Artificial Lift Market

Artificial Lift Market by Type (Gas Lift, Electric Submersible Pump Lift, Rod Lift, Progressive Cavity Pump Lift, Jet Pump Lift, Reciprocating Rod Lift, and Others), Well Type (Vertical and Horizontal), Mechanism (Pump Assisted and Gas Assisted), Application (Onshore and Offshore), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2022 – 2030

  • Report ID: EP-4862
  • Author: Growth Market Reports
  • Rating: 4.8
  • Total Reviews: 2
  • No. Of Pages: 176
  • Format:
  • Pub. Date: Upcoming
  • Share:

The global artificial lift market size was USD 9.75 Bn in 2021 and is likely to reach USD 18.5 Bn by 2030, expanding at a CAGR of 7.45% during 2022–2030. The market growth is attributed to rapid industrialization and increasing demand for energy across the globe.

artificial-lift-market-outlook

An artificial lift is referred to as a process of increasing the flow of fluids by artificial means. Artificial lifts are used to increase pressure in oil reservoirs to bring oil to the surface. Reserves such as mature reserves do not possess strong natural drive energy to push oil to the surface. In such cases, artificial lifts are employed to provide the necessary push to increase oil production and recovery from those reserves.

The requirements and adoption of artificial lifts depend upon the available natural pressure of particular regions. For instance, around 96% of the oil well in the US require artificial lifts. Around 50% of oil wells across the globe require artificial lifts to aid the oil extraction process. Oil wells or reservoirs do not require artificial lifts from the start. However, the need for these techniques becomes necessary over time.

Artificial lifts are used to increase oil production, boost reservoir pressure, and extend the production life of oil wells. There are several types of artificial lifts that are used for oil extraction, such as gas lift, electric submersible pump lift, rod lift, progressive cavity pump lift, jet pump lift, reciprocating rod lift, and others.

A particular type of artificial lift is chosen based on desired production rate, depth of the well, fluid characteristics, surface constraints, reservoir pressure, production flexibility, fluid characteristics, and others.

COVID-19 Impact

COVID-19 had an adverse effect on the oil & gas industry, which in turn affected the global artificial lift market negatively. The lockdown, social distancing policies, travel restrictions, and other pandemic-related regulations resulted in a decline in demand for oil and gas. The pandemic led to the unavailability of labor, a shutdown of several oil & gas reserves, the bankruptcy of several corporations, and disruption in the supply chain, which decreased the demand for artificial lifts across the globe. However, the relaxation of the pandemic-related restrictions is expected to boost the growth of the global market in the coming years.

Market Dynamics

The research report presents a complete overview by providing detailed information about the current market trends, existing drivers, growth opportunities and potentials, and emerging challenges. The global artificial lift market report has up-to-date insights about market dynamics and market scenarios that can shape the overall market performance and output during the forecast period, 2022 to 2030.

artificial-lift-market-dynamics

What are the Major Trends in the global artificial lift Market?

Increasing Inclination toward Unconventional Resources

The overexploitation of conventional resources for extracting oil and gas has led to the depletion of those resources. The oil and gas industry is increasingly shifting toward developing unconventional resources for extraction activities. Growing exploration of unconventional resources such as tight oil, natural gas, and shale oil & gas is one of the key trends in the global artificial lift market.

Which Factors are Driving the Demand for an artificial lift?

High Demand for Energy Across Various Industries

Rapid industrialization has resulted in the expansion of several industries such as manufacturing, transportation, telecommunication, and others across the globe. The growth of these industries boosts the demand for energy, which in turn propels the demand for artificial lifts for the extraction of oil and gas. Rapid urbanization, growing population, and rising expenditure on infrastructure spur the demand for energy production across the globe, which drives the artificial lift market.

Increasing Production of Heavy Crude Oil

High demand and production of heavy crude oil are expected to boost the demand for artificial lifts across the globe. There are a significant number of heavy oil reserves in countries such as China, Canada, Colombia, Mexico, and Venezuela. Artificial lifts such as progressive cavity pump lifts are commonly used to extract heavy oil. Increasing heavy oil production propels the growth of the global market.

