Artificial Lift Systems Market Size To Reach $33.5 Billion By 2030

Artificial Lift Systems Market Growth & Trends

The global artificial lift market size is expected to reach USD 33.5 billion by 2030, expanding at a CAGR of 5.7% from 2024 to 2030, 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 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. 

 Request a free sample copy or view report summary: Artificial Lift Market Report

Artificial Lift Systems Market Report Highlights

• 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 offshore segment dominated the market in 2023. Offshore environments often contain deep-water and ultra-deep-water reserves, necessitating artificial lift to overcome difficulties associated with extracting hydrocarbons from depths.

• The vertical segment dominated the market in 2023. Artificial lift is essential for sustaining production in mature wells due to their declining reservoir pressure.

• 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.

• The pump segment accounted for the largest revenue share in 2023. The key growth factors in this sector include growing energy demand, advancements in pump technology, and more mature oil fields needing artificial lift solutions to sustain production levels.

Artificial Lift Systems Market Segmentation

Grand View Research has segmented the global artificial lift systems market report based on product, component, mechanism, well type, technology, and region:

Artificial Lift Systems Products Outlook (Revenue, USD Billion, 2018 - 2030)

• Rod Lifts

• Electric Submersible Pumps

• Progressive Cavity Pumps

• Gas lift

• Hydraulic pumps

• Others

Artificial Lift Systems Component Outlook (Revenue, USD Billion, 2018 - 2030)

• Pump

• Motor

• Cable Systems

• Controller

• Others

Artificial Lift Systems Mechanism Outlook (Revenue, USD Billion, 2018 – 2030)

• Pump Assisted

• Gas Assisted

Artificial Lift Systems Well Type Outlook (Revenue, USD Billion, 2018 – 2030)

• Horizontal

• Vertical

Artificial Lift Systems Technology Outlook (Revenue, USD Billion, 2018 – 2030)

• Onshore

• Offshore

Artificial Lift Systems Regional Outlook (Revenue, USD Billion, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

• Asia Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

• Latin America

  • Brazil

• Middle