Artificial Lift Market

Market Leaders - Artificial Lift Market

The global artificial lift market is projected to reach USD 10.3 billion by 2025 from an estimated USD 8.0 billion in 2020, at a CAGR of 5.0% during the forecast period. Stabilized oil prices have revitalized the exploration & production expenditures globally. This has led to increased investments in the enhancement of productivity of oil & gas wells. Furthermore, the global artificial market is driven by the upsurge in the oil & gas production by countries owing to rising demand from the Asia Pacific.

North America is estimated to be the fastest growing market for artificial lift during the forecast period. The region has been segmented, by country, into US and Canada. The increasing shale oil & gas production in the North America region is driving the artificial lift market in this region. According to the BP statistical report for June 2019, the US is the top producer of oil, producing 15.3 billion barrels of oil, in 2018. Moreover, the country has been experiencing huge investments from upstream operators to increase the production from the depleting fields in Texas, Permian Basin, and the Gulf of Mexico, along with new drilling activities in ultra-deepwater locations in the Gulf of Mexico, which is likely to drive the North American artificial lift market.

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The artificial lift market, by type, is segmented into Electric Submersible Pump (ESP), rod lift, Progressive Cavity Pump (PCP), gas lift, and others. Others includes hydraulic pumping systems and plunger lift. The rod lift services are observed to be new revenue pockets for the oil field service providers owing to the development of of shale reservoirs and oil sand formations. Rod lift, beam lift, or sucker rod lift uses a surface power source to drive a downhole pump assembly. The need to enhance production from mature reservoirs are expected to drive the market for this segment during the forecast period.

The report segments the artificial lift market, by well type, into horizontal and vertical. The horizontal segment of the artificial lift market is expected to grow at the highest CAGR during the forecast period, as horizontal drilling is observed as a more efficient method of drilling. The horizontal wells account for about 70% of the total drilled wells. Furthermore, the offshore and shale developments have boosted the horizontal well type to be the largest and the fastest growing segment of the global artificial lift market.

The artificial lift market, by application, is categorized into onshore and offshore. The onshore segment is expected to grow at the fastest rate during the forecast period.  Artificial methods such as sucker rod pumps, and beam pumps are most prominent on onshore oil wells. The onshore oil & gas industry continues to evolve in North America, and this has resulted in higher demand for improved efficiency of the operations to increase the production from oil & gaswells. North America has seen a significant rise in rig counts up to 1036 which can be attributed to greater onshore operations, specifically in Texas’s Permian and Eagle Ford basins. This growing demand in onshore plays shows an increasing recovery from basins like Permian. Thus, redevelopment of mature onshore oilfields along with growing shale activities to drive the onshore artificial lift market.

The artificial lift market, by mechanism, is categorized into pump assisted and gas assisted. Pump assisted is the largest segment in the artificial lift market. Pump assisted artificial lift systems include ESP, PCP, plunger lift, hydraulic systems, linear lift systems, and rod pump. The pumps are used to increase bottomhole pressure of tubing string to lift sufficient amount of fluid to the surface. Artificial lift methods with pump assisted systems have operating depth ranging from 100 ft TVD to 17,000 ft TVD and typical operating volume ranging from 5 BPD to 30,000 BPD. For this mechanism, the operating temperature ranges from 100ºF to 500ºF. This segment is further categorized into positive displacement and dynamic displacement pumps. Thus, increasing adoption of rod lift pumps and PCPs in North America and Middle East & African regions to drive the pump assisted market.

Related Reports:

Artificial Lift Market by Type(ESP, PCP, Rod Lift, Gas Lift, and Others); Mechanism(Pump Assisted (Positive Displacement, Dynamic Displacement), Gas Assisted); Well Type(Horizontal, Vertical); Application(Onshore, Offshore); Region - Global Forecast to 2025

Contact:
Mr. Sanjay Gupta
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]

Report Code
EP 3045
RI Published ON
3/27/2020
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