The artificial lift market is projected to grow from an estimated USD 6.9 billion in 2022 to USD 8.7 billion by 2027, at a CAGR of 4.8% during the forecast period. The primary drivers of the market include rising demand for oil across the globe and the increasing need for maximizing the production potential of mature oil & gas fields.
“By mechanism, the pump assisted segment is estimated to lead the market from 2022 to 2030”
The artificial lift market is segmented by mechanism into pump assisted and gas assisted. The pump assisted segment is not only expected to hold a larger market share but is also projected to witness a higher growth rate during the forecast period. This high growth rate can be attributed to the higher adoption rate of ESP and PCPs.
“By well type, the horizontal segment is projected to register a higher CAGR from 2022 to 2027”
By well type, the artificial lift market is segmented into horizontal and vertical wells. Although the vertical segment is estimated to hold a larger market share, the horizontal segment is projected to grow at a higher rate during the forecast period. This growth can be attributed to large discoveries of shale reserves and increasing hydraulic fracturing in the North American region.
Breakdown of Primaries:
In-depth interviews were conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects.
The distribution of primary interviews is as follows:
- By Company Type: Tier 1- 65%, Tier 2- 24%, and Tier 3- 11%
- By Designation: C-Level- 30%, Director Level- 25%, and Others- 45%
- By Region: Asia Pacific- 33%, Middle East & Africa – 20%, Europe- 20%, and Americas 27%
Note: The tier of the companies is defined based on their total revenue as of 2021. Tier 1: USD 1 billion and above, Tier 2: From USD 500 million to USD 1 billion, and Tier 3:
The artificial lift market is dominated by a few major players that have a wide regional presence. The leading players in the artificial lift market include Schlumberger Limited (US), Baker Hughes Company (US), Halliburton (US), NOV Inc. (US), Weatherford (US), Ebara Corporation (Japan), Borets (UAE), DistributionNow (US), ChampionX (US), JJ TECH (US), OilSERV (UAE), Novomet (Russia), and Cairn Oil and Gas (India), among others.
The report defines, describes, and forecasts the artificial lift market by type, mechanism, well type, application, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market, which include the analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the artificial lift market.
Key Benefits of Buying the Report
- The report identifies and addresses the key markets for artificial lift operations and services, which would help equipment manufacturers and service providers review the growth in demand.
The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges. The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.