What are the latest figures on the artificial lift system market’s size and projected CAGR?
The artificial lift system market size has grown strongly in recent years. It will grow from $11.35 billion in 2024 to $12.35 billion in 2025 at a compound annual growth rate (CAGR) of 8.9%. The growth in the historic period can be attributed to increased deepwater and offshore exploration, optimization of well performance, reservoir pressure decline, economic viability, improved downhole monitoring.
The artificial lift system market size is expected to see strong growth in the next few years. It will grow to $17.77 billion in 2029 at a compound annual growth rate (CAGR) of 9.5%. The growth in the forecast period can be attributed to rise in shale oil and gas production, energy transition and sustainability, offshore development projects, adoption of electric submersible pumps, market expansion in emerging economies. Major trends in the forecast period include enhanced oil recovery (EOR) techniques, remote monitoring and automation, plunger lift systems, advancements in sensor technologies, integration of IoT and edge computing.
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What are the key drivers behind the rapid expansion of the artificial lift system market?
The increase in production of oil is expected to propel the growth of the artificial lift systems market going forward. Artificial lift systems are used in oil wells to increase the pressure within the reservoirs and increase the movement of oil to the surface. These systems are extensively used in oil production wells when natural drive energy is insufficient to increase the movement of oil to the surface. Though the oil wells possess required natural pressure during the initial stages of production, the pressure decreases over time and increase the demand for artificial lift systems for effective production. For instance, in November 2023, according to the International Energy Agency, a France-based intergovernmental organisation, the global oil demand will increase by 1.5 million barrels per day in 2024, reaching approximately 102.4 million barrels per day. Therefore, the increase in the production of oil is driving the artificial lift systems market.
What is the segmentation for the artificial lift system market?
The artificial lift system market covered in this report is segmented –
1) By Type: ESP, PCP, Gas Lift, Rod lift, Other Types
2) By Mechanism: Pump Assisted, Gas Assisted
3) By Application: Onshore, Offshore
4) By Well Type: Horizontal, Vertical
Subsegments:
1) By Electric Submersible Pump (ESP): Standard ESP Systems, High-Temperature ESP Systems, Offshore ESP Systems
2) By Progressing Cavity Pump (PCP): Standard PCP Systems, High-Viscosity PCP Systems, Offshore PCP Systems
3) By Gas Lift: Continuous Gas Lift, Intermittent Gas Lift, Dual Gas Lift Systems
4) By Rod Lift: Beam Pumping Systems, Pump Jack Systems, Variable Speed Rod Pumping Systems
5) By Other Types: Hydraulic Lift Systems, Pneumatic Lift Systems, Jet Pump Systems
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Who are the most influential companies in the artificial lift system market?
Major companies operating in the artificial lift system market include General Electric Company, Schlumberger Limited, Baker Hughes Co., Halliburton Company LLC, Atlas Copco Energas GmbH, Novomet Inc., Tenaris S.A., Cameron International Corporation, Dover Corporation, National Oilwell Varco Inc., MAN Energy Solutions, Ebara Corporation, Weatherford International Ltd., ChampionX Corporation, Summit ESP, Neuman & Esser Group, Ariel Corporation, Flotek Industries Inc., Mitsubishi Heavy Industries Compressor Corporation, Evolution Oil Tools Inc., Canadian Advanced ESP Inc., JJ Tech Ltd., SPOC Automation Inc., Quick Connector Inc., Sivam SpA, Borets International Ltd.
What are the most influential trends expected to drive the artificial lift system market forward?
New product development is a key trend gaining popularity in the artificial lift systems market. The challenging oil production environment worldwide has forced companies operating in the artificial lift systems market to provide new and advanced products and services to fulfil the market demand. These new products offer several advantages such as new design features, better operational ability, and may cut down costs well. For instance, in April 2024, Schlumberger Limited, a US-based technology company, launched two advanced artificial lift system, the Reda Agile compact wide-range electric submersible pump (ESP) system and the rodless Reda PowerEdge electric submersible progressing cavity pump (ESPCP) system. Linked to digital services for ongoing live monitoring and real-time optimization, these technologies enhance operational stability, allowing for quicker installation and production while reducing power consumption, operating costs, and CO2 emissions. Utilizing a single PowerEdge ESPCP system for the remaining life of the well, instead of traditional rod lift installations in unconventional wells, minimizes workovers and production delays.
What are the major regional insights for the artificial lift system market, and which region holds the top position?
The countries covered in the artificial lift system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
What Does The Artificial Lift System Market Report 2025 Offer?
The artificial lift system market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
Artificial lift system refers to the system that run on artificial methods and is used to withdraw crude oil or water from production wells by increasing pressure within the reservoir. The artificial lift system aims to extract greater output by increasing production, output, and recovery.
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