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The market for artificial lifts is predicted to increase from USD 7.30 billion in 2023 to USD 9.11 billion in 2030, with a CAGR of 6.4% expected during the forecast period. Artificial lift services are in high demand as a result of developments in upstream activities including unconventional oil and gas reserves, an increase in heavy oil production, and a growing need to maximize the production capacity of mature fields.
Artificial lift is a technique used to lower bottomhole pressure (BHP) on the development and boost well productivity. A positive-displacement downhole pump, such as a contemporary progressive cavity pump (PCP), can be used to lower the running pressure at the pump intake. A downhole centrifugal pump, which could be a component of an electrical submersible pump (ESP) system, can also be used to create it. Gas lift lowers the fluid in the tubes' thickness by adding more gas to raise the fluids, resulting in a lower bottom hole moving pressure and a higher flow rate. The artificial lift can be used to increase a well's flow so that it generates at a higher rate or to generate flow from a well when none is already occurring. Several gas wells benefit from an artificial lift to remove liquids from the formation so that gas may move at a higher rate, and many oil wells require artificial lift at some point in the life of the field.
A significant player in the artificial lift business, Halliburton, conducted a survey that found that 70.0% of the world's oil and gas output comes from mature fields, many of which are in secondary or tertiary production stages. The average recovery factor for gas is 70.0%, compared to 35.0% for oil. Due to geological characteristics, resource limitations, or inefficiency in out-of-date technology, these recovery rates may decline. After initial recovery attempts or after tapping into readily available hydrocarbons, mature fields experience falling production. Mature fields continue to be a valuable resource and are expected to supply future energy demands despite this. The two main problems are recovery technology limitations and unprofitable oil production. The number of mature fields has increased as the number of fresh fields has rapidly decreased due to increased productivity. With 80.0% of reserves in the Middle East and North Africa, 43.0% in Asia Pacific, and 24.0% in Latin America, there is still a significant chance for recovery. Overcoming the need for new wells and their exorbitant prices, major oil and gas companies are focusing their efforts on creative ways to utilize untapped reserves in older areas. Their main goals are to speed up recovery and prolong the life of these fields beyond what is considered normal. Artificial lift is a key component in this effort, accelerating recovery and extending the lifespan of mature fields.
The exploration, development, and production activities, as well as the capital expenditures, of oil and natural gas corporations are closely related to the demand for artificial lift. These activities are directly impacted by changes in oil and gas prices, which are driven by changes in supply and demand, governmental regulations, weather, and other factors. Due to long-term expectations of low prices, particularly given that many big projects cover lengthy years, businesses may reduce or postpone major spending. The development of the artificial lift market can be hampered by persistently low crude oil prices or by the expectation of such prices. Reduced capital expenditures by oilfield operators and service providers have a significant impact on this expansion and may reduce the market for artificial lift systems.
Due to decreased activity in reservoirs, the new coronavirus had a detrimental effect on the development of the artificial lift system industry. Price volatility has been a difficult issue for the oil and gas sector. The COVID-19 crisis disrupted the demand for oil and had a significant impact on many different industries, including coal and renewable oil and gas. The Energy Information Administration (EIA) has anticipated a decline in crude oil production in 2020 and 2021 as a result of a decline in the demand for petroleum-based products. The COVID crisis's unprecedented drop in oil prices caused a sharp decline in Chinese demand for oil, which had an impact on the oil and gas industry. Consequently, the market has suffered during the epidemic time.
The increase in the percentage of obese people is what is driving the artificial lift market's CAGR. In order to achieve a high production rate from the well, artificial lift is a technique used to lower the producing bottom hole pressure (BHP) on the formation. When the natural drive (primary recovery) is insufficient to push the oil to the surface, it helps oil and gas migrate upward. Due to a dramatic decrease in prices as a result of COVID-19, North American oil corporations engaged in shale plays, such as Whiting Petroleum Corp., either declared bankruptcy or announced intentions to restructure. Mature fields contributed to a portion of the global oil and gas output in 2021. These established fields require an artificial lift system, or a pumping system.
All the big corporations routinely implement artificial lifts in practically all of the wells because most of the newer fields and older fields require some sort of artificial lift for production. These fields are anticipated to offer significant prospects for the market for artificial lift systems as more fields are investigated. A few of the factors propelling the growth of the artificial lifts system market are the need for higher recovery rates, an increase in the number of wells that require more energy, pressure support for extraction, and technological advancements and petrochemicals that allow businesses to profitably extract oil from difficult terrain.
Report Coverage
Global Artificial Lift research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Artificial Lift report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Artificial Lift competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Artificial Lift market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Artificial Lift market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Artificial Lift market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
General Electric Company, Man Diesel & Turbo SE, Ebara Corporation, Mitsubishi Heavy Industries Compressor Corporation, Atlas Copco Energas GmbH, Solar Turbine Inc., Burckhardt Compression Holding AG, Ariel Corporation, Neuman & Esser Group, Hitachi, Ltd, GE Oil and Gas (US), John Crane Group (US), Baker Hughes Company (US), Apergy (US), Borets International (Russia), Schlumberger (US), and Haliburton (US).
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Artificial Lift market based on the below-mentioned segments:
Global Artificial Lift Market, By Lift Type
Pressurized Water Reactor (PWR)
Electric Submersible Pumps
Gas lift
Progressing Cavity Pumps
Jet pump
Others
Global Artificial Lift market, By Application
Onshore
Offshore
Global Artificial Lift Market, By Component
Pump
Motor
Cable System
Controller
Others
Global Artificial Lift market, Regional Analysis
Artificial lift is a technique used to lower bottomhole pressure (BHP) on the development and boost well productivity. A positive-displacement downhole pump, such as a contemporary progressive cavity pump (PCP), can be used to lower the running pressure at the pump intake. A downhole centrifugal pump, which could be a component of an electrical submersible pump (ESP) system, can also be used to create it. Gas lift lowers the fluid in the tubes' thickness by adding more gas to raise the fluids, resulting in a lower bottom hole moving pressure and a higher flow rate. The artificial lift can be used to increase a well's flow so that it generates at a higher rate or to generate flow from a well when none is already occurring. Several gas wells benefit from an artificial lift to remove liquids from the formation so that gas may move at a higher rate, and many oil wells require artificial lift at some point in the life of the field.
