Artificial Lift Market

Artificial Lift Market Size & Share - Future Growth Expectations

The global artificial lift market size is expected 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 major factors driving the growth of this market include the growing focus on reducing greenhouse gas emissions and increasing efforts toward empowering hydrogen economy.

The artificial lift market has been experiencing steady growth due to several key factors.

  • Maturing Oil and Gas Wells
  • Technological Developments
  • Shale Oil and Gas Production
  • Deepwater and Ultra-Deepwater Exploration
  • Focus on Production Optimization
  • Energy Efficiency and Environmental Concerns
  • Market Expansion in Emerging Regions

To know about the assumptions considered for the study download the pdf brochure

Maturing Oil and Gas Wells:

  • Natural pressure drops with ageing oil and gas wells, which lowers production rates. By raising fluids to the surface, artificial lift technologies are used to preserve or boost output from wells that are already mature. Since older fields produce a large amount of the world's oil and gas, there is an increasing need for artificial lift systems to maintain production levels.

Technological Developments:

  • Efficiency, dependability, and performance have all increased thanks to ongoing developments in artificial lift technologies, such as progressive cavity pumps (PCP), gas lift systems, rod lift systems, hydraulic lift systems, and electric submersible pumps (ESP). Artificial lift solutions are being adopted more frequently as a result of improved downhole sensors, data analytics, and monitoring and control systems that enable real-time optimization and predictive maintenance.

Shale Oil and Gas Production:

  • Artificial lift systems are in high demand because to the rise in unconventional oil and gas production, especially in shale formations. Because of their varying reservoir features and quick decline rates, shale wells usually require artificial lift techniques. The market for artificial lift has grown as a result of the rise of shale drilling operations, especially in areas like the US Permian Basin.

Deepwater and Ultra-Deepwater Exploration:

  • In order to get hydrocarbons to the surface, artificial lift systems are being used more frequently in deepwater and ultra-deepwater projects as offshore development moves into deeper waters. Subsea artificial lift technologies, like hydraulic lift systems and ESPs, allow offshore wells to produce effectively in difficult circumstances. The global growth of deepwater reserves is driving the need for sophisticated artificial lift systems.

Focus on Production Optimization:

  • In order to optimize recovery and minimize operating expenses, oil and gas operators are concentrating more and more on maximizing production from their current assets. Because artificial lift technologies increase well performance and efficiency, they are essential to production optimization techniques. Artificial lift solutions are becoming more and more popular because operators can maximize production rates, minimize downtime, and prolong the life of reservoirs with the use of sophisticated monitoring, automation, and control systems.

Energy Efficiency and Environmental Concerns:

  • In the oil and gas sector, energy efficiency and environmental sustainability are factors that are becoming more and more crucial. Operators choose artificial lift systems with low energy usage, low greenhouse gas emissions, and minimal environmental impact. The development of increasingly energy-efficient artificial lift solutions is facilitated by advancements in pump design, motor efficiency, and variable speed drives.

Market Expansion in Emerging Regions:

  • The demand for artificial lift systems is rising in emerging regions due to rising energy costs and investments in exploration and production of oil and gas. To boost output from both conventional and unconventional reservoirs, nations in the Middle East, Asia-Pacific, and Latin America are investing in artificial lift technology. The market is growing as a result of emerging markets using artificial lift technologies more frequently.

As operators look to maximize production from current assets and as long as there is a robust worldwide market for oil and gas, the artificial lift market is predicted to keep expanding. technological developments, a rise in shale and deepwater drilling, efforts to optimize output, considerations for energy efficiency, and the growth of market in emerging economies.

Artificial Lift Market Share - Global Industry Landscape

The artificial lift market is characterized by the presence of several key players competing for market share. Some of the leading companies in the artificial lift industry include:

  • Halliburton (US)
  • Weatherford (US)
  • SLB (US)
  • Baker Hughes Company (US)
  • ChampionX (US)

The interest and investment from large energy firms, governments, and research institutes show an increasing momentum for the development and commercialization of blue ammonia as a low-carbon energy carrier, even though market share data especially for blue ammonia may not be easily available. Market share in the blue ammonia industry may change as initiatives develop, technology advances, and policies encourage the use of low-carbon fuels.

Halliburton (US)

  • 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.

Weatherford (US)

  • 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.

SLB (US)

  • SLB is one of the largest oilfield services companies globally, offering a wide range of technologies and solutions for the oil and gas industry, including artificial lift systems. The company provides electrical submersible pumps (ESP), rod lift systems, gas lift systems, and hydraulic pumping units.

Baker Hughes Company (US)

  • Baker Hughes is a leading energy technology company that provides equipment, services, and digital solutions for the oil and gas industry. The company offers artificial lift systems, including ESP, gas lift, rod lift, and hydraulic pumping units, to optimize production from wells.

ChampionX (US)

  • 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.

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

Artificial Lift Market Size,  Share & Growth Report
Report Code
EP 3045
RI Published ON
5/7/2024
Choose License Type
BUY NOW
ADJACENT MARKETS
REQUEST BUNDLE REPORTS
GET A FREE SAMPLE

This FREE sample includes market data points, ranging from trend analyses to market estimates & forecasts. See for yourself.

SEND ME A FREE SAMPLE
+1-888-600-6441
  • Call Us
  • +1-888-600-6441 (Corporate office hours)
  • +1-888-600-6441 (US/Can toll free)
  • +44-800-368-9399 (UK office hours)
CONNECT WITH US
ABOUT TRUST ONLINE
©2024 MarketsandMarkets Research Private Ltd. All rights reserved
DMCA.com Protection Status