The global Artificial Lift Market is projected to grow from USD 6.9 billion in 2022 to USD 8.7 billion by 2027, at a CAGR of 4.8% according to a new report by MarketsandMarkets™. The market has promising growth potential due to the rising global oil demand and the increasing demand to maximize production from maturing oil & gas fields and new discoveries, especially in the North American region.
The rod lift segment is expected to dominate the Artificial Lift Market during the forecast period.
By type, the rod lift segment is estimated to lead the market and is also expected to register the highest CAGR during the forecast period owing to developments pertaining to unconventional oil & gas resources.
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The offshore segment is expected to register the highest CAGR during the forecast period.
The Artificial Lift Market is divided based on application onshore and offshore. Though the onshore application segment is estimated to hold a larger market share, the offshore segment is expected to grow at a faster rate during the forecast period. This high growth rate of the offshore segment can be attributed to the increasing investment by upstream oil & gas service providers and operators concerning deepwater and ultra-deepwater exploration and production activities.
North America is expected to be the largest artificial lift market
In this report, the market has been analyzed for five regions, namely, North America, South America, Europe, Asia Pacific, and Middle East & Africa. North America is a significant contributor to the Artificial Lift Market in the current scenario owing to the presence of a large number of key global players in the region, especially in the US. Further, the advancements in the upstream sector concerning unconventional oil & gas resources such as shale oil and shale gas are expected to further drive the Artificial Lift Market in the region.
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To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the Artificial Lift Market. Some of the key market players are Schlumberger Limited (US), Halliburton (US), Baker Hughes Company (US), NOV Inc. (US), and Weatherford (US). These leading players adopt various strategies to increase their share in the market.