Artificial Lift System Market Outlook 2031
The global artificial lift system market size was USD 30.51 Billion in 2022 and is anticipated to reach USD 59.48 Billion by 2031 register a high CAGR 7.7% during the forecast period, 2023–2031. The growth of the market is attributed to the increasing demand for energy & petrochemicals.
Artificial lift system is utilized on oil wells to increase pressure in the reservoir to lift oil from the bottom hole to the surface. This system is utilized to increase the productivity of oil wells. 95% of the oil wells require artificial lift.
Artificial lift is required when pressure drains over time in the wells. Therefore, artificial lift is performed on all wells during their production life. Different methods are used to achieve artificial lift. The two important classes of artificial lift include pumping systems and gas lifts. A bottomhole flowing pressure and higher flow rate can be attained with gas lift. The density of the fluid in the tube is dropped down and expanding gas helps to lift the fluids.
Artificial Lift System Market Trends, Drivers, Restraints, and Opportunities
- Increasing exploration activities is expected to propel the artificial lift system market growth.
- Hugh investments by exploration & production companies on development of matured & marginal oil fields is anticipated to spur the growth of the market.
- The wide scope of artificial lift systems due to heavy oil & unconventional hydrocarbon resources is driving the market growth.
- Growing demand for oil and natural gas is expected to spur the market expansion in the coming years.
- The COVID-19 pandemic had halted the exploration activities across the globe, impeding the market growth. However, relaxation in restrictions is expected to help the market reach pre-COVID level soon.
- Increasing subsea operations is anticipated to boost the growth of the artificial lift systems market.
- Smart water flooding and various IOR technology can hinder the market growth during the forecast period.
- Ongoing technological advancement to economically extract oil from challenging areas can offer lucrative opportunities for the market growth.
Scope of The Artificial Lift System Market Report
The report on the global artificial lift system market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
Artificial Lift System Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
Types (Electric Submersible Pump Systems, Progressive Cavity Pump Systems, Rod Lift Systems, and Others)
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
Key Players Covered in the Report
Halliburton Company, Schlumberger Limited., Weatherford International Ltd, Baker Hughes Co, and Dover Corp.
Artificial Lift System Market Segment Insights
Electric submersible pump systems segment to account a key market share
Based on types, the market is divided into electric submersible pump systems, progressive cavity pump systems, rod lift systems, and others. The electric submersible pump systems segment is expected to constitute a major market share in the coming years. Electric submersible pump system is preferred as an appropriate choice for large oil wells that have reached peak oil production phase.
Increasing focus on heavy oil reservoirs and rising demand for electric submersible pump systems in shale reservoirs are expected to drive growth of the market segment.
North America to dominate the market
On the basis of regions, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market during the forecast period. The regional market growth can be attributed to increasing activities such as shale discoveries and exploration & production.
Companies are planning to develop larger multi-well facilities by employing artificial lift technologies with the latest techniques to increase production, which is anticipated to boost the demand for artificial lift systems in the region in the projected timeline. The early adoption of latest technologies and fossil fuel reserves are major driving factors of the regional market.
The global artificial lift system market has been segmented on the basis of
- Electric Submersible Pump Systems
- Progressive Cavity Pump Systems
- Rod Lift Systems
- Asia Pacific
- North America
- Latin America
- Middle East & Africa
Key players competing in the artificial lift system market include Halliburton Company, Schlumberger Limited., Weatherford International Ltd, Baker Hughes Co, and Dover Corp.
Companies are engaging in partnerships and collaborations to expand their market share. Moreover, major players are focusing on acquisitions to expand their product offerings and leverage their market position.