The artificial lift is a key recovery or retrieval technique, which is low cost and effective means of continuing the desired production rate in a well.
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Global Artificial Lift Market size is expected to reach $36.4 billion by 2024 from $16.2 billion in 2016; growing at a CAGR of 10.7% from 2016 to 2024.
Global artificial lift market trends are industry’s inclination and efforts to optimize upstream resources, and the retrieval in crude oil price after recent plunging. The desire to sustain the production rate in a well in count to the cost efficiency, an artificial lift system delivers as compared to tertiary retrieval techniques; the artificial lift market is expected to witness improved revenue in years to come.
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Global artificial lift market has been segmented into type, and geography. Type segment comprises rod lift, electric submersible pump, progressive cavity pump (PCP), gas lift and other types.
Rod lift dominated the segment with highest market share in 2016, and is expected to continue its dominance during the forecast period 2016 – 2024. Capability of pumping well down to identical low pressure, simple design, easy operability and less requirement of skilled workforce are the major factors for the market growth of rod lift sub segment.
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Based on geography, the global artificial lift market has been segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). North America is expected to attain the fastest CAGR of 11.1% during the forecast period 2016 - 2024, driven by the expanding needs for oil and gas in various industries.
The region also held the largest market share of 47.8% in 2016, due to well-developed economy and increasing demand at highest pace in the country.
The major key players operating in the market are GE Energy, Baker Hughes Incorporated, Halliburton Company, LLC., Dover Corporation, National Oilwell Varco, Inc., Schlumberger Limited, Weatherford International Ltd., Cameron International, Flotek Industries Inc., and Kudu Industries, among others.
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Scope of the Global Artificial Lift Market
- Rod Lift
- Electric Submersible Pump (ESP)
- Progressive Cavity Pump (PCP)
- Gas Lift
- North America
- Asia Pacific
- Saudi Arabia
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