Global Artificial Lifts Market Overview
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.
Global Artificial Lifts Market Dynamics
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.
Global Artificial Lifts Market Segmentation
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:
Attribute |
Details |
Base year for estimation |
2020 |
Forecast period |
2020 – 2029 |
Market representation |
Revenue in USD Million & CAGR from 2020 – 2029 |
Market Segmentation |
By Type- Electric Submersible Pump System, Progressive Cavity Pump System, Rod Lift System, and Others |
Delivery Mode Regional scope |
North America - U.S., Canada Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific Latin America - Brazil, Mexico, Argentina, Rest of Latin America Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa |
Report coverage |
Revenue forecast, company share, competitive landscape, growth factors, and trends |
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
-
- North America
-
Global Artificial Lifts Market Key Players
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.
Global Artificial Lifts Market Company Profile
- 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
Global Artificial Lifts Market Table of Contents
- Research Objective and Assumption
- Preface
- Research Objectives
- Study Scope
- Years Considered for the study
- Assumptions
- Abbreviations
- Research Methodology
- Research data
- Primary Data
- Primary Interviews
- Primary Breakdown
- Key data from Primary Sources
- Key Thickness Insights
- Secondary Data
- Major Secondary Sources
- Secondary Sources
- Market Estimation
- Top-Down Approach
- Approach for estimating Market Share by Top-Down Analysis (Supply Side)
- Bottom-Up Approach
- Approach for estimating market share by Bottom-up Analysis (Demand Side)
- Market Breakdown and Data Triangulation
- Research Assumptions
- Market Purview
- Executive Summary
- Key Findings—Global Outlook for Artificial Lift System Strategies
- Key Questions this Study will Answer
- Market Snippet, By Type
- Market Snippet, By Region
- Opportunity Map Analysis
- Executive Summary—3 Big Predictions
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Market Trends
- DR Impact Analysis
- PEST Analysis
- Porter’s Five Forces Analysis
- Opportunity Orbit
- Market Investment Feasibility Index
- Macroeconomic Factor Analysis
- Market Dynamics
- Global Artificial Lift System Market, By Type, 2019 – 2029, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2019 – 2029
- Y-o-Y Growth Analysis (%), 2019 – 2029
- Segment Trends
- Electric Submersible Pump System
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Progressive Cavity Pump System
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Rod Lift System
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Others
- Overview
- Market Size and Forecast (US$ Mn), and Y-o-Y Growth (%), 2019 – 2029
- Overview
- Global Artificial Lift System Market, By Region, 2019 – 2029, (US$ Mn)
- Overview
- Market Value and Forecast (US$ Mn), and Share Analysis (%), 2019 – 2029
- Y-o-Y Growth Analysis (%), 2019 – 2029
- Regional Trends
- North America
- Market Sizeand Forecast (US$ Mn), By Type, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Country, 2019 – 2029
- U.S.
- Canada
- Europe
- Market Sizeand Forecast (US$ Mn), By Type, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Country, 2019 – 2029
- Germany
- UK
- France
- Russia
- Italy
- Rest of Europe
- Asia Pacific
- Market Sizeand Forecast (US$ Mn), By Type, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Country, 2019 – 2029
- China
- India
- Japan
- South Korea
- Rest of Asia Pacific
- Latin America
- Market Sizeand Forecast (US$ Mn), By Type, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Country, 2019 – 2029
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Market Sizeand Forecast (US$ Mn), By Type, 2019 – 2029
- Market Size and Forecast (US$ Mn), By Country, 2019 – 2029
- GCC
- Israel
- South Africa
- Rest of Middle East
- Overview
- Competitive Landscape
- Heat Map Analysis
- Market Presence and Specificity Analysis
- Company Profiles
-
- Halliburton
- Company Overview
- Product Portfolio
- Key Highlights
- Financial Overview
- Business Strategies
- Schlumberger
- Baker Hughes Company
- Weatherford
- NOV
- Borets International
- Oilserv
- JJ Tech
- Apergy
- DistributionNow
- Novomet
- AccessESP
- Halliburton
-
- The Last Word
- Future Impact
- About Us
- Contact
List of Tables
TABLE List of data sources
TABLE Market drivers; Impact Analysis
TABLE Market restraints; Impact Analysis
TABLE Artificial Lift System Market: Type Snapshot (2019)
TABLE Segment Dashboard; Definition and Scope, by Type
TABLE Global Artificial Lift System Market, by Type 2019-2029 (USD Million)
TABLE Artificial Lift System Market: Regional snapshot (2019)
TABLE Segment Dashboard; Definition and Scope, by Region
TABLE Global Artificial Lift System Market, by Region 2019-2029 (USD Million)
TABLE North America Artificial Lift System Market, by Country, 2019-2029 (USD Million)
TABLE North America Artificial Lift System Market, by Type, 2019-2029 (USD Million)
TABLE Europe Artificial Lift System Market, by Country, 2019-2029 (USD Million)
