The global Artificial Lift Market is expected to grow from an estimated USD 8.0 billion in 2020 to USD 10.3 billion by 2025, at a CAGR of 5.0% during the forecast period. Increasing efforts by upstream companies to enhance the production from the mature fields is driving the artificial lift market.
Continuous shale development and the growing investments in the upstream oil and gas sector are driving the demand for artificial lift market. Moreover, the rising number of mature fields in Europe and the Middle East, along with new offshore oilfield discoveries, is creating an opportunity for the artificial lift market.
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The demand for onshore artificial lift market is driven owing to redevelopment of mature onshore oilfields along with growing shale activities. Artificial methods such as sucker rod pumps and beam pumps are most prominently used in onshore oil wells. The onshore oil & gas industry continues to evolve in North America, and this has resulted in a higher demand for improved operational efficiency to increase production from oil & gas wells.
North America is expected to be the largest artificial lift market
North America, Europe, South & Central America, Asia Pacific, Middle East & Africa are the major regions considered for the study of the artificial lift market. North America is estimated to be the largest market from 2020 to 2025, driven by the redevelopment of shale reserves and growth in unconventional resources in the US and Canada. Additionally, the demand for artificial lift operations in the maturing offshore fields in the Gulf of Mexico and other onshore fields in the US is expected to drive market growth.
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The major players in the global Artificial Lift Market are Halliburton (US), Schlumberger (US), Baker Hughes Company (US), Weatherford (Switzerland), NOV (US), Borets International (Russia), Oilserv (UAE), JJ Tech (US), Apergy (US), DistributionNow (US), Novomet (Russia), AccessESP (US), and Valiant Artificial lift Solutions (US).
