The artificial lift market is projected to grow from an estimated USD 6.9 billion in 2022 to USD 8.7 billion by 2027, at a CAGR of 4.8% during the forecast period. Growing upstream activities concerning unconventional oil & gas resources, the rising need to maximize the production potential of mature fields, and the increasing global oil demand are identified to be the major drivers of the artificial lift market.
A few major players with a wide regional presence dominate the artificial lift market. The leading players in this market include Schlumberger Limited (US), Baker Hughes Company (US), Halliburton (US), NOV Inc (US), and Weatherford (US).
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The major strategies adopted by these players include contracts & agreements, investments & expansions, mergers & acquisitions, joint ventures, and partnerships & collaborations. Contracts & agreements and investments were the two most commonly adopted strategies from 2017 to 2022.
Schlumberger Limited is one of the leading providers of products, services, technology, information solutions, and integrated project management solutions in the global oil & gas exploration & production industry. The company operates through the following business segments: Digital & Integration, Reservoir Performance, Well Construction, and Production Systems. The company provides artificial lift solutions through its Production Systems segment. The Production Systems segment is responsible for developing technologies and providing expertise that enhances production and recovery from reservoirs to the surface, into pipelines, and to refineries. Under the Production Systems segment, the company offers artificial lift solutions along with completions equipment, OneSubsea, Surface, Valves, and Processing solutions. Its artificial lift portfolio includes rod lifts, electric submersible pumps, gas lifts, and progressing cavity pumps that help to maintain and increase the performance of production wells. Schlumberger Limited operates its business in more than 120 countries and has a global presence including North America, Europe, Asia Pacific, South America, the Middle East, and Africa. The company has its executive offices in Houston, Paris, The Hague, and London.
Baker Hughes Company is an energy company with a portfolio of technologies and services catering to the energy and industrial value chain. The company operates its business primarily through four segments: Oilfield Services, Oilfield Equipment, Turbomachinery & Process Solutions, and Digital Solutions. The Oilfield Services segment provides solutions and systems for onshore and offshore well operations ranging from drilling, evaluation, completion, production, and intervention. Under the Oilfield Services segment, the company offers a broad range of products and services, such as artificial lift systems, diamond and tri-cone drill bits, drilling services (including directional drilling technology, measurement while drilling, and logging while drilling), wireline services, drilling and completion fluids, downhole completions tools and systems, wellbore intervention tools and services, pressure pumping, and oilfield and industrial chemicals. The company conducts operations through affiliates, subsidiaries, alliances, and ventures and operates in more than 120 countries globally. The company has its presence globally, especially in the regions of North America, Africa, the Middle East, and Europe.
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 2027
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