Industry Overview
The global Artificial Lift Market was valued at USD 9.5 billion in 2023 and will reach USD 14.2 billion by 2030. The market is witnessing significant growth owing to extensive demand for fossil fuels and an escalating number of settled reserves that comprise a large amount of crude oil. Additionally, swelling production capabilities of shale gas and heavy oil are further driving the growth of the artificial lift market globally.
Market Segmentation
Insight by Type
Based on type, the global artificial lift market is segmented into Rod Lifts, Electric Submersibles, Progressive Cavity Pumps, Gas Lift, and Other types of artificial lift. Among all the types, rod lift is expected to witness the fastest growth, registering a CAGR of 6.5% during the forecast period 2023–2030. The rapid growth of rod lift has contributed to enhanced demand in the U.S. and Canada for the unconventional fabrication of oil and shale gas. Rod lifts are considered to be quite an economical and efficient alternative enabling manufacturers to develop consistency in several downhole equipment, which provides enhanced volume and higher deviations in the production process thereby contributing towards the accelerating growth of the global artificial lift market.
Global Artificial Lift Market Report Coverage
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Report Metric
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Details
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Historical Period
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2018 - 2023
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Base Year Considered
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2024
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Forecast Period
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2025 - 2030
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Market Size in 2023
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U.S.D. 9.5 Billion
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Revenue Forecast in 2030
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U.S.D. 14.2 Billion
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Growth Rate
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6.5%
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Segments Covered in the Report
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By Type, By Mechanism, By Application
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Report Scope
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Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling
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Regions Covered in the Report
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North America, Europe, Asia-Pacific, Middle East, and Rest of the World
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Industry Dynamics
Growth Drivers
The maturing oil and gas fields, accelerating deep-water or ultra-deep activities, and depleting oil reservoirs are the major driving factors contributing to the growth of the global artificial lift market. Oil production is observed to be enhanced at a peak rate approximately in 35 countries including some of the major oil producers such as Kuwait and Russia. Moreover, artificial lifts enable the producer to have better control, optimizing the unloading fluid process and performing various activities such as gas injection points without any hindrance and in an efficient manner.
This flexibility in operations achieved by artificial lift is expected to help in fulfilling the future demand for oil and gas manipulation challenges by significantly decreasing gas-lift costs for subsea wells and deep water. All these factors are excessively enhancing the demand for the artificial lift market across the globe.
Challenges
The application of artificial lift in horizontal wells is the major challenge for the growth of the global artificial lift market. It has been observed that the artificial lifts are not significant for wells with substantial deviations from vertical wells. The placement of rod pumps and other artificial lift methods in a strayed manner leads to several problems such as high exertion on the reservoir, deprived liquid lift proficiencies due to the intrusion of gas in down-hole pumps and huge operating costs are some of the factors that hinder the growth of artificial lift market globally.
Industry Ecosystem
Globally industry players in the artificial lift market are leveraging new and innovative artificial lift technologies consolidated with new techniques and processes that enable its users to maximize production capabilities and reduce risk and thus assist shale operators to attain a competitive edge. The providers are continuously implementing low-cost effective lift systems and help the users in attaining optimum production capabilities to flourish in the existing artificial lift market.
Geographic Overview
Geographically, North America is the largest artificial lift market as the region is observing pervasive demand for primary energy resources such as household activities, transportation, and power generation is expanding the consumption of oil and gas in this region. This is persuading the manufacturers of oil and gas to meet this ever-increasing demand and thereby dig deep, thus leading to accelerating demand for artificial lift in North America.
Moreover, Asia Pacific is expected to witness the fastest growth in the artificial lift market during the forecast period 2025–2030. Countries in this region specifically China and India are estimated to swell the oil and gas demand that is expected to drive the demand for the artificial lift market in this region.
Competitive Insight
Increasing opportunities observed by oil and gas producers in the artificial lift market and the development of mature fields are encouraging the manufacturers to rapidly adopt this system and provide cost efficiency and steady performance to their customers. Market players in the artificial lift system are Baker Hughes, Schlumberger, Dover Corporation, Cameron International, Borets, Weatherford, GE Oil & Gas, Halliburton, John Crane, and National Oilwell Varco.
The Artificial Lift Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2025–2030.
- Type
- Rod Lift
- Electric Submersible Pump
- Progressive Cavity Pumps
- Gas Lift
- Others
- Mechanism
- Pump Assisted (Positive Displacement and Dynamic Displacement)
- Gas Assisted
- Application
Region Covered in the Report
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
- Rest of the World (RoW)
- Brazil
- Saudi Arabia
- South Africa
- U.A.E.
- Other Countries
