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Artificial lift market is expected to expand at 5.63?GR during the forecast period 2022-2030.
Artificial lift global 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.
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Based on mechanism, the market 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 market is segmented into onshore and offshore. Onshore segment is expected to dominate the artificial lift global 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.
Major Key Players:
Eminent industry players profiled in the global artificial lift market report include
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Drivers
Shift in Focus towards Unconventional Oil and Gas Sources to Boost Market Growth
The increase in the production of oil and gas from unconventional sources will boost market growth over the forecast period. Owing to the rapidly growing energy demand, the conventional oil & gas sources are falling at a fast pace, leading in a shift of focus towards unconventional sources. These oil and gas reserves need artificial lifting at the time of the exploration and production activities for optimal oil production for which the need for artificial lift will go up in the upcoming years.
Opportunities
Growing Technological Advances to offer Robust Opportunities
Growing technological advances for improving efficiency across the E&P technology and production of multiphase gas handling pumps will offer robust opportunities for the market over the forecast period.
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Restraint
Stagnant Oil Prices to act as Market Restraint
Stagnant oil prices and the impact of the COVID-19 pandemic may act as market restraints over the forecast period.
Challenges
Lack of Skilled Labor may act as Market Challenge
The lack of skilled labor may act as a market challenge over the forecast period.
Market Segmentation
The global artificial lift market has been bifurcated based on application, mechanism, and type.
By type, the rod lift segment will lead the market over the forecast period as this can be used for various operating conditions as well as production rates. Besides, it is simple to operate and also finds application in horizontal, deep, and inclined wells.
By mechanism, the pump assisted segment will dominate the market over the forecast period for the major deployment of PCP, ESP, and rod lift pumping systems.
By application, the offshore segment will spearhead the market over the forecast period for the rise in investment in the offshore sector globally as also offshore discoveries in the African region.
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Regional Analysis
North America to Steer Artificial Lift Market
North America will steer artificial lift market over the forecast period. Increase in mature oilfields, increasing shale gas production, increasing production in the US for the increasing production from unconventional sources, re-development of shale reserves, growth in unconventional resources in Canada and the US, the need for artificial lift operations in the maturing offshore fields in Gulf of Mexico as well as other onshore fields in the US, and increasing use due to low-pressure oil wells are adding to the global artificial lift market growth in the region. Besides, increase in shale discoveries and E&P activities, market players planning to create larger multi-well facilities for which they are employing artificial lift technologies with advanced techniques for increasing production, the extensive availability of technologies & fossil fuel reserves, surging focus towards mature oil fields in tandem with the increasing investments in the upstream sector, the high growth in unconventional resources like tight oil, shale oil, and the increasing marginal well count are also adding market growth.
APAC to Have Admirable Growth in Artificial Lift Market
The APAC region will have admirable growth in the artificial lift market over the forecast period. Rising commercial activities, expanded budget allocation on infrastructure developments, healthy demand for petroleum products, and the ever-rising population in China and India that are fuelling the energy need that in turn are increasing exploration activities are adding to the global artificial lift market growth in the region.
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