Global Artificial Lift Market was USD 8.53 Billion in 2018 and is projected is to exhibit 4.96% CAGR during the forecasted period. The market is projected to be around USD 11.35 Billion by 2026. The growing energy demand is leading to an increase in the need for oil and natural gas. The need is more visible in developing countries like India and China. The increase in demand for oil and natural gas is also heavily driven by transportation needs and increase in global population.
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Growing Demand for Oil and Natural Gas
Most of the developing countries such as India, China, Mexico, and Brazil are heavily dependent on oil and gas resources, in turn providing ample opportunities for companies who manufacture and deliver artificial lift systems. They are mainly importing from Middle East and African countries where the oil reservoirs are concentrated hence the market is likely to grow on the back of increase in demand.
Enhanced Production Requirements in Mature Fields
The nature of crude oil is volatile. It has led to increase in the number of exploration and production (E&P) companies in onshore and offshore oil and gas fields to increase their production from mature fields. Currently, almost 95% of oil and gas fields are using artificial lift systems to boost their production. Modern technology has offered opportunities for an increase in production from mature fields.
North America region holds the highest market of total market share in 2018. The key factors that drive the market include growing demand. Moreover, the region has large number of oil & gas wells along with presence of key market leaders.
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Artificial Lift Market Segmentation
The global Artificial Lift Market is segmented into Types, Application, Mechanism and by Region. On the basis of the types the market is further bifurcated into Electrical Submersible Pumps, Rod Lift, Progressive Cavity Pumps and Gas Lift. By Application Types, the market is classified into Oil & Gas Agriculture Firefighting Construction Mining. Based on Mechanism, it is segmented into Pump Assisted and Gas Assisted Based on the geography the market is further segregated into North America, Latin America, Europe and Asia Pacific.
Artificial Lift Market Competitive Landscape
The key players associated with the global Artificial Lift Market are General Electric Company, National Oilwell Varco, Weatherford Plc, Halliburton, Dover Corp, Schlumberger Limited, Tenaris, J J Tech, Grundfos Pumps Corporation, and Borets.
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