Global Artificial Lift System Market to Reach US$ 35.6 Billion by 2032, Propelled by the Increasing Global Energy Demand

May 25, 2023 | Chemical & Materials

The latest report by IMARC Group, titled "Artificial Lift System Market Report by Lift Type (Electric Submersible Pumps (ESP), Progressing Cavity Pumps (PCP), Gas Lift, Rod Lift, Hydraulic Pumps, and Others), Well Type (Horizontal, Vertical), Mechanism (Gas Assisted, Pump Assisted), Application (Offshore, Onshore), and Region 2024-2032," finds that the global artificial lift system market size reached US$ 23.2 Billion in 2023. An artificial lift system refers to a set of methods and equipment employed in the oil and gas industry to enhance the production of hydrocarbons from wells where the natural pressure is insufficient for efficient extraction. The primary purpose of an artificial lift system is to overcome the decline in reservoir pressure and maintain or increase the flow rate of oil or gas to the surface. The selection of an appropriate artificial lift system depends on various factors, including well depth, reservoir characteristics, fluid properties, and production rate. Some of the most commonly used artificial lift methods include rod pumping (also known as beam pumping), electric submersible pumps (ESPs), gas lifts, and progressive cavity pumps.

Global Artificial Lift System Market Trends:

One of the primary factors driving the market is the growing global population and industrialization, which have led to a rise in energy consumption. As conventional oil and gas reserves deplete, there is a greater need for artificial lift systems to extract hydrocarbons from challenging environments, such as deepwater, unconventional resources, and mature fields. Additionally, numerous existing oilfields worldwide are experiencing declining reservoir pressure, leading to reduced production rates. Due to this, artificial lift systems are widely used as a solution to maintain or increase production in these mature fields. Retrofitting existing wells with artificial lift systems helps maximize recovery and extend the economic life of the field. Furthermore, environmental concerns and stringent regulations related to greenhouse gas emissions have increased product adoption. Furthermore, the introduction of advanced technologies, such as electric submersible pumps (ESPs) and gas lift systems, that offer more environment-friendly alternatives compared to other production methods is contributing to the market growth. Moreover, oil and gas operators are increasingly emphasizing production optimization to maximize recovery and enhance operational efficiency. As a result, artificial lift systems are gaining traction as they play a crucial role in optimizing production by maintaining consistent flow rates, reducing downtime, and improving reservoir management. Looking forward, IMARC Group expects the market value to reach US$ 35.6 Billion by 2032, exhibiting a CAGR of 4.8% during the forecast period (2024-2032). 

Market Summary:

  • On the basis of the lift type, the market has been segmented into electric submersible pumps (ESP), progressing cavity pumps (PCP), gas lift, rod lift, hydraulic pumps, and others.
  • Based on the well type, the market has been classified into horizontal and vertical.
  • On the basis of the mechanism, the market has been bifurcated into gas assisted and pump assisted.
  • Based on the application, the market has been segmented into offshore and onshore.
  • Region-wise, the market has been divided into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Russia, Spain, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.
  • The competitive landscape of the market has been examined in the report, with some of the key players being Baker Hughes Company, Borets International Ltd., Canadian Advanced ESP Inc., ChampionX, Dover Corporation, General Electric Company, Halliburton Company, JJ Tech, NOV Inc., Schlumberger Limited, Tenaris S.A. (Techint), and Weatherford International Plc.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Lift Type, Well Type, Mechanism, Application, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Baker Hughes Company, Borets International Ltd., Canadian Advanced ESP Inc., ChampionX, Dover Corporation, General Electric Company, Halliburton Company, JJ Tech, NOV Inc., Schlumberger Limited, Tenaris S.A. (Techint) and Weatherford International plc.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 3899
Five User License: US$ 4899
Corporate License: US$ 5899
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Artificial Lift System Market to Reach US$ 35.6 Billion by 2032, Propelled by the Increasing Global Energy Demand
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