The global artificial lift system market size was US$ 28.35 billion in 2021. The global artificial lift system market size is forecast to reach US$ 55.7 billion by 2030, growing at a compound annual growth rate (CAGR) of 7.8% during the forecast period from 2022 to 2030.
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The artificial lift method is a way to reduce the bottom hole pressure (BHP) on the well in order to increase production rates. It is possible to reduce the running pressure at the pump intake by using a positive displacement downhole pump, such as a progressive cavity pump (PCP). Another way to create it is with a downhole centrifugal pump, which can also be a part of an electrical submersible pump (ESP). Using the gas lift, one can lower the bottom hole moving pressure and increase the flow rate while lowering the fluid thickness in the tubes. An increase in gas lifts the fluids, resulting in a lower fluid thickness.
An increase in energy consumption, industrialization, urbanization, and population growth are driving the global artificial lift system market.
Increasing demand for oil and gas, growing shale oil production, increasing financial investment in offshore drilling exploration activities, and a variety of mature reserves all contribute to the growth of the artificial lift system market.
Subsea drilling activities continue to increase, providing ample opportunities for the market for artificial lift systems.
Due to reduced reservoir activity, the COVID-19 had a negative impact on the growth of the artificial lift system market. The oil & gas industry price volatility has posed a challenge. COVID-19 led to disruptions in demand for oil and a wide range of industries, such as coal and renewable energy. The unprecedented fall in oil prices caused by the COVID crisis resulted in a steep drop in demand for oil from China, resulting in negative effects on the oil & gas industry. Thus, the market has suffered during the COVID-19 pandemic period.
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North America led the global artificial lift system Market in 2021 and is forecast to continue leading during the forecast period. The reason is the growth in demand for artificial lift operations in mature and aging oil wells in this region. Moreover, the significant shift from conventional to unconventional sources and the redevelopment of shale gas reserves in the U.S. and Canada contributed to the artificial lift system market’s growth.
The leading prominent companies profiled in the global artificial lift system market are:
Man Diesel & Turbo SE
Mitsubishi Heavy Industries Compressor Corporation
The global artificial lift system market segmentation focuses on Lift Type, Component, Application, Mechanism, Well Type, and Region.
Segmentation based on Lift Type
Segmentation based on Well Type
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Middle East & Africa (MEA)
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