Artificial Lift System Market by Types (Electric Submersible Pump Systems, Progressive Cavity Pump Systems, Rod Lift Systems, and Others) and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2021 – 2028
The global artificial lift system market size is anticipated to register a high CAGR during the forecast period, 2021–2028. 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.
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 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.
| Attributes | Details |
| Report Title | Artificial Lift System Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
| Base Year | 2020 |
| Historic Data | 2018–2019 |
| Forecast Period | 2021–2028 |
| Segmentation | Types (Electric Submersible Pump Systems, Progressive Cavity Pump Systems, Rod Lift Systems, and Others) |
| 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, 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.
Segments
Segments Covered in the Report
The global artificial lift system market has been segmented on the basis of
Types
- Electric Submersible Pump Systems
- Progressive Cavity Pump Systems
- Rod Lift Systems
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Halliburton Company
- Schlumberger Limited.
- Weatherford International Ltd
- Baker Hughes Co
- Dover Corp
Competitive Landscape
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.
2. Assumptions and Acronyms Used
3. Research Methodology
4. Artificial Lift System 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 System 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 System Market - Supply Chain
4.5. Global Artificial Lift System Market Forecast
4.5.1. Artificial Lift System Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Artificial Lift System Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Artificial Lift System Market Absolute $ Opportunity
5. Global Artificial Lift System Market Analysis and Forecast by Region
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Region
5.2.2. Y-o-Y Growth Projections by Region
5.3. Artificial Lift System Market Size and Volume Forecast by Region
5.3.1. North America
5.3.2. Latin America
5.3.3. Europe
5.3.4. Asia Pacific
5.3.5. Middle East and Africa (MEA)
5.4. Absolute $ Opportunity Assessment by Region
5.5. Market Attractiveness/Growth Potential Analysis by Region
5.6. Global Artificial Lift System Demand Share Forecast, 2019-2026
6. North America Artificial Lift System Market Analysis and Forecast
6.1. Introduction
6.1.1. Basis Point Share (BPS) Analysis by Country
6.1.2. Y-o-Y Growth Projections by Country
6.2. North America Artificial Lift System Market Size and Volume Forecast by Country
6.2.1. U.S.
6.2.2. Canada
6.3. Absolute $ Opportunity Assessment by Country
6.4. Market Attractiveness/Growth Potential Analysis
6.4.1. By Country
6.4.2. By Product Type
6.4.3. By Application
6.5. North America Artificial Lift System Demand Share Forecast, 2019-2026
7. Latin America Artificial Lift System Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.1.3. Latin America Average Pricing Analysis
7.2. Latin America Artificial Lift System Market Size and Volume Forecast by Country
7.2.1. Brazil
7.2.2. Mexico
7.2.3. Rest of Latin America
7.3. Absolute $ Opportunity Assessment by Country
7.4. Market Attractiveness/Growth Potential Analysis
7.4.1. By Country
7.4.2. By Product Type
7.4.3. By Application
7.5. Latin America Artificial Lift System Demand Share Forecast, 2019-2026
8. Europe Artificial Lift System 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
8.1.3. Europe Average Pricing Analysis
8.2. Europe Artificial Lift System Market Size and Volume Forecast by Country
8.2.1. Germany
8.2.2. France
8.2.3. Italy
8.2.4. U.K.
8.2.5. Spain
8.2.6. Russia
8.2.7. Rest of Europe
8.3. Absolute $ Opportunity Assessment by Country
8.4. Market Attractiveness/Growth Potential Analysis
8.4.1. By Country
8.4.2. By Product Type
8.4.3. By Application
8.5. Europe Artificial Lift System Demand Share Forecast, 2019-2026
9. Asia Pacific Artificial Lift System 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. Asia Pacific Average Pricing Analysis
9.2. Asia Pacific Artificial Lift System Market Size and Volume Forecast by Country
9.2.1. China
9.2.2. Japan
9.2.3. South Korea
9.2.4. India
9.2.5. Australia
9.2.6. Rest of Asia Pacific (APAC)
9.3. Absolute $ Opportunity Assessment by Country
9.4. Market Attractiveness/Growth Potential Analysis
9.4.1. By Country
9.4.2. By Product Type
9.4.3. By Application
9.5. Asia Pacific Artificial Lift System Demand Share Forecast, 2019-2026
10. Middle East & Africa Artificial Lift System 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. Middle East & Africa Average Pricing Analysis
10.2. Middle East & Africa Artificial Lift System Market Size and Volume Forecast by Country
10.2.1. Saudi Arabia
10.2.2. South Africa
10.2.3. UAE
10.2.4. Rest of Middle East & Africa (MEA)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Market Attractiveness/Growth Potential Analysis
10.4.1. By Country
10.4.2. By Product Type
10.4.3. By Application
10.5. Middle East & Africa Artificial Lift System Demand Share Forecast, 2019-2026
11. Competition Landscape
11.1. Global Artificial Lift System Market: Market Share Analysis
11.2. Artificial Lift System Distributors and Customers
11.3. Artificial Lift System Market: Competitive Dashboard
11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
11.4.1. Halliburton Company Schlumberger Limited. Weatherford International Ltd Baker Hughes Co Dover Corp
Segments Covered in the Report
The global artificial lift system market has been segmented on the basis of
Types
- Electric Submersible Pump Systems
- Progressive Cavity Pump Systems
- Rod Lift Systems
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Halliburton Company
- Schlumberger Limited.
- Weatherford International Ltd
- Baker Hughes Co
- Dover Corp
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.
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