Artificial Lift Market Outlook 2029: Presents Market Insights & Depth Analysis

The global artificial lift market is booming, driven by the growing demand for oil and gas. The market is growing at a CAGR of 5.5% from 2023 to 2030. Over 5 million wells are on artificial lift globally; in North America alone, it is estimated that 85% of all wells use artificial lift. In onshore applications the SRPs (sucker rod pumps) dominate, however, ESP (ELECTRICAL SUBMERSIBLE PUMP (ESP))s (electrical submersible pumps) or PCPs (progressing cavity pumps) are increasingly gaining ground. Other commonly used technologies include velocity strings, plungers, jet pumps, and gas lift systems. Offshore, gas lift is by far the leading artificial lift technology, with mud line or downhole ELECTRICAL SUBMERSILE PUMP (ELECTRICAL SUBMERSILE PUMP (ESP)) having some limited success, whereas onshore producers favor downhole pumps and SRPs. In February 2022, the Upwing Magnetic Drive System (MDS) hermetically isolates all the failure-prone electrical components from the harsh production fluids by placing them in the well's annulus as part of the permanent completion. It also simplifies deployment and intervention using a slackline for the system's mechanical string. In April 2021, Microsoft Azure allowed for the deployment of Ambyint's production and artificial lift optimization applications into Energy and Power (E&P) companies' existing Azure environments.

Fewer well interventions and longer periods between service and overhaul of components are reducing operating costs and costs associated with work-over rigs. This, together with increased production and recovery are benefits of a multiphase pump-supported artificial lift system. Such installations, as part of the gathering system, can be done with little or no production disturbance as a 'kidney loop' or in a bypass configuration to an existing gathering system. Drag skid and portable units are available for facilities with minimal infrastructure and the multiphase pump can be driven by either an electric motor or a gas engine. For operators and asset managers keyed in on optimizing production from existing facilities on artificial lift, the multiphase pump offers a quick route to solid results and is driving a growing appreciation for this technology.

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Market Coverage

• The market number available for - 2022-2030

• Base year- 2022

• Forecast period- 2023-2030

Segment Covered-

· By Type

· By Application

Regions Covered-

· North America

· Europe

· Asia-Pacific

· Rest of the World

• Competitive Landscape- Schlumberger Ltd., Baker Hughes Co., Halliburton Energy Services, Inc., Weatherford International PLC, Dover Corp. among Others (Jet pumps, Sucker Rod Pumps(SRP), etc.)

Artificial Lift Market Report Segment

By Type

· ELECTRICAL SUBMERSIBLE PUMP (ELECTRICAL SUBMERSIBLE PUMP (ESP)) Lift

· Gas Lift

· Plunger Lift

· Rod Lift

· Others (Jet pumps, Sucker Rod Pumps(SRP), etc.)

By Application

· Onshore

· Offshore

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Artificial Lift Market Report Segment by Region

North America

· United States

· Canada

Europe

· UK

· Germany

· Spain

· France

· Italy

· Rest of Europe

Asia-Pacific

· India

· China

· Japan

· South Korea

· Rest of APAC

Rest of the World

• Latin America

• Middle East and Africa

Company Profiles

· Schlumberger Ltd.

· Baker Hughes Co.

· Halliburton Energy Services, Inc.

· Weatherford International plc

· Dover Corp.

· Cairn Oil & Gas, Vedanta Ltd.

· Canadian Advanced ESP.

· ChampionX Corp.

· DistributionNOW

· Endurance Lift Solutions, LLC

· General Electric Co.

· JJ Tech

· Le KBA ENGINEERING, INC.vare

· Liberty Lift Solutions LLC.

· Lift Well International, LLC

· NOV Inc.

· Penguin Petroleum Services (P) Ltd.

· Rimera Group

· Tenaris S.A.

· Valiant Artificial Lift Soln.

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