Rising Extraction Activities from Mature Fields

Artificial lifts are usually used to extract oil and gas from mature oil reserves. Mature fields do not have natural pressure that pushes oil and gas to the surface. Increasing usage of mature oil fields for oil and gas production in recent years fuels the growth of the global artificial lift market.

Which Factors are Limiting the Growth of the global artificial lift Market?

Introduction of Alternative Extraction Technologies

Increasing adoption of smart water flooding and other IOR technologies is anticipated to hinder the growth of the global market. These alternatives are considered more cost-effective and environmentally friendly than artificial lifts. These technologies are easily implemented in most oil reserves. Growing demand for smart water flooding and other technologies poses growth challenges to the global market.

What are the Growth Opportunities in the global artificial lift Market?

Automation and Digitization

Aging fields and the increasing complexity of wells result in rising structural and other failures. A growing number of oil and gas production companies are focusing on the safety of workers during the extraction process. These companies are adopting digital solutions and automation of processes to avoid any accidents and failures during operations. Wide adoption of digital and automated solutions offers lucrative opportunities to the market players.

Scope of the Report

The global artificial lift market research report includes an assessment of the market trends, market segments, and regional markets. Overview and dynamics have also been included in the report.

Attributes

Details

Report Title

Artificial Lift Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast

Base Year

2021

Historic Data

2019–2020

Forecast Period

2022–2030

Segmentation

Type (Gas Lift, Electric Submersible Pump Lift, Rod Lift, Progressive Cavity Pump Lift, Jet Pump Lift, Reciprocating Rod Lift, and Others), Well Type (Vertical and Horizontal), Mechanism (Pump Assisted and Gas Assisted), and Application (Onshore and Offshore)

Regional Scope

Asia Pacific, North America, Latin America, Europe, and Middle East & Africa

Report Coverage

Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, Market Trends, and Revenue Forecast

Key Players Covered in the Report

Baker Hughes Company; SLB (Schlumberger Limited); Weatherford; Halliburton Company; Dover Corporation; Upwing Energy; ChampionX; Microsoft; NOV Inc.; EBARA CORPORATION.; JJ TECH; Borets International Limited; Cairn Oil & Gas, a vertical of Vedanta Limited.; OiLSERV; DistributionNOW.; GE Oil & Gas; Flotek Industries, Inc.; John Crane; and Others

 

Market Segment Insights

What Key Factors Contribute to the Rapid Expansion of the Electrical Submersible Pump Lift Segment?

Ability to Handle High Volume and a Wide Range of Flow Rates

According to type, the global artificial lift market is divided into gas lift, electric submersible pump lift, rod lift, progressive cavity pump lift, jet pump lift, reciprocating rod lift, and others. The electric submersible pump (ESP) lift segment is expected to hold a key market share during the forecast period, due to the increasing usage of electric submersible pump lifts in mature oilfields that require further developments.

ESP lifts are considered a more versatile artificial lift solution than the others, which surges their adoption by operators across the globe. ESPs handle high volumes and have a wide range of flow rates. These lifts work efficiently in harsh environmental conditions as well. These are some of the major factors boosting the growth of the electric submersible pump lift segment.

The rod lift segment is anticipated to expand significantly in the coming years, as rod lift is the most used artificial lift system used in extracting crude oil. Rod lifts are cost-effective and efficient alternatives to extract hydrocarbons. These lifts are able to lift heavy and viscous crude oil at high temperatures, which facilitates the rapid expansion of the rod lift segment.

artificial-lift-market-by-type

Why is the Horizontal Segment More Prevalent than the Vertical Segment?

Horizontal Wells Extract Oil and Gas than Vertical Wells

On the basis of well types, the global artificial lift market is bifurcated into vertical and horizontal. The horizontal segment is projected to grow rapidly during the forecast period, owing to the discoveries of large shale reserves in North America.

