Artificial Lift System Market Size for 2032 is projected to hit USD 20.41 Billion; Technological Advancements and Increasing Oil Extraction Efficiency to Boost the Market Growth

The global artificial lift system market size was valued at USD 12.95 billion in 2024. The market value is slated to rise from USD 13.71 billion in 2024 to USD 20.41 billion by 2032 at a CAGR of 5.85% during 2025-2032. Fortune Business Insights™ presents this information in its report titled “Artificial Lift System Market Size, Share & Industry Analysis, By Type (Electric Submersible Pump (ESP), Sucker Rod Pump (SRP), Progressive Cavity Pump (PCP), Gas Lift, and Others), By Application (Onshore and Offshore), and Regional Forecast, 2025-2032”

Artificial lift systems are essential in boosting reservoir pressure to optimize oil extractions, especially as natural reservoir pressures decline over time. Artificial lift system market growth is attributed the escalating global demand for hydrocarbons and the need to enhance production from mature oil fields.

The COVID-19 pandemic adversely affected the artificial lift system market. Lockdowns and travel restrictions led to reduced oil demand. This resulted in decreased exploration and production activities, postponement of projects, and disruptions in supply chain. However, as economies recover and energy demand rebounds, the market is expected to regain momentum.

Halliburton Launched TrueSync to Boost Oil Production Demand, Propelling Market Growth

In October 2025, a product and service provider company called Halliburton recently announced the launch of True Sync. It is an innovative hybrid permanent magnet motor (PMM) for electric submersible pump (ESP) operations, which aids to increase production in oil efficiency co-related with an artificial lift system.

Increase Rise in Businesses to Explore Oil and Gas-Assisted Opportunities to Fuel Market Demand

Several leading businesses aid in helping identifying new oil opportunities across various regional grounds to accompany industries. Moreover, the high count of production wells can increase oil production even though the number of drilling rigs declines. All of this relies on the availability and usage of artificial lift systems in oil & gas production.

However, due to complex technique and conventional method, the installation of artificial lift system requires experienced and skilled experts, along with incorporation of R&D, which hinders the artificial lift system market growth. Also, the cost of equipment, energy consumption, and maintenance challenges the demand for artificial lift system.

Technological Advancements by Key Market Players Leads to Boost in the Revenue of the Production

Artificial lift system is a highly sought-after technology that facilitates the extraction of significant quantities of oil that cannot be recovered through primary or secondary recovery methods. The technology not only boosts the production efficiency but also reduces capital expenditure associated with drilling wells. For example, in September 2023, AMS Lifting & Towing Systems began preparing for operations to capitalize on the anticipated offshore oil & gas developments.

Key Players Profiled in the Report

• Weatherford (U.S.)
• Schlumberger Limited (U.S.)
• Baker Hughes (U.K.)
• Dover Corporation (U.S.)
• Borets International (UAE)
• National Oilwell Varco (U.S.)
• Halliburton (UAE)
• John Crane (U.S.)
• SPOC Automation (U.S.)
• Flotek Industries (U.S.)
• Quick Connector (U.S.)

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/artificial-lift-system-market-100467

Key Industry Development

• April 2024: SLB announced the launch of ‘The Rodless Reda PowerEdge and The Reda Agile’, an artificial lift system for faster installation of oil production along with stable operations. Rodless Reda PowerEdge is an electric submersible progressing cavity pump and The Red Agile is a wide-range electric submersible pump system. This innovation led to key companies adding fuel to the contribution in the artificial lift system market share.

Further Report Findings

• By application, the onshore is the dominating segment in the artificial lift system market due to availability of resources, established technology, economical cost of oil production, and others. Additionally, the primarily located onshore shale oil and gas, creates increasing need of artificial lift system production.
• North America held the leading position in the market share. The region’s dominance is driven by extensive shale oil and gas production and the presence of mature oil fields requiring enhanced recovery techniques.
• Europe is expected to experience notable growth due to availability of mature oil fields and increasing production where natural pressure is declining. This also helps in extracting resources during recent years.
• After Europe, Asia Pacific region is anticipated to have the significant market share, driven by rapid industrialization, population growth, and rising energy demands, particularly in countries like China and India.

Table of Segmentation