We are monitoring the impact of COVID-19 on Artificial Lift Market Get in touch with us for detailed analysis Know More
Pulished Date October, 2021
ID: 12339
Share on
Share on

Artificial Lift Market Segmentation by Type (Electrical Submersible Pumps, Rod Lift, Progressive Crafty Pumps, Gas Lift, and Others); By Mechanism (Onshore and Offshore) - Demand Analysis & Opportunity Outlook 2026

Pulished: October, 2021
ID: 12339
Pages: 175

Artificial lift market Growth & Size (2021-2026):

The artificial lift market is expected to grow at a CAGR of 10.2 percent to USD 13 billion by 2026, up from an estimated USD 8.0 billion in 2021.

The worldwide oil consumption market is increasing substantially in recent decades as a result of potential expansion in the industrial and transportation sectors. To fulfill the increased demand for hydrocarbons, several operators throughout the world are drilling constantly. The reservoir pressure in existing wells, on the other hand, is insufficient to bring fluids to the surface. To bring hydrocarbon to the surface, the majority of wells throughout the world require some assistance.

The artificial lift system is a well-established and well-proven technology for assisting oil wells in increasing reservoir pressure. Artificial lift assistance is required in 85-90 per cent of wells to supplement reservoir pressure. Various types of artificial lifts are used depending on the well's features and technology available, resulting in global market expansion in the coming years.

Recent Developments:

Schlumberger and AVEVA have formed cooperation to help operators improve digital solutions for oil and gas production by integrating edge, AI, and cloud digital technologies. By streamlining how they acquire, process, and act on field data, the companies will work together to help energy operators enhance well site efficiency and performance. The collaboration's initial focus is on linking edge systems to applications in the DELFI cognitive E&P environment so that equipment health and performance may be better controlled. (Source: 

Turkish Petroleum has awarded Schlumberger a significant contract for engineering, procurement, construction, and installation (EPCI) of end-to-end production solutions for Turkey's largest gas reserve, the Sakarya gas field. Well completions, subsea production systems (SPS), subsea umbilicals, risers, flowlines (SURF), and an early production facility, as well as subsurface solutions to onshore production, will be covered under the integrated project (EPF).

Halliburton's iStar platform for drilling measurement is on the list of oilfield technology to compare with iPhone capabilities. The organization has updated the downhole equipment required to provide a wide range of important downhole data collecting services, taking advantage of advances in electronic technology. 

Vine Energy, a natural gas producer, has agreed to use Baker Hughes' ProductionLink Edge artificial lift technology in 100 natural gas wells in Louisiana's Haynesville Shale. The automation system uses advanced analytics and "smart" edge technologies to improve output and reduce associated methane emissions from oil and gas wells. 

Market Drivers:

Global population growth and urbanization are driving up oil demand around the world. Increasing advancements in major oil-producing countries, including Saudi Arabia, Kuwait, and Egypt, among others, are boosting the market's expansion. Electrical submersible pumps are also becoming more popular due to their versatility and availability in all high-production countries. They can handle a wide range of flow rates and extremely high downhole temperatures, making them perfect for oil wells as countries focus on oil reservoirs, propelling artificial lifts market expansion. Furthermore, during the projection period, onshore exploration and production are assisting global oil output and boosting the artificial lift industry's expansion.

Restraints:

The Artificial Lift market growth is being hampered by factors such as exorbitant capital and maintenance costs, as well as a shortage of experienced labour to operate the equipment.

Market Segmentation:

Artificial lift market Type: The market is segmented into Electrical Submersible Pumps, Rod Lift, Progressive Crafty Pumps, Gas Lift, and Others.

Electric submersible pumps are regarded as the most versatile and commonly utilised pump by operators all over the world. It can handle a huge volume, a wide range of flow rates, and operate in challenging conditions. In an environmentally sensitive area, ESP is the only option for artificial lift deployment. The electric submersible pump enjoys a fictitious market share of above 40%.

Rod lift is a form of artificial lift system in which a surface power source drives a downhole pump assembly. The unit is made up of a variety of components that are used both above and below ground. Depending on the size of the equipment, this hoisting mechanism can pump up to 1,000 BPD. Rod lifts provide a high salvage value for downhole equipment and can handle gas and corrosion well during the artificial lift operation. Such advantages are likely to enhance the demand for artificial lift during the trial phase. As a result, the increased necessity to minimise gas and corrosion management during artificial lift operations is driving the rod lift industry.