In horizontal wells, the wells are drilled at angles to stimulate more oil and natural gas than the vertical wells. Hydraulic fracturing in horizontal wells facilitates operators to extract natural gas from previously unproductive zones. Horizontal well techniques are considered cost-effective and environmentally friendly well techniques, which aids in the growth of the horizontal segment.

What are the Main Aspects for Boosting the Gas Assisted Segment?

Cost-effectiveness and Extensive Use

Based on mechanism, the global artificial lift market is segregated into pump assisted and gas assisted. The gas assisted segment is projected to register a high CAGR during the forecast period, due to the const-effectiveness of the gas-assisted artificial lifts. Gas assisted mechanism is increasingly used in various applications such as oil & gas extraction, mining, and others. It is an extensively used mechanism, which spurs the growth of the segment.

The pump assisted segment is anticipated to expand rapidly in the coming years, owing to growing adoption of progressive cavity pumps and electric submersible pumps across the globe. The surging technological advancements in these pumps propel the growth in the pump assisted segment.

Which Major Factors influence the Substantial Growth of the Offshore Segment?

Availability of Several Unexplored Oil and Gas Reserves

In terms of application, the global artificial lift market is divided into onshore and offshore. The offshore segment attributed around 83% of the market share in 2021, and it is expected to dominate the global market during the forecast period. The growth of the segment is credited to surging upstream deep-water and ultra-deep-water field activities across the globe.

Several artificial lift types such as electric submersible pumps and progressive cavity pumps are used increasingly to expand offshore oil wells and gas wells. Several offshore unexplored oil and gas reserves offer development opportunities to the oil & gas industry. High demand for oil and energy across the globe drives the demand and growth of the offshore segment.

artificial-lift-market-by-application

Why is North America dominating the Global Artificial Lift Market?

Rapid Technological Developments and High Demand for Energy

On the basis of region, the global artificial lift market is segmented into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. The market in North America is expected to register a significant CAGR during the forecast period, owing to increasing upstream activities regarding shale and tight oil & gas resources in the region.

There are several undiscovered aged and matured wells in the region. The enormous potential across the offshore area in the region is expected to drive the artificial lift market in North America. The volatile price changes, surging need for energy in various industries, and rapid technological advancements in North America are expected to spur the growth of the market in the region.

The market in Asia Pacific is anticipated to expand significantly in the coming years, due to rapid industrialization and urbanization in the region. Growing population and energy consumption in countries such as China and India boost the exploration activities of oil and gas reserves in the region. Mature oil fields in the region drive the demand for artificial lifts, which in boosts the growth of the market in Asia Pacific.

artificial-lift-market-regions

Segments

The global artificial lift market has been segmented on the basis of

Type

  • Gas Lift
  • Electric Submersible Pump Lift
  • Rod Lift
  • Progressive Cavity Pump Lift
  • Jet Pump Lift
  • Reciprocating Rod Lift
  • Others

Well Type

  • Vertical
  • Horizontal

Mechanism

  • Pump Assisted
  • Gas Assisted

Application

  • Onshore
  • Offshore

Regions

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

  • Baker Hughes Company
  • SLB (Schlumberger Limited)
  • Weatherford
  • Halliburton Company
  • Dover Corporation
  • Upwing Energy
  • ChampionX
  • Microsoft
  • NOV Inc.
  • EBARA CORPORATION.
  • JJ TECH
  • Borets International Limited
  • Cairn Oil & Gas, a vertical of Vedanta Limited.
  • OiLSERV
  • DistributionNOW
  • GE Oil & Gas
  • Flotek Industries, Inc.
  • John Crane
  • Others

Competitive Landscape

Key players competing in the global artificial lift market are Baker Hughes Company; SLB (Schlumberger Limited); Weatherford; Halliburton Company; Dover Corporation; Upwing Energy; ChampionX; Microsoft; NOV Inc.; EBARA CORPORATION.; JJ TECH; Borets International Limited; Cairn Oil & Gas, a vertical of Vedanta Limited.; OiLSERV; DistributionNOW.; GE Oil & Gas; Flotek Industries, Inc.; John Crane; and others.

