Artificial Lift Market Size Worth $10.21 Billion by 2030 | CAGR: 5.1%

The global artificial lift market size is expected to reach USD 10.21 billion by 2030 according to a new study by Polaris Market Research. The report “Artificial Lift Market Share, Size, Trends, Industry Analysis Report, By Type (Rod Lift, Electric Submersible, Progressive Cavity, Gas Lift Systems); By Mechanism; By Well Type; By Application; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Growing production, increasing reservoir pressure, and extending the well's production life are the factors that have driven the market.

Problems ranging from minor leaks to structural failures have steadily increased, which has led the oil and gas key drivers to focus more on safety, which has resulted in the adoption of restructuring the operations, enabling better analysis of well conditions and reducing operational costs, which have anticipated for the market’s growth.

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The market growth is attributed to increased oil and gas production from unconventional sources. The conventional oil and gas sources are reducing at a fast pace, resulting in a shift of focus toward unconventional sources; due to rising global energy demand, these oil and gas reserves need artificial lifting during exploration & production activities for optimum oil production, increasing the demand for these lift over the forecast.

Several opportunities for the players operating in the market have been created due to the availability of recoverable shale gas in most parts of the world. Artificial lifting methods are utilized in horizontal shale gas-producing wells to lift the accumulated fluids in the well and assist in sustaining the good performance of the well.

Artificial Lift Market Report Highlights

• The rod lift type accounted most significant market shares due to its superior qualities, such as high system efficiency, optimized controls, positive displacement, and wide flexibility.
• Based on the mechanism, the market has been segmented into pump and gas assisted. The gas-assisted segment accounted for the largest market share due to its cost-effectiveness compared to pump lifts and is broadly used across several verticals.
• The significant discoveries related to shale gas reserves have driven the growth of horizontal well type.
• The offshore segment is expected to grow at the highest rate during the forecast period as offshore holds high unexplored reserves and growing upstream activities in deep water fields.
• North America accounts for the largest market share due to the availability of aged and horizontal wells and enormous potential across the offshore area.
• Major players operating in market are AccessESP, Borets International Limited, Dover Corporation, Flotek Industries Inc., GE Oil & Gas, Halliburton, JJ Tech, John Crane Group, National Oilwell Varco Inc., OILSERV, Schlumberger, Weatherford.

Polaris Market Research has segmented the artificial lift market report based on type, mechanism, well type, application, and region:

Artificial Lift, Type Outlook (Revenue - USD Billion, 2018 - 2030)

• Rod Lift
• Electric Submersible Pump
• Progressive Cavity Pump
• Gas Lift Systems
• Others

Artificial Lift, Mechanism Outlook (Revenue - USD Billion, 2018 - 2030)

• Pump Assisted
• Positive
• Dynamic
• Gas Assisted

Artificial Lift, Well Type Outlook (Revenue - USD Billion, 2018 - 2030)

• Horizontal
• Vertical

Artificial Lift, Application Outlook (Revenue - USD Billion, 2018 - 2030)

• Onshore
• Offshore

Artificial Lift, Regional Outlook (Revenue - USD Billion, 2018 - 2030)

• North America
  • U.S
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
• Latin America
  • Argentina
  • Brazil
  • Mexico
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa