Artificial Lift Market Trends, Leading Players, Growth and Future Scope

A large volume of oil is obtained from fields that are over 30 years old. As the oil fields mature, the reservoir pressure inside declines. Because of this, exploration & production (E&P) companies are installing artificial lifts in these fields to enhance the recovery of oil and gas and optimize their revenue. That is why mature oil and gas fields are deploying the largest number of artificial lift systems. Additionally, the increasing usage of these systems for producing oil and gas from unconventional sources will increase the size of the artificial lift market from $8,010.8 million in 2017 to $10,883.1 million by 2023, displaying a CAGR of 5.3% during forecast period.

Geographically, the North American artificial lift market generated the highest revenue during the historical period (2013–2017), and the region is expected to maintain its dominance during the forecast period. This can be primarily attributed to the presence of established players in the region. Additionally, the increasing focus on unconventional sources of natural gas and crude oil has led to a rise in the demand for artificial lifts. Further, artificial lifts are being used in most of the oil wells due to a reduction in their natural pressure over time.

To meet the growing demand for such systems, players in the artificial lift market are focusing on expanding their geographical presence and launching new products. For example, Weatherford International PLC introduced new software in February 2018 for the ForeSite platform. This platform maximizes the support for reciprocating rod-lift systems, by adding support for ESP and gas-lift systems. Some of the other industry players taking such initiatives are National Oilwell Varco Inc., Baker Hughes Co., Borets International Limited, Flotek Industries Inc., Halliburton Company, Dover Corporation, and Schlumberger N.V.

The increasing demand for fuels has boosted the E&P activities in mature oil and gas fields, which, in turn, has increased the adoption of artificial lift systems.

Report this Page