Artificial Lifts Market, By Type (Rod Lift, ESP, PCP, Plunger, Gas Lift, and Others), By Application (Pump, Motor, Cable System, Drive Head, Separator, Pump Jack, Sucker Rod, Gas-lift Valves, Gas-lift Mandrels, Controller, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Trends, Analysis and Forecast till 2029

Artificial lift is used to lift oil from the bottom hole to the surface. Basically this system is used when the bottom-hole pressure isn't ready to drive oil to the surface and it's become an important part of the assembly process because it's used to increase the production from the oil reservoirs. As of 2018, mature fields account for more than 70% of the world’s oil and gas production. These mature fields need a pumping system, i.e., the artificial lift system. the necessity for enhanced recovery rates, a growing number of wells that need pressure support for extraction, increasing demand for energy & petrochemicals, and technological advancements that are enabling companies to economically extract oil from challenging areas are a number of the factors driving the expansion of artificial lifts system market.

The Artificial lift system market accounted for US$ 8.8 billion in 2020 and is estimated to be US$ 14.0 billion by 2029 and is anticipated to register a CAGR of 5.3%.

Impact of Covid-19 pandemic on market

With the outbreak of the COVID-19, various businesses are at the forefront to combat this pandemic. The pandemic has hindered the industrial supply chain and also disrupted the product segment. Government across the countries has imposed strict lockdown to limit the spread of disease. The COVID-19 crisis resulted in an unprecedented fall in oil prices, reaching negative. The sudden cut in oil production has strategic challenges that must be faced by leading oil and gas companies. The market for artificial lifts has also been affected due to reduced activity within the reservoirs. The operations of these companies could be stopped to a certain extent. This report will quantify the impact of pandemic on artificial lift system market.

Artificial lift is used to lift oil from the bottom hole to the surface. Basically this system is used when the bottom-hole pressure isn't ready to drive oil to the surface and it's become an important part of the assembly process because it's used to increase the production from the oil reservoirs. As of 2018, mature fields account for more than 70% of the world’s oil and gas production. These mature fields need a pumping system, i.e., the artificial lift system. the necessity for enhanced recovery rates, a growing number of wells that need pressure support for extraction, increasing demand for energy & petrochemicals, and technological advancements that are enabling companies to economically extract oil from challenging areas are a number of the factors driving the expansion of artificial lifts system market. The global artificial lift system market accounted for US$ 8.8 billion in 2020 and is estimated to be US$ 14.0 billion by 2029 and is anticipated to register a CAGR of 5.3%.

Impact of Covid-19 pandemic on market

With the outbreak of the COVID-19, various businesses are at the forefront to combat this pandemic. The pandemic has hindered the industrial supply chain and also disrupted the product segment. Government across the countries has imposed strict lockdown to limit the spread of disease. The COVID-19 crisis resulted in an unprecedented fall in oil prices, reaching negative. The sudden cut in oil production has strategic challenges that must be faced by leading oil and gas companies. The market for artificial lifts has also been affected due to reduced activity within the reservoirs. The operations of these companies could be stopped to a certain extent. This report will quantify the impact of pandemic on artificial lift system market.

With the rising energy demand, the dependence on conventional sources is also increasing. However, the overexploitation of these resources has resulted in their depletion, thereby prompting the oil & gas industry to shift its focus toward developing unconventional resources such as natural gas, shale oil & gas, and tight oil. These factors have resulted in an increased exploration of unconventional reserves, which is expected to drive the artificial lift market demand over the forecast period. For Instance, in 2017, Schlumberger designed a workflow to maximize artificial lift performance and reliability which was implemented in a mature field in Latin America, as the centerpiece of a strategy to reactivate 10 abandoned wells.

Growing investments toward technological advancement

Growing investments toward technological advancement to improve efficiency across the complete spectrum of E&P technology will propel the market growth. Recent innovations including real time monitoring, smart alarms and retrofit capability will positively influence the industry growth. Development of multiphase gas handling pump for the continuous operation of ALS systems will further escalate the product adoption. Ongoing government plans and strategies to increase crude oil production will positively impact the ALS market share. In 2015, the Government of UAE announced plans to enhance its oil production to 30% by 2020. Growing demand for petroleum product coupled with positive outlook towards low cost oil production will further enhance the business growth. However, with the advancement in smart water flooding and various IOR technologies are expected to hinder the market growth during the forecast period.

The global artificial lift system market is segmented based on type and region.

On the basis of type, the global artificial lift system market is segmented into electric submersible pump system, progressive cavity pump system, rod lift system, and others.

Regional Insights:

On region the global artificial lift system market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North American artificial lift systems market is anticipated to witness a significant growth rate over the forecast period. This growth is attributed due to the advances in the field of shale gas discovery and the availability of low-pressure oil wells in the region. Additionally, the U.S. is expected to witness high growth in unconventional resources such as shale oil, tight oil, and growing marginal well count, which is anticipated to spur the product demand in North America. Moreover, Asia Pacific is anticipated to witness enormous gains over the forecast period registering a compound annual growth rate exceeding 6%. Factors such as rising commercial activities and expanded budget allocation on infrastructure development are expected to result in a healthy demand for petroleum products, thereby driving the growth of artificial lift systems in the region.

Report Scope:

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2019 to 2029. For the purpose of this study, has segmented the global artificial lift system market report based on type, and region.

Global Artificial Lift System Market, By Type:

• Electric Submersible Pump System
• Progressive Cavity Pump System
• Rod Lift System
• Others

Global Artificial Lift System Market, By Region:

• • • North America
      • • U.S.
        • Canada
    • Europe
      • • Germany
        • UK
        • France
        • Russia
        • Italy
        • Rest of Europe
    • Asia Pacific
      • • China
        • India
        • Japan
        • South Korea
        • Rest of Asia Pacific
    • Latin America
      • • Brazil
        • Mexico
        • Rest of Latin America
    • Middle East & Africa
      • • GCC
        • Israel
        • South Africa
        • Rest of Middle East & Africa

The key players operating in the global artificial lift system market includes Halliburton, Schlumberger, Baker Hughes Company, Weatherford, NOV, Borets International, Oilserv, JJ Tech, Apergy, DistributionNow, Novomet, and AccessESP. The market is especially characterized by collaborations and partnerships between the businesses and acquisitions of smaller players as a part of strategic expansion as well as launching their new product specimen. For instance, in 2016, Baker Hughes developed the LEAP adaptive production system for delivering greater oil & natural gas production and overcoming the technical hurdles associated with unconventional production. This strategy has helped in improving the good efficiency, increasing ultimate recovery, and optimizing production.

• Halliburton
  • Company Overview
  • Product Portfolio
  • Key Highlights
  • Financial Performance
  • Business Strategies

• Schlumberger
• Baker Hughes Company
• Weatherford
• NOV
• Borets International
• Oilserv
• JJ Tech
• Apergy
• DistributionNow
• Novomet
• AccessESP