Artificial Lift Market worth $9.0 Billion by 2028

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Artificial Lift Market worth $9.0 Billion by 2028

August 30
21:31 2023
Artificial Lift Market worth $9.0 Billion by 2028
The global artificial lift market is expected to grow from an estimated USD 7.3 billion in 2023 to USD 9.0 billion by 2028, at a CAGR of 4.4% during the forecast period.

The global Artificial Lift Market is projected to reach USD 9.0 billion in 2028 from USD 7.3 billion in 2023 at a CAGR of 4.4% according to a new report by MarketsandMarkets™.  Artificial lift comprises techniques in the oil and gas sector to boost hydrocarbon production from wells with insufficient natural pressure. Employed when reservoir pressure is inadequate, methods like rod lift systems, electric submersible pumps, gas lift, and hydraulic pumping enhance flow rates. These mechanisms enable more efficient recovery, compensating for declining reservoir pressure and optimizing production in mature wells. The growing requirement to maximize the production potential of mature fields is one of the leading factors driving the growth of the artificial lift market, as the demand for oil and gas is constantly growing. Digitalization and automation to enable better analysis of good conditions present promising opportunities for the artificial lift market.

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The Rod Lift System is expected to grow at the highest CAGR in the artificial lift market.

Based on type, the artificial lift market has been split into rod lift systems, electric submersible pumps, progressive cavity pumps, gas lift systems, and others. Rod lift systems are expected to grow at the highest CAGR during the forecasted period. The most prevalent form of the artificial lift system is the rod lift. Operating through mechanisms like sucker rod pumps and beam pumps, rod lifts employ a surface power supply to operate a downhole pump assembly, constituting a method of artificial lift.

The pump-assisted segment is expected to be the largest segment in the artificial lift market.

This report segments the artificial lift market based on mechanism into two segments: pump-assisted and gas assisted. The pump-assisted segment is expected to be the largest segment during the forecast period owing to the Rise in multistage drilling operations. This segment is further categorized, by type, into positive displacement and dynamic displacement pumps. Artificial lift methods with pump assistance encompass ESPs, PCPs, plunger lifts, hydraulic systems, linear lifts, and rod lifts. These pumps elevate the bottom-hole pressure within the tubing, facilitating the upward movement of sufficient fluid to the surface.

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North America is expected to be the largest region in the artificial lift market.

North America is expected to be the largest artificial lift market during the forecast period. The North American region comprises major economies such as US, Canada, and Mexico. The artificial lift market in North America is primarily fueled by the robust infrastructure and thriving oil & gas sector. An accelerated surge in both upstream and downstream operations, coupled with a buoyant outlook for the oil & gas industry, forms the core drivers propelling the regional artificial lift market. Notably, the share of horizontal wells surged from 5.4% in 2011 to 18.1% in 2021. The escalating presence of unconventional reserves like tight oil and shale gas stands as a key impetus behind the escalated demand for artificial lift solutions across the United States and Canada.

Key Market Players:

Some of the major players in the Artificial Lift Market are SLB (US), Baker Hughes Company (US), Halliburton (US), Weatherford (US), and ChampionX (US). The major strategies adopted by these players include new product launches, acquisitions, contracts, agreements, collaborations, and expansions.

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