A significant player in the artificial lift business, Halliburton, conducted a survey that found that 70.0% of the world's oil and gas output comes from mature fields, many of which are in secondary or tertiary production stages. The average recovery factor for gas is 70.0%, compared to 35.0% for oil. Due to geological characteristics, resource limitations, or inefficiency in out-of-date technology, these recovery rates may decline. After initial recovery attempts or after tapping into readily available hydrocarbons, mature fields experience falling production. Mature fields continue to be a valuable resource and are expected to supply future energy demands despite this. The two main problems are recovery technology limitations and unprofitable oil production. The number of mature fields has increased as the number of fresh fields has rapidly decreased due to increased productivity. With 80.0% of reserves in the Middle East and North Africa, 43.0% in Asia Pacific, and 24.0% in Latin America, there is still a significant chance for recovery. Overcoming the need for new wells and their exorbitant prices, major oil and gas companies are focusing their efforts on creative ways to utilize untapped reserves in older areas. Their main goals are to speed up recovery and prolong the life of these fields beyond what is considered normal. Artificial lift is a key component in this effort, accelerating recovery and extending the lifespan of mature fields.
The exploration, development, and production activities, as well as the capital expenditures, of oil and natural gas corporations are closely related to the demand for artificial lift. These activities are directly impacted by changes in oil and gas prices, which are driven by changes in supply and demand, governmental regulations, weather, and other factors. Due to long-term expectations of low prices, particularly given that many big projects cover lengthy years, businesses may reduce or postpone major spending. The development of the artificial lift market can be hampered by persistently low crude oil prices or by the expectation of such prices. Reduced capital expenditures by oilfield operators and service providers have a significant impact on this expansion and may reduce the market for artificial lift systems.
Due to decreased activity in reservoirs, the new coronavirus had a detrimental effect on the development of the artificial lift system industry. Price volatility has been a difficult issue for the oil and gas sector. The COVID-19 crisis disrupted the demand for oil and had a significant impact on many different industries, including coal and renewable oil and gas. The Energy Information Administration (EIA) has anticipated a decline in crude oil production in 2020 and 2021 as a result of a decline in the demand for petroleum-based products. The COVID crisis's unprecedented drop in oil prices caused a sharp decline in Chinese demand for oil, which had an impact on the oil and gas industry. Consequently, the market has suffered during the epidemic time.
The increase in the percentage of obese people is what is driving the artificial lift market's CAGR. In order to achieve a high production rate from the well, artificial lift is a technique used to lower the producing bottom hole pressure (BHP) on the formation. When the natural drive (primary recovery) is insufficient to push the oil to the surface, it helps oil and gas migrate upward. Due to a dramatic decrease in prices as a result of COVID-19, North American oil corporations engaged in shale plays, such as Whiting Petroleum Corp., either declared bankruptcy or announced intentions to restructure. Mature fields contributed to a portion of the global oil and gas output in 2021. These established fields require an artificial lift system, or a pumping system.
All the big corporations routinely implement artificial lifts in practically all of the wells because most of the newer fields and older fields require some sort of artificial lift for production. These fields are anticipated to offer significant prospects for the market for artificial lift systems as more fields are investigated. A few of the factors propelling the growth of the artificial lifts system market are the need for higher recovery rates, an increase in the number of wells that require more energy, pressure support for extraction, and technological advancements and petrochemicals that allow businesses to profitably extract oil from difficult terrain.
Report Coverage
Global Artificial Lift research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Artificial Lift report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Artificial Lift competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Artificial Lift market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | General Electric Company, Man Diesel & Turbo SE, Ebara Corporation, Mitsubishi Heavy Industries Compressor Corporation, Atlas Copco Energas GmbH, Solar Turbine Inc., Burckhardt Compression Holding AG, Ariel Corporation, Neuman & Esser Group, Hitachi, Ltd, GE Oil and Gas (US), John Crane Group (US), Baker Hughes Company (US), Apergy (US), Borets International (Russia), Schlumberger (US), and Haliburton (US). |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Artificial Lift Market from 2021 to 2030.
- Market Forecast for Artificial Lift Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Artificial Lift competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Artificial Lift
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Artificial Lift market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Artificial Lift market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
General Electric Company, Man Diesel & Turbo SE, Ebara Corporation, Mitsubishi Heavy Industries Compressor Corporation, Atlas Copco Energas GmbH, Solar Turbine Inc., Burckhardt Compression Holding AG, Ariel Corporation, Neuman & Esser Group, Hitachi, Ltd, GE Oil and Gas (US), John Crane Group (US), Baker Hughes Company (US), Apergy (US), Borets International (Russia), Schlumberger (US), and Haliburton (US).
Primary Target Market
- Market Players of Artificial Lift
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Artificial Lift market based on the below-mentioned segments:
Global Artificial Lift Market, By Lift Type
Pressurized Water Reactor (PWR)
Electric Submersible Pumps
Gas lift
Progressing Cavity Pumps
Jet pump
Others
Global Artificial Lift market, By Application
Onshore
Offshore
Global Artificial Lift Market, By Component
Pump
Motor
Cable System
Controller
Others
Global Artificial Lift market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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