Some of these major companies have adopted various business development strategies including acquisitions, mergers, collaborations, partnerships, product launches, and production capacity expansion to expand their consumer base and enhance their market share.

  • In July 2022, Baker Hughes Company, a US-based international industrial service company acquired AccessESP, a global provider of artificial lift solutions. The acquisition is aimed at reducing the costs and downtime of oilfield operators.
  • In May 2022, ChampionX, a global leader in artificial lift solutions, launched XSPOC 3.2, which is an update for XSPOC production optimization software. The newly launched update expands AI-driven autonomous control capabilities and provides analytics features for plunder lift, rod lifts, & gas lifts.
  • In April 2021, Microsoft partnered with Ambyint, a global leader in artificial lift optimization, to provide rod lifts and plunger lift wells solutions to oil & gas companies. The partnership aids Microsoft to deploy Ambyint’s optimization applications, automated capabilities, and other advanced technologies to its customers.
artificial-lift-by-key-players
1. Executive Summary
2. Assumptions and Acronyms Used
3. Research Methodology
4. Artificial Lift Market Overview
  4.1. Introduction
     4.1.1. Market Taxonomy
     4.1.2. Market Definition
  4.2. Macro-Economic Factors
     4.2.1. Industry Outlook
  4.3. Artificial Lift Market Dynamics
     4.3.1. Market Drivers
     4.3.2. Market Restraints
     4.3.3. Opportunity
     4.3.4. Market Trends
  4.4. Artificial Lift Market - Supply Chain
  4.5. Global Artificial Lift Market Forecast
     4.5.1. Artificial Lift Market Size (US$ Mn) and Y-o-Y Growth
     4.5.2. Artificial Lift Market Size (000’ Units) and Y-o-Y Growth
     4.5.3. Artificial Lift Market Absolute $ Opportunity
5. Global Artificial Lift Market Analysis and Forecast by Types
  5.1. Market Trends
  5.2. Introduction
     5.2.1. Basis Point Share (BPS) Analysis by Types
     5.2.2. Y-o-Y Growth Projections by Types
  5.3. Artificial Lift Market Size and Volume Forecast by Types
     5.3.1. Gas Lift
     5.3.2. Electric Submersible Pump Lift
     5.3.3. Rod Lift
     5.3.4. Progressive Cavity Pump Lift
     5.3.5. Jet Pump Lift
     5.3.6. Reciprocating Rod Lift
     5.3.7. Others
  5.4. Absolute $ Opportunity Assessment by Types
  5.5. Market Attractiveness/Growth Potential Analysis by Types
6. Global Artificial Lift Market Analysis and Forecast by Applications
  6.1. Market Trends
  6.2. Introduction
     6.2.1. Basis Point Share (BPS) Analysis by Applications
     6.2.2. Y-o-Y Growth Projections by Applications
  6.3. Artificial Lift Market Size and Volume Forecast by Applications
     6.3.1. Onshore
     6.3.2. Offshore
  6.4. Absolute $ Opportunity Assessment by Applications
  6.5. Market Attractiveness/Growth Potential Analysis by Applications
7. Global Artificial Lift Market Analysis and Forecast by Region
  7.1. Market Trends
  7.2. Introduction
     7.2.1. Basis Point Share (BPS) Analysis by Region
     7.2.2. Y-o-Y Growth Projections by Region
  7.3. Artificial Lift Market Size and Volume Forecast by Region
     7.3.1. North America
     7.3.2. Latin America
     7.3.3. Europe
     7.3.4. Asia Pacific
     7.3.5. Middle East and Africa (MEA)
  7.4. Absolute $ Opportunity Assessment by Region
  7.5. Market Attractiveness/Growth Potential Analysis by Region
  7.6. Global Artificial Lift Demand Share Forecast, 2019-2026
8. North America Artificial Lift Market Analysis and Forecast
  8.1. Introduction
