Artificial Lift Market Insights, Potential Business Strategies, Mergers and Acquisitions, Revenue Analysis by 2023

Global artificial lift market is projected to reach $10,883.1 million by 2023. The market growth is mainly driven by the increasing demand for artificial lifts from gas and oil fields and the growing exploration and production (E&P) activities to meet the energy demand.

North America held the largest share, of more than 45.0%, in the artificial lift market in 2017. The market growth in the region can be mainly attributed to the declining production from mature conventional fields, presence of a large number of oil reserves in onshore basins, and growing adoption of new technologies in the oil and gas sector.

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The artificial lift market is also categorized into pump-assisted and gas-assisted mechanisms. Pump-assisted mechanism is expected to be the faster-growing category, advancing at a CAGR of 5.5% in the market during the forecast period. This can be mainly attributed to its higher adoption rate in these lifts. The artificial lift market is also bifurcated into onshore and offshore applications.

Based on type, the artificial lift market is categorized into electrical submersible pump (ESP), rod lift, progressive cavity pump (PCP), gas lift, and others, where the “others” category includes plunger lift, hydraulic jet pump, and other small lifts. ESP held the largest share, accounting for more than 40.0%, in the market in 2017.

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Some of the major players operating in the global artificial lift market are Baker Hughes, a GE company; Schlumberger N.V. (Schlumberger Limited); Dover Corporation; Halliburton Company; Borets International Limited; Weatherford International PLC; National Oilwell Varco Inc.; Flotek Industries Inc.; and JJ Tech.

GLOBAL ARTIFICIAL LIFT MARKET SEGMENTATION

By Type

• Electrical Submersible Pump (ESP)
• Rod Lift
• Progressive Cavity Pump (PCP)
• Gas Lift
• Others

By Mechanism

• Pump Assisted
  • Positive Displacement
  • Dynamic Displacement
• Gas Assisted

By Application

• Onshore
• Offshore

By Region

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • U.K.
  • Russia
  • Norway
  • Rest of Europe
• Asia-Pacific (APAC)
  • China
  • Indonesia
  • India
  • Rest of APAC
• Rest of the World (RoW)
  • Brazil
  • Venezuela
  • Saudi Arabia
  • Rest of RoW