TABLE Europe Artificial Lift System Market, by Type, 2019-2029 (USD Million)
TABLE Asia Pacific Artificial Lift System Market, by Country, 2019-2029 (USD Million)
TABLE Asia Pacific Artificial Lift System Market, by Type, 2019-2029 (USD Million)
TABLE Latin America Artificial Lift System Market, by Country, 2019-2029 (USD Million)
TABLE Latin America Artificial Lift System Market, by Type, 2019-2029 (USD Million)
TABLE Middle East and Africa Artificial Lift System Market, by Country, 2019-2029 (USD Million)
TABLE Middle East and Africa Artificial Lift System Market, by Type, 2019-2029 (USD Million)
List of Figures
FIGURE Global Artificial Lift System Market segmentation
FIGURE Market research methodology
FIGURE Value chain analysis
FIGURE Porter’s Five Forces Analysis
FIGURE Market Attractiveness Analysis
FIGURE COVID-19 Impact Analysis
FIGURE Pre & Post COVID-19 Impact Comparison Study
FIGURE Competitive Landscape; Key company market share analysis, 2019
FIGURE Type segment market share analysis, 2019 & 2029
FIGURE Type segment market size forecast and trend analysis, 2019 to 2029 (USD Million)
FIGURE Regional segment market share analysis, 2019 & 2029
FIGURE Regional segment market size forecast and trend analysis, 2019 to 2029 (USD Million)
FIGURE North America Artificial Lift System Market share and leading players, 2019
FIGURE Europe Artificial Lift System Market share and leading players, 2019
FIGURE Asia Pacific Artificial Lift System Market share and leading players, 2019
FIGURE Latin America Artificial Lift System Market share and leading players, 2019
FIGURE Middle East and Africa Artificial Lift System Market share and leading players, 2019
FIGURE North America market share analysis by country, 2019
FIGURE U.S. Artificial Lift System Market size, forecast and trend analysis, 2019 to 2029 (USD Million)
FIGURE Canada Artificial Lift System Market size, forecast and trend analysis, 2019 to 2029 (USD Million)
FIGURE Europe Artificial Lift System Market share analysis by country, 2019
FIGURE Germany Artificial Lift System Market size, forecast and trend analysis, 2019 to 2029 (USD Million)
FIGURE Spain Artificial Lift System Market size, forecast and trend analysis, 2019 to 2029 (USD Million)
FIGURE Italy Artificial Lift System Market size, forecast and trend analysis, 2019 to 2029 (USD Million)
FIGURE UK Artificial Lift System Market size, forecast and trend analysis, 2019 to 2029 (USD Million)
FIGURE France Artificial Lift System Market size, forecast and trend analysis, 2019 to 2029 (USD Million)
FIGURE Rest of the Europe Artificial Lift System Market size, forecast and trend analysis, 2019 to 2029 (USD Million)
FIGURE Asia Pacific Artificial Lift System Market share analysis by country, 2019
FIGURE India Artificial Lift System Market size, forecast and trend analysis, 2019 to 2029 (USD Million)
FIGURE China Artificial Lift System Market size, forecast and trend analysis, 2019 to 2029 (USD Million)
FIGURE Japan Artificial Lift System Market size, forecast and trend analysis, 2019 to 2029 (USD Million)
FIGURE South Korea Artificial Lift System Market size, forecast and trend analysis, 2019 to 2029 (USD Million)
FIGURE Rest of APAC Artificial Lift System Market size, forecast and trend analysis, 2019 to 2029 (USD Million)
FIGURE Latin America Artificial Lift System Market size, forecast and trend analysis, 2019 to 2029 (USD Million)
FIGURE Latin America Artificial Lift System Market share analysis by country, 2019
FIGURE Brazil Artificial Lift System Market size, forecast and trend analysis, 2019 to 2029 (USD Million)
FIGURE Mexico Artificial Lift System Market size, forecast and trend analysis, 2019 to 2029 (USD Million)
FIGURE Argentina Artificial Lift System Market size, forecast and trend analysis, 2019 to 2029 (USD Million)
FIGURE Rest of LATAM Artificial Lift System Market size, forecast and trend analysis, 2019 to 2029 (USD Million)
FIGURE Middle East and Africa Artificial Lift System Market size, forecast and trend analysis, 2019 to 2029 (USD Million)
FIGURE Middle East and Africa Artificial Lift System Market share analysis by country, 2019
FIGURE Saudi Arabia Artificial Lift System Market size, forecast and trend analysis, 2019 to 2029 (USD Million)
FIGURE United Arab Emirates Artificial Lift System Market size, forecast and trend analysis, 2019 to 2029 (USD Million)
FIGURE Rest of Middle East and Africa Artificial Lift System Market size, forecast and trend analysis, 2019 to 2029 (USD Million)
FAQs
The Artificial Lifts Market accounted for 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%.
The Artificial Lifts Market is segmented into Type, Application, and Region.
Increasing demand for enhanced oil recovery, emphasis on optimizing well production, and the adoption of artificial lift technologies for efficient extraction drive the growth of the artificial lifts market globally.
By region, the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The North America market is estimated to witness a significantly high revenue share over the forecast period.
The key players operating the target market includes, Halliburton, Schlumberger, Baker Hughes Company, Weatherford, NOV, Borets International, Oilserv, JJ Tech, Apergy, DistributionNow, Novomet, and AccessESP.