     8.1.1. Basis Point Share (BPS) Analysis by Country
     8.1.2. Y-o-Y Growth Projections by Country
  8.2. North America Artificial Lift Market Size and Volume Forecast by Country
     8.2.1. U.S.
     8.2.2. Canada
  8.3. Absolute $ Opportunity Assessment by Country
  8.4. North America Artificial Lift Market Size and Volume Forecast by Types
     8.4.1. Gas Lift
     8.4.2. Electric Submersible Pump Lift
     8.4.3. Rod Lift
     8.4.4. Progressive Cavity Pump Lift
     8.4.5. Jet Pump Lift
     8.4.6. Reciprocating Rod Lift
     8.4.7. Others
  8.5. Basis Point Share (BPS) Analysis by Types
  8.6. Y-o-Y Growth Projections by Types
  8.7. North America Artificial Lift Market Size and Volume Forecast by Applications
     8.7.1. Onshore
     8.7.2. Offshore
  8.8. Basis Point Share (BPS) Analysis by Applications
  8.9. Y-o-Y Growth Projections by Applications
  8.10. Market Attractiveness/Growth Potential Analysis
     8.10.1. By Country
     8.10.2. By Product Type
     8.10.3. By Application
  8.11. North America Artificial Lift Demand Share Forecast, 2019-2026
9. Latin America Artificial Lift Market Analysis and Forecast
  9.1. Introduction
     9.1.1. Basis Point Share (BPS) Analysis by Country
     9.1.2. Y-o-Y Growth Projections by Country
     9.1.3. Latin America Average Pricing Analysis
  9.2. Latin America Artificial Lift Market Size and Volume Forecast by Country
      9.2.1. Brazil
      9.2.2. Mexico
      9.2.3. Rest of Latin America
   9.3. Absolute $ Opportunity Assessment by Country
  9.4. Latin America Artificial Lift Market Size and Volume Forecast by Types
     9.4.1. Gas Lift
     9.4.2. Electric Submersible Pump Lift
     9.4.3. Rod Lift
     9.4.4. Progressive Cavity Pump Lift
     9.4.5. Jet Pump Lift
     9.4.6. Reciprocating Rod Lift
     9.4.7. Others
  9.5. Basis Point Share (BPS) Analysis by Types
  9.6. Y-o-Y Growth Projections by Types
  9.7. Latin America Artificial Lift Market Size and Volume Forecast by Applications
     9.7.1. Onshore
     9.7.2. Offshore
  9.8. Basis Point Share (BPS) Analysis by Applications
  9.9. Y-o-Y Growth Projections by Applications
  9.10. Market Attractiveness/Growth Potential Analysis
     9.10.1. By Country
     9.10.2. By Product Type
     9.10.3. By Application
  9.11. Latin America Artificial Lift Demand Share Forecast, 2019-2026
10. Europe Artificial Lift Market Analysis and Forecast
  10.1. Introduction
     10.1.1. Basis Point Share (BPS) Analysis by Country
     10.1.2. Y-o-Y Growth Projections by Country
     10.1.3. Europe Average Pricing Analysis
  10.2. Europe Artificial Lift Market Size and Volume Forecast by Country
     10.2.1. Germany
     10.2.2. France
     10.2.3. Italy
     10.2.4. U.K.
     10.2.5. Spain
     10.2.6. Russia
     10.2.7. Rest of Europe
  10.3. Absolute $ Opportunity Assessment by Country
  10.4. Europe Artificial Lift Market Size and Volume Forecast by Types
     10.4.1. Gas Lift
     10.4.2. Electric Submersible Pump Lift
     10.4.3. Rod Lift
     10.4.4. Progressive Cavity Pump Lift
     10.4.5. Jet Pump Lift
     10.4.6. Reciprocating Rod Lift
     10.4.7. Others
  10.5. Basis Point Share (BPS) Analysis by Types
  10.6. Y-o-Y Growth Projections by Types
  10.7. Europe Artificial Lift Market Size and Volume Forecast by Applications
     10.7.1. Onshore
     10.7.2. Offshore
  10.8. Basis Point Share (BPS) Analysis by Applications
  10.9. Y-o-Y Growth Projections by Applications
  10.10. Market Attractiveness/Growth Potential Analysis
     10.10.1. By Country
     10.10.2. By Product Type
     10.10.3. By Application
