PUBLISHER: Orion Market Research | PRODUCT CODE: 1363944
PUBLISHER: Orion Market Research | PRODUCT CODE: 1363944
Title: Global Artificial Lift Market Size, Share & Trends Analysis Report Market by Type (ESP lift, Gas lift, Plunger lift, Rod lift, and Others), and by Application (Onshore, and Offshore),Forecast Period (2023-2030).
The global artificial lift market is anticipated to grow at a considerable CAGR of 8.9% during the forecast period. Governments are increasingly imposing regulations on the oil and gas industry, such as those related to emissions and water usage. Artificial lift systems can help oil and gas companies comply with these regulations, which can be a major driver of growth in the market. The European Union has set a target of reducing greenhouse gas emissions by 55% by 2030. This will require oil and gas companies to use more efficient technologies, such as artificial lift systems, to reduce their emissions. The State of California's ban on conventional water injection for oil production is expected to save an estimated 1.1 million acre-feet of water per year. This is equivalent to the annual water usage of 500,000 households. Artificial lift systems can help oil and gas companies to comply with this ban by using less water. Rising oil production, higher oil prices, and improved operator cash flow are driving increased drilling and completion activity and lifting the global market for artificial lift equipment. With the US land market growing strongly, the global artificial lift market is on track to increase by 18% in 2022 to $11.7 billion, with key trends pointing toward further gains in 2023 and beyond.
The artificial lift market has been challenged by the ongoing shift in product use by type. Gas-lift and plunger-lift systems have seen their market shares increase by ~50% in recent years, while rod-lift systems have seen their market share fall by ~15%. This is due to North American producers looking for the most cost-effective solutions to sustain oil production from horizontal wells. Competition within the sector is also evolving as firms position themselves following mergers and acquisitions by leading suppliers.
The global artificial lift market is segmented based on type and application. Based on type, the market is segmented into ESP, gas, plunger, rod, and other types. Based on application, the market is sub-segmented into onshore and offshore.
The global artificial lift market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Among these,
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The major companies serving the global artificial lift market include Schlumberger Ltd., Baker Hughes Co., Halliburton Energy Services, Inc., Weatherford International PLC, and Dover Corp. among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, and new product launches, to stay competitive in the market.