The global artificial lift market is expected to reach USD 26.5 billion by 2025, according to a new report by Grand View Research, Inc. The industry is anticipated to gain traction owing to the increasing fossil fuel demand coupled with the rising number of mature reserves, which hold a high volume of crude oil. Furthermore, volatile oil prices are persuading oil companies to decrease the per barrel oil production cost, thereby driving the demand for EOR techniques, such as artificial lift systems, over the forecast period.
The robust demand for crude oil and natural gas has led to the depletion of onshore reserves. This has offered offshore deep-water opportunities for several companies, thus catapulting the artificial lift market size. Additionally, technological advancements have encouraged Exploration and Production (E&P) companies to increase the production of crude oil and natural gas in offshore reserves, which is anticipated to further propel demand over the coming years.
Lifting systems are used in offshore applications of deepwater gas lift wells and for subsea production to augment the productivity of wells. Thus, the rising deepwater oil production is anticipated to spur the market growth. Owing to rapid industrialization, conventional sources of oil & gas are depleting at the expense of future energy demands. This has forced companies to meet the end-user demand by focusing on unconventional gas resources. As such, unconventional gas production is considered to act as a key opportunity for players operating in the market.
The demand for energy is increasing globally. The escalating demand for primary energy in transportation, power generation, and household activities has led to increased oil & gas consumption in major economies across the globe. This has led the producers of oil & gas to dig deeper to meet the increasing energy demands, thus instigating the need for artificial lift. However, the fluctuating oil prices and impacted investments would affect market growth, owing to high equipment and capital costs.
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U.S. artificial lift systems market by product, 2014 – 2025 (USD Million)
Key Takeaways from the report:
- The global artificial lift market exceeded USD 16 million in 2016 and is expected to grow at a CAGR of 5.7% from 2017 to 2025, which is primarily attributed to the increasing oil & gas production coupled with improving production efficiencies at mature fields.
- Electrical submersible pumps are anticipated to emerge as the largest product segment over the forecast period owing to the rising demand for oil worldwide and exploration of newer onshore as well as offshore reserves.
- The ever-rising population in Asia Pacific, particularly India and China, is anticipated to fuel the demand for oil & gas, which is further expected to instigate the adoption of artificial lift systems in this region.
- Key players such as GE Oil & Gas, National Oilwell Varco, Weatherford Plc, Halliburton, Dover Corp., and Schlumberger Limited dominated the market in 2016 with their emphasis on expanding the market presence through mergers and acquisitions.
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Grand View Research has segmented the global artificial lift market based on products and regions:
Artificial Lift Product Outlook (Revenue, USD Million; 2014 – 2025)
- Rod Lifts
- Electrical Submersible Pumps
- Progressive Cavity Pumps
- Gas Lift
- Hydraulic Pumps
Artificial Lift Regional Outlook (Revenue, USD Million; 2014 – 2025)
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
- Saudi Arabia
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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