The global artificial lift market is growing due to decline in oil reservoirs, increase in shale oil and gas production. The recent decline in oil prices is also estimated to increase the demand for production focused services such as pressure pumping, artificial lift and enhanced oil recovery in comparison to drilling services. The unconventional production has transformed the oil and gas industry in North America over the last decade. The tight oil production in U.S. has pushed its crude oil supply to over 10% of world total. There are different types of artificial lifts which include rod lift, electric submersible pumps, progressive cavity pumps, gas lift and others. The Artificial lift Market is projected to grow at a high CAGR of around 7% during the forecast period.

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The global artificial lift market is growing due to decline in oil reservoirs, increase in shale oil and gas production. The recent decline in oil prices is also estimated to increase the demand for production focused services such as pressure pumping, artificial lift and enhanced oil recovery in comparison to drilling services. The unconventional production has transformed the oil and gas industry in North America over the last decade. The tight oil production in U.S. has pushed its crude oil supply to over 10% of world total. There are different types of artificial lifts which include rod lift, electric submersible pumps, progressive cavity pumps, gas lift and others.

Leading Players

The major participants of this market are Baker Hughes, Borets, Cameron International, Dover Corporation, GE Oil & Gas, Halliburton, John Crane, National Oilwell Varco, Schlumberger, and Weatherford.

Segmental Overview

Artificial lift market has been segmented on the basis of type, mechanism, application, and region. Based on type, the market is classified into rod lift, ESP, PCP, gas lift, and others. Others include plunger lift and hydraulic pumping. Among these, rod lift segment is expected to dominate the market as it can be used for wide range of operating conditions and production rates. Also, it is easy to operate, and it find application majorly in inclined, deep, and horizontal wells. The artificial lift market by mechanism is segmented into pump assisted and gas assisted. Pump assisted is estimated to hold the largest share owing to major deployment of rod lift, ESP, and PCP pumping systems. Based on application, the artificial lift market is segmented into onshore and offshore. Onshore segment is expected to dominate the global artificial lift market. Offshore segment is expected to grow at fastest rate owing to rising investments in offshore sector globally and due to offshore discoveries in African region.

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Regional Outlook

Artificial lift market by region is segmented into Asia Pacific, North America, Europe, the Middle East & Africa, and South America. North America is expected to hold the largest share during the forecast period due to rising number of mature oilfields in the region and increasing shale gas production in the region. US is the key country in the North America region for artificial lift due to rising production from unconventional sources. In North America, rod lift is expected to dominate the artificial lift market based on type segment. The Middle East & Africa is projected to grow at fastest rate during the forecast period owing to presence of large number of reservoirs in the Middle East and Africa region. In addition to this, presence of mature fields is further expected to drive the artificial lift market in the Middle East & Africa.

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