  10.11. Europe Artificial Lift Demand Share Forecast, 2019-2026
11. Asia Pacific Artificial Lift Market Analysis and Forecast
  11.1. Introduction
     11.1.1. Basis Point Share (BPS) Analysis by Country
     11.1.2. Y-o-Y Growth Projections by Country
     11.1.3. Asia Pacific Average Pricing Analysis
  11.2. Asia Pacific Artificial Lift Market Size and Volume Forecast by Country
     11.2.1. China
     11.2.2. Japan
     11.2.3. South Korea
     11.2.4. India
     11.2.5. Australia
     11.2.6. Rest of Asia Pacific (APAC)
  11.3. Absolute $ Opportunity Assessment by Country
  11.4. Asia Pacific Artificial Lift Market Size and Volume Forecast by Types
     11.4.1. Gas Lift
     11.4.2. Electric Submersible Pump Lift
     11.4.3. Rod Lift
     11.4.4. Progressive Cavity Pump Lift
     11.4.5. Jet Pump Lift
     11.4.6. Reciprocating Rod Lift
     11.4.7. Others
  11.5. Basis Point Share (BPS) Analysis by Types
  11.6. Y-o-Y Growth Projections by Types
  11.7. Asia Pacific Artificial Lift Market Size and Volume Forecast by Applications
     11.7.1. Onshore
     11.7.2. Offshore
  11.8. Basis Point Share (BPS) Analysis by Applications
  11.9. Y-o-Y Growth Projections by Applications
  11.10. Market Attractiveness/Growth Potential Analysis
     11.10.1. By Country
     11.10.2. By Product Type
     11.10.3. By Application
  11.11. Asia Pacific Artificial Lift Demand Share Forecast, 2019-2026
12. Middle East & Africa Artificial Lift Market Analysis and Forecast
  12.1. Introduction
     12.1.1. Basis Point Share (BPS) Analysis by Country
     12.1.2. Y-o-Y Growth Projections by Country
     12.1.3. Middle East & Africa Average Pricing Analysis
  12.2. Middle East & Africa Artificial Lift Market Size and Volume Forecast by Country
     12.2.1. Saudi Arabia
     12.2.2. South Africa
     12.2.3. UAE
     12.2.4. Rest of Middle East & Africa (MEA)
  12.3. Absolute $ Opportunity Assessment by Country
  12.4. Middle East & Africa Artificial Lift Market Size and Volume Forecast by Types
     12.4.1. Gas Lift
     12.4.2. Electric Submersible Pump Lift
     12.4.3. Rod Lift
     12.4.4. Progressive Cavity Pump Lift
     12.4.5. Jet Pump Lift
     12.4.6. Reciprocating Rod Lift
     12.4.7. Others
  12.5. Basis Point Share (BPS) Analysis by Types
  12.6. Y-o-Y Growth Projections by Types
  12.7. Middle East & Africa Artificial Lift Market Size and Volume Forecast by Applications
     12.7.1. Onshore
     12.7.2. Offshore
  12.8. Basis Point Share (BPS) Analysis by Applications
  12.9. Y-o-Y Growth Projections by Applications
  12.10. Market Attractiveness/Growth Potential Analysis
     12.10.1. By Country
     12.10.2. By Product Type
     12.10.3. By Application
  12.11. Middle East & Africa Artificial Lift Demand Share Forecast, 2019-2026
13. Competition Landscape
  13.1. Global Artificial Lift Market: Market Share Analysis
  13.2. Artificial Lift Distributors and Customers
  13.3. Artificial Lift Market: Competitive Dashboard
  13.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
     13.4.1. Baker Hughes Company
     13.4.2. SLB (Schlumberger Limited)
     13.4.3. Weatherford
     13.4.4. Halliburton Company
     13.4.5. Dover Corporation
     13.4.6. Upwing Energy
     13.4.7. ChampionX
     13.4.8. Microsoft
     13.4.9. NOV Inc.
     13.4.10. EBARA CORPORATION.
     13.4.11. JJ TECH
     13.4.12. Borets International Limited
     13.4.13. Cairn Oil & Gas, a vertical of Vedanta Limited.
     13.4.14. OiLSERV
     13.4.15. DistributionNOW
     13.4.16. GE Oil & Gas
     13.4.17. Flotek Industries, Inc.
     13.4.18. John Crane
     13.4.19. Others

