Artificial Lift Market: Opportunities and Forecast Assessment, 2020–2027

 

The GMI Research expects the artificial lift market to expand at a higher rate. From a regional perspective, North America is projected to rise at a faster CAGR due to the rising demand for artificial lifts and the strong adoption of artificial lifts driven by the increasing demand from the onshore fields in the US.

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Artificial Lift Market Dynamics (including market size, share, trends, forecast, growth, and industry analysis)

Key Drivers

The growing demand for hydrocarbon driven by the rising consumption of oil across various sectors, including transportation, power generation, and others, and the increased spending in the oil & gas industry by the government and organizations worldwide are the key factors surging the growth of the artificial lift market size. Moreover, the introduction of advanced technologies in artificial lift, ongoing activities for shale development, and numerous research and development activities will further stimulate the growth of the artificial lift market share in terms of revenue during the forecast period. The artificial lift launch offers remarkable benefits like the capability to lift high-temperature & viscous oils, improved production of well, enhanced flexibility, and better productivity. As per the artificial lift market report, the growing number of mature oilfields has raised the need for their redevelopment, which will fuel the demand for the market. The rising production of heavy oil and the increasing exploration activities in the offshore oil field is further supporting the growth of the global artificial life market. On the other edge, the growing penetration of renewable energy and the limited skilled personnel will hamper the market growth.

Type Segment Drivers

Based on the type, the Rod Lift is projected to rise at a faster rate in the coming years. This is mainly due to the high demand for rod lifts driven by the growing need for corrosion handling and prevention of gas at the time of operations of artificial lifts. Various features of rod lifts, including decreased installation cost, high efficiency, better life, and capability to lift high-temperature oil, will further bolster the market growth.

Artificial Lift Market’s leading Manufacturers:

·         Weatherford International plc

·         Schlumberger

·         Baker Hughes Company

·         Halliburton

·         Borets International Ltd.

·         National Oilwell Varco

·         DistributionNow

·         Apergy Corporation

·         OilSERV

·         JJ Tech

·         Innovex Downhole Solutions

Artificial Lift Market Segmentation:

Segmentation by Type:

·         Electrical Submersible Pump (ESP)

·         Rod Lift

·         Progressive Cavity Pump

·         Gas Lift

·         Others

Segmentation by Mechanism:

·         Gas Assisted

·         Pump Assisted

o    Dynamic Displacement

o    Positive Displacement

Segmentation by Well Type:

·         Horizontal

·         Vertical

Segmentation by Application:

·         Offshore

·         Onshore

Segmentation by Region:

·         North America

o   United States of America

o   Canada

 

·         Asia Pacific

o   China

o   Japan

o   India

o   Rest of APAC

·         Europe

o   United Kingdom

o   Germany

o   France

o   Spain

o   Rest of Europe

·         RoW

o   Brazil

o   South Africa

o   Saudi Arabia

o   UAE

o   Rest of the world (remaining countries of the LAMEA region)

About GMI Research

GMI Research is a market research and consulting company that provides syndicated research reports, consulting services, and customized market research reports. Our reports are based on market intelligence studies to ensure relevant and fact-based research across numerous sectors, including healthcare, automotive, information technology & communication, FMCG, and other industries. GMI Research’s deep understanding related to the business environment helps us in generating objective strategic insights. Our research teams consisting of seasoned analysts and researchers have hands-on experience in various regions, including Asia-pacific, Europe, North America, and the Rest of the World. The market research report offers in-depth analysis, which contains refined forecasts, a bird's eye view of the competitive landscape, factors impacting the market growth, and several other market insights to aid companies in making strategic decisions. Featured in the ‘Top 20 Most Promising Market Research Consultants’ list of Silicon India Magazine in 2018, we at GMI Research are always looking forward to help our clients to stay ahead of the curve.

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