Artificial Lift Market

Artificial Lift Companies - Halliburton (US), Weatherford (US) and ChampionX (US) are Key Players

The global artificial lift market is projected to reach USD 9.0 billion by 2028 from an estimated USD 7.3 billion in 2023, at a CAGR of 4.4% during the forecast period. The need for the artificial lift method to optimize production and enhance the recovery rate from the mature wells owing to declining reservoir pressure and an increase in the global oil demand is driving the growth of the artificial lift market.

Due to their strong supply network, a few global and regional players hold a strong foothold in the artificial lift market. SLB (US), Baker Hughes Company (US), Halliburton (US), Weatherford (US), and ChampionX (US) are the market leaders in the global artificial lift market. These companies have adopted strategies such as product launches, partnerships, contracts, agreements, acquisitions, and expansions to increase their market share.

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Weatherford is a notable supplier of products and services to the oil & gas sector, providing a diverse range of solutions that facilitate drilling, evaluation, completion, production, and intervention activities. The company operates its business through four business segments, namely, Drilling and Evaluation, Well Construction and Completions, Production and Intervention, and All Others. The Production and Intervention business segment is responsible for designing, manufacturing, and servicing products and systems related to artificial lift. Its artificial lift portfolio includes reciprocating rod lift systems, progressing cavity pumping systems, gas-lift systems, jet-pump systems, and plunger-lift systems. The company operates its business in more than 75 countries globally, especially in North America, Latin America, the Middle East, Africa, Asia, and Europe.

Halliburton is one of the leading service providers and product suppliers for the exploration, development, and production of oil and natural gas. The company operates through two business segments, namely, Completion and Production and Drilling and Evaluation. It offers artificial lift products and services through the Completion and Production business segment. The Completion and Production segment provides artificial lift, cementing, stimulation, intervention, pressure control, and completion products and services that help optimize production. Under the artificial lift portfolio, the company offers various solutions such as electric submersible pumps, horizontal pumping systems, geothermal pumping systems, mining pumping systems, municipal pumping systems, variable speed drives, and well surveillance and monitoring solutions.

The company conducts its business operations in more than 70 countries in North America, South America, Europe/Africa/the Commonwealth of Independent States (CIS), and the Middle East/Asia.

ChampionX is one of the leading providers of oil field technological solutions. ChampionX specializes in chemistry solutions, artificial lift systems, and advanced equipment and technologies to support safe, efficient, and sustainable oil & gas exploration, drilling, and production operations. ChampionX majorly operates its business through four segments, namely, Production Chemical Technologies, Production & Automation Technologies, Drilling Technologies, and Reservoir Chemical Technologies. The other business activities of the company are included in the Corporate and Other segment.

Through the Production & Automation Technologies business segment, ChampionX offers artificial lift solutions that enable an end user to operate more efficiently and thus optimize production. ChampionX primarily operates in the US, Middle East & Africa, Latin America, Canada, Europe, Australia, and Asia Pacific. The company provides services to its customers in more than 70 countries.

Related Reports:

Artificial Lift Market by Type (ESP, PCP, Rod Lift, Gas Lift), Mechanism (Pump Assisted (Positive Displacement, Dynamic Displacement), Gas Assisted), Well Type (Horizontal, Vertical), Application (Onshore, Offshore) and Region - Global Forecast to 2028

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Artificial Lift Market Size,  Share & Growth Report
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