The global artificial lift market has been segmented on the basis of

Type

  • Gas Lift
  • Electric Submersible Pump Lift
  • Rod Lift
  • Progressive Cavity Pump Lift
  • Jet Pump Lift
  • Reciprocating Rod Lift
  • Others

Well Type

  • Vertical
  • Horizontal

Mechanism

  • Pump Assisted
  • Gas Assisted

Application

  • Onshore
  • Offshore

Regions

  • Asia Pacific
  • North America
  • Latin America
  • Europe
  • Middle East & Africa

Key Players

  • Baker Hughes Company
  • SLB (Schlumberger Limited)
  • Weatherford
  • Halliburton Company
  • Dover Corporation
  • Upwing Energy
  • ChampionX
  • Microsoft
  • NOV Inc.
  • EBARA CORPORATION.
  • JJ TECH
  • Borets International Limited
  • Cairn Oil & Gas, a vertical of Vedanta Limited.
  • OiLSERV
  • DistributionNOW
  • GE Oil & Gas
  • Flotek Industries, Inc.
  • John Crane
  • Others

Key players competing in the global artificial lift market are Baker Hughes Company; SLB (Schlumberger Limited); Weatherford; Halliburton Company; Dover Corporation; Upwing Energy; ChampionX; Microsoft; NOV Inc.; EBARA CORPORATION.; JJ TECH; Borets International Limited; Cairn Oil & Gas, a vertical of Vedanta Limited.; OiLSERV; DistributionNOW.; GE Oil & Gas; Flotek Industries, Inc.; John Crane; and others.

Some of these major companies have adopted various business development strategies including acquisitions, mergers, collaborations, partnerships, product launches, and production capacity expansion to expand their consumer base and enhance their market share.

  • In July 2022, Baker Hughes Company, a US-based international industrial service company acquired AccessESP, a global provider of artificial lift solutions. The acquisition is aimed at reducing the costs and downtime of oilfield operators.
  • In May 2022, ChampionX, a global leader in artificial lift solutions, launched XSPOC 3.2, which is an update for XSPOC production optimization software. The newly launched update expands AI-driven autonomous control capabilities and provides analytics features for plunder lift, rod lifts, & gas lifts.
  • In April 2021, Microsoft partnered with Ambyint, a global leader in artificial lift optimization, to provide rod lifts and plunger lift wells solutions to oil & gas companies. The partnership aids Microsoft to deploy Ambyint’s optimization applications, automated capabilities, and other advanced technologies to its customers.
artificial-lift-by-key-players

Buy Report

FAQ Section

Some frequently asked quetions about this report!

The global artificial lift market is estimated to register a CAGR of around 7.45% during the forecast period.

The global artificial lift market size was valued at around USD 9.75 Bn in 2021 and is anticipated to reach around USD 18.5 Bn by 2030.

Type, well type, mechanism, application, and region are the segments provided in the global artificial lift market report.

High demand for energy across several industries, high exploration of unconventional resources, rising extraction from mature fields, and increasing production of heavy crude oil are the factors driving the global artificial lift market.

North America dominates the global artificial lift market.

Baker Hughes Company; SLB (Schlumberger Limited); Weatherford; Halliburton Company; Dover Corporation; Upwing Energy; ChampionX; Microsoft; NOV Inc.; EBARA CORPORATION.; JJ TECH; Borets International Limited; Cairn Oil & Gas, a vertical of Vedanta Limited.; OiLSERV; DistributionNOW.; GE Oil & Gas; Flotek Industries, Inc.; and John Crane are some of the key players in the global market.