Artificial lift market Mechanism: The market is segmented into Onshore and Offshore.

Onshore exploration and production dominate global oil output, although the recent movement of North America and Europe to offshore exploration has raised offshore exploration's prospective growth. Onshore exploration activities are a major contributor to the expansion of the artificial lift in North America, Europe, MEA, and APAC.

During the projected period, the offshore segment is expected to increase at the fastest rate. Because offshore has vast unexplored reserves, corporations have started seeking offshore regions for oil and gas development. As a result, the offshore market requires more money than the onshore market. The Gulf of Mexico and the North Sea have the most developing shallow fields, which means artificial lift systems are in significant demand.

Regional Analysis:

Currently, the US market accounts for more than 40% of all artificial lifts deployed around the world. Artificial lift system market share in North America has increased as a result of technological advancements and increased exploration activities. Oil output increased in 2018 as a result of new projects and expansion in the Gulf of Mexico basin. Texas, the Permian Basin, Oklahoma, Alaska, and North Dakota are significant counties where production is at an all-time high, indicating that the market in North America is expected to rise.

Exploration efforts in the North Sea region, which are led by Norway, Germany, the United Kingdom, and others, are expected to fuel major expansion in Europe. When it comes to adopting and creating novel technologies, European countries are ahead of the pack, which drives the ESP business. As a result, Sucker Rod Pump will play a vital part in Europe's artificial market. In APAC, Chinese oil exploration is the most common, followed by Indonesia and the Philippines.

The artificial lift system market in Latin America is estimated to grow at a CAGR of more than 2.78 per cent between 2021 and 2026. Brazil is expected to be one of the leading markets for artificial lift systems. The country is predicted to produce 5 million barrels of oil per day by 2026, making it one of the world's top non-OPEC producers of petroleum.

Market Leaders:

Shandong Shenyu Mechanical Manufacture Co Ltd is the world's largest producer of Artificial Lifts. In terms of valuation, Schlumberger Ltd is the market leader.

Key Players:

  1. Halliburton Co (US)
  2. Weatherford International Ltd (Switzerland)
  3. Baker Hughes Co (US)
  4. Dover Corp (US)
  5. United Drilling Tools Ltd (India)
  6. Borets International (Russia)
  7. National Oilwell Varco (US)
  8. Oilserv (UAE)
  9. Novomet (Russia)
  10. Apergy (US)
  11. JJ Tech (US)

Impact of COVID-19 On artificial lift market:

The COVID-19 epidemic impacted the artificial lift market's supply chain, especially because manufacturing setups were shut down during the global lockdown. Following the epidemic, the need for oil and gas skyrocketed, propelling the artificial lift sector to new heights. The market is concerned about the steep increase in oil and gas prices, which has negatively impacted demand for artificial lifts.

1. Introduction                                 

                1.1 Market Definition                    

                1.2 Scope of the report                

                1.3 Study Assumptions                 

                1.4 Base Currency, Base Year and Forecast Periods                          

2. Research Methodology                                           

                2.1 Analysis Design                         

                2.2 Research Phases                      

                                2.2.1 Secondary Research           

                                2.2.2 Primary Research 

                                2.2.3 Data Modelling      

                                2.2.4 Expert Validation  

                2.3 Study Timeline                          

3. Report Overview                                        

                3.1 Executive Summary                

                3.2 Key Inferencees                       

4. Market Dynamics                                       

                4.1 Impact Analysis                         

                                4.1.1 Drivers      

                                4.1.2 Restaints  

                                4.1.3 Opportunities        

                4.2 Regulatory Environment                       

                4.3 Technology Timeline & Recent Trends                            

5. Competitor Benchmarking Analysis                                    

                5.1 Key Player Benchmarking                     

                                5.1.1 Market share analysis        

                                5.1.2 Products/Service  

                                5.1.3 Regional Presence               

                5.2 Mergers & Acquistion Landscape                      

                5.3 Joint Ventures & Collaborations                        

6. Market Segmentation                                              

                6.1 Artificial Lift Market, By Type                              

                                6.1.1 Electrical Submersible Pumps         

                                6.1.2 Rod Lift     

                                6.1.3 Progressive Crafty Pumps

                                6.1.4 Gas Lift     

                                6.1.5 Others      

                                6.1.6 Market Size Estimations & Forecasts (2021-2026)   

                                6.1.7 Y-o-Y Growth Rate Analysis             

                                6.1.8 Market Attractiveness Index          

                6.2 Artificial Lift Market, By Mechanism                

                                6.2.1 Onshore   

                                6.2.2 Offshore  

                                6.2.3 Market Size Estimations & Forecasts (2021-2026)   

                                6.2.4 Y-o-Y Growth Rate Analysis             

                                6.2.5 Market Attractiveness Index          

7. Geographical Landscape                                         

                7.1 Global Artificial Lift Market, by Region                            

                7.2 North America - Market Analysis (2021 - 2026)                            

                                7.2.1 By Country              

                                                7.2.1.1 USA

                                                7.2.1.2 Canada

                                7.2.2 By Type    

                                7.2.3 By Mechanism       

                7.3 Europe                         

                                7.3.1 By Country              

                                                7.3.1.1 UK

                                                7.3.1.2 France

                                                7.3.1.3 Germany

                                                7.3.1.4 Spain

                                                7.3.1.5 Italy

                                                7.3.1.6 Rest of Europe

                                7.3.2 By Type    

                                7.3.3 By Mechanism       

                7.4 Asia Pacific                  

                                7.4.1 By Country              

                                                7.4.1.1 China

                                                7.4.1.2 India

                                                7.4.1.3 Japan

                                                7.4.1.4 South Korea

                                                7.4.1.5 South East Asia

                                                7.4.1.6 Australia & NZ

                                                7.4.1.7 Rest of Asia-Pacific

                                7.4.2 By Type    

                                7.4.3 By Mechanism       

                7.5 Latin America                             

                                7.5.1 By Country              

                                                7.5.1.1 Brazil

                                                7.5.1.2 Argentina

                                                7.5.1.3 Mexico

                                                7.5.1.4 Rest of Latin America

                                7.5.2 By Type    

                                7.5.3 By Mechanism       

                7.6 Middle East and Africa                           

                                7.6.1 By Country              

                                                7.6.1.1 Middle East

                                                7.6.1.2 Africa

                                7.6.2 By Type    

                                7.6.3 By Mechanism       

8. Key Player Analysis                                    

                8.1 Halliburton Co                           

                                8.1.1 Business Description           

                                8.1.2 Products/Service  

                                8.1.3 Financials 

                                8.1.4 SWOT Analysis       

                                8.1.5 Recent Developments       

                                8.1.6 Analyst Overview 

                8.2 Weatherford International Ltd                           

                8.3 Baker Hughes Co                      

                8.4 Dover Corp                 

                8.5 United Drilling Tools Ltd                        

                8.6 Borets International                               

                8.7 National Oilwell Varco                            

                8.8 Oilserv                          

                8.9 Novomet                     

                8.10 Apergy                       

                8.11 JJ Tech                        

9. Market Outlook & Investment Opportunities                                

Appendix                                           

                List of Tables                     

                List of Figures                   

  • Global, regional, and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and also identifying the regions that are still untapped
  • The segment-level analysis in terms of technology, component, and type along with market size forecasts and estimations to detect key areas of industry growth in detail
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis
  • Study the microenvironment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analyzing the level of competition and business strategy development
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis, and analyst overview to study and sustain the market environment
  • Competitive landscape analysis lists out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies, and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis, and main conclusions
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
  1.  Global Artificial Lift Market By Region, From 2021-2026 ( USD Billion )
  2. Global Artificial Lift Market By Type, From 2021-2026 ( USD Billion )
  3. Global Electrical Submersible Pumps Market By Region, From 2021-2026 ( USD Billion )
  4. Global Rod Lift Market By Region, From 2021-2026 ( USD Billion )
  5. Global Progressive Crafty Pumps Market By Region, From 2021-2026 ( USD Billion )
  6. Global Gas Lift Market By Region, From 2021-2026 ( USD Billion )
  7. Global Others Market By Region, From 2021-2026 ( USD Billion )
  8. Global Artificial Lift Market By Mechanism, From 2021-2026 ( USD Billion )
  9. Global Onshore Market By Region, From 2021-2026 ( USD Billion )
  10. Global Offshore Market By Region, From 2021-2026 ( USD Billion )

Please wait. . . . Your request is being processed

LICENCE TYPE

$ 1234 4255

Clients
clients
clients
clients
clients
clients
clients
Click for Request Sample