulic fracturing have unlocked vast quantities of natural gas in shale reservoirs. Operators are using appropriate systems and equipment that will limit well blow-downs and lift systems to unload the wells without releasing methane continuously—thereby increasing the need for artificial lift systems that are effective in horizontal wells.

The pump assisted mechanism segment is expected to grow at the highest CAGR in the global Artificial Lift Market.

Pump assisted segment is expected to grow at a higher CAGR during the forecast period, owing to high adoption rate ESPs and rod lift pumps. The pumps are used to increase the bottom hole pressure of tubing string to lift a sufficient amount of fluid to the surface. Artificial lift methods with pump assisted systems have an operating depth ranging from 100 ft TVD to 17,000 ft TVD and average working volume ranging from 5 BPD to 30,000 BPD. For this mechanism, the operating temperature ranges from 100ºF to 500ºF. This growing demand for pump assisted systems is driven owing to multi-stage hydraulic fracturing in horizontal wells.

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North America is expected to be the most significant and third fastest-growing region of the Artificial Lift Market

In this report, the Artificial Lift Market has been analyzed for five regions, namely, North America, South & Central America, Europe, Asia Pacific, and Middle East & Africa. According to the IEA, the US is determined to become the net exporter of energy by 2020 and to fulfill this objective, the oil production is being increased across the nation. Moreover, the US is the top explorer and producer of shale oil and gas. The old & depleting oil & gas fields in the Permian Basin and Bakken Ford require artificial lift operations to enhance the productivity of the wells. Thus, North America dominated the Artificial Lift Market in 2019, and expected to do so during the forecast period.

The ESP segment is expected to grow at the highest CAGR from 2020 to 2025.

The ESP segment is estimated to be the fastest-growing segment of the Artificial Lift Market, by type, from 2020 to 2025. ESPs are multistage dynamic displacement centrifugal pumps. Such pumps are typically used when well depths range from 1,000 to 5,000 ft. It is the most effective artificial lift method for more than 1,000 bpd volume. It is effective in wells with low bottomhole pressure, low gas/oil ratio, low bubble point, high water cut, or low API gravity fluids. Such pumps are usually used for offshore applications because of their ability to handle high-volume wells. Hence, the rise in offshore E&P activities is expected to drive the ESP segment during the forecast period.

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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Artificial Lift Market.

Some of the key players are Schlumberger (US), Halliburton (US), Borets International (Russia), Weatherford (Switzerland), and Baker Hughes Company (US). The leading players are adopting various strategies to increase their share in the Artificial Lift Market. Partnerships, collaborations, alliances, and joint venture ; new product launches; and contract & agreements have been a widely adopted strategy by the major players in the Artificial Lift Market.