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The global artificial lift system market size was valued at nearly US$ 8.4 Bn in 2018 and is projected to reach approximately US$ 13 Bn by the end of 2026, exhibiting a CAGR of 5.32% in the forecast period.
The global oil consumption market size has witnessed rapid growth in the last couple of decades owing to potential growth in the industrial and transportation sector. To meet such a high demand for hydrocarbon, many operators around the globe incessantly drilling to maximize their production. But in the existing wells, the reservoir pressure is not enough to produce fluids to the surface. Most of the wells in the world need some assistance to get the hydrocarbon to the surface.
The artificial lift system is one of the established & mature technology that helps in assisting oil wells to boost reservoir pressure. Around 85-90% of the wells need artificial lift assistance to supplement reservoir pressure. Various types of artificial lifts are employed according to properties of the well and availability of technology, which will subsequently growth of the global market in the coming years.
Electric Submersible Pump (ESP) is a versatile technology and is broadly accepted in various parts of the world to enhance oil production. It is the most suitable technology for moderate to high production rate including highly deviated wells, remote and subsea deepwater wells. The sucker rod pump is the most popular type of artificial lift owing to its lower installation cost and relatively long life.
The artificial lift system market It is used in many wells as production rates decline and operational cost increases which have made it the most frequently deployed artificial lift in the world. Other types are also contributing to the market, such as progressive cavity pump, gas lift, hydraulic lift, and others.
The growing world oil consumption in addition to economic development in different industries such as transportation, aviation, power generation, etc. is likely to contribute to increasing demand for hydrocarbon which will lead to a subsequent demand for artificial lift systems in the forthcoming years. This is expected to fuel the demand for the market.
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"Electric Submersible Pump Plays a Significant Role in Artificial Lift System Market"
Almost every well in the world is pumped with an artificial lift system and the electric submersible pump is considered to be the most versatile and massively adopted pump by operators around the world. It can handle a high volume, a wide range of flow rates and is able to operate in harsh environmental conditions. In an environmentally conscious area, ESP is the only option available for artificial lift deployment. The electric submersible pump accounts for more than 40% artificial market share that proves its significance in the market. Moreover, the other types of artificial lift are also important for intensifying the production of hydrocarbon. Fortune Business Insights has predicted that the demand for an electric submersible pump will have a positive impact on the global market.
"High Potential & Growth in Offshore Exploration "
The worldwide oil production is dominated by onshore exploration & production but the recent shift of North America and Europe towards offshore exploration has increased the potential growth in offshore exploration. North America, Europe, MEA, and APAC has large onshore exploration activities that are contributing the major portion in the growth of the artificial lift. In the forthcoming years, offshore exploration activities are expected to see the massive growth owing to the huge potential of oil and gas reserves.
"North America Projected to Dominate the Artificial Lift System Market Growth in the World"
Currently, the market in the US is accounting for more than 40% of the artificial lifts deployed in the world. Technological advancement and increasing exploration activities have boosted the artificial lift system market share in North America. New projects and expansion in the Gulf of Mexico basin have contributed to the growth of oil production in 2018. Texas, Permian region, Oklahoma, Alaska, and North Dakota are major counties where production is at peak level that anticipated the growth of the market in North America.
North America Artificial Lift Market Share, 2018
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Europe is expected to see significant growth owing to the exploration activities in the North Sea region in which Norway, Germany, United Kingdom, etc. play a key role. European countries are more forward in adopting and developing advanced technology that drives the ESP market. Subsequently, Sucker Rod Pump is also going to play an important role in the overall artificial market in Europe. APAC is majorly dominated by Chinese oil exploration activities followed by Indonesia and the Philippines.
"Major Key Players Likely to Dominate the Global Market"
The artificial lift system market size is influenced by some of the key players around the world. Weatherford is the leading player in the artificial lift system industry. The company provides advanced technology to optimize the overall production capacity of the oil well. Weatherford has set a target of $1 billion by the 2019-year end with margins & EBITDA. Apergy is also offering a comprehensive artificial lift solution to various oil companies across the world. Meanwhile, the company is considered as the strongest ESP solution provider in the world. Other prominent players in the market are Schlumberger, Baker Hughes, a GE company, Dover Corporation, Borets International, Novomet, National Oil Well Varco, Halliburton, Summit ESP, John Crane, SPOC Automation, Flotek Industries, Inc., Quick Connector, Inc., among others.
Artificial Lift system is not only essential in lifting the fluid to the surface but also help to extend well life. Most of the wells around the world don’t have sufficient natural pressure that limits its production capacity. In that case, artificial lift assist to enhance the reservoir pressure to increase the oil and gas production. Sometime operator deploys artificial lift to maximize their production rate and minimize the operational cost. The artificial lift system is also deployed in abandoned well to get extra production of hydrocarbon. The selection criterion of artificial lift system is based on the reservoir characteristics, production properties, fluid types, and operational conditions. Therefore, artificial lift system offers an optimal solution to boost hydrocarbon production.
The report provides qualitative and quantitative insights on the market and detailed analysis of market size & growth rate for all possible segments in the market. The market is segmented by type, application, and geography. Based on the type, the global artificial lift system market is segmented into Electric Submersible Pump (ESP), Sucker Rod Pump (SRP), Progressive Cavity Pump (PCP), Gas Lift, and others. The market is ruled by an electric submersible pump segment due to superior advancement in technology. Sucker rod pumps are deployed in many wells because of their economic viability and highly viscous fluid lifting capacity. By application, the global market is segmented into onshore and offshore.
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Currently, massive onshore exploration is contributing to the immense growth of the market but the recent technological developments and discoveries of hydrocarbon in the North Sea, Baltic Sea, Gulf of Mexico, etc. have generated a high potential market in offshore exploration. Geographically, the market is segmented into five major regions, which are North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The regions are further categorized into countries.
Along with this, the report provides an elaborative analysis of the artificial lift system market trends, dynamics, and competitive landscape. Various key insights provided in the report are the recent industry developments such as mergers & acquisitions, the regulatory scenario in key countries, investment scenario, technological advancement, and key industry trends.
Fortune Business Insights says that the artificial lift market was valued at USD 8.4 Billion in 2018.
The global artificial market is projected to reach more than USD 13 Billion in 2026.
Growing at a CAGR of 5.32%, the artificial lift market will exhibit steady growth in the forecast period.
The artificial lift market in North America was valued at USD 3.4 Billion in 2018
The electric submersible pump is influencing the global artificial lift market owing to its ability to handle high volume and wide range of flow rate.
Extensive utilization of artificial lift to enhance the production of well while reducing the operating and production cost is driving the artificial lift market. Volatile prices of oil and gas along with environmental restrictions on the extraction of hydrocarbon is expected to hinder the growth of the artificial lift market
Weatherford, Schlumberger Limited, Baker Hughes, Dover Corporation, and Borets Internations are some of the top companies in the artificial lift market
More than 90% of the wells in the world require artificial lift assistance to increase the reservoir pressure to enhance the production of hydrocarbon which defines its significance in the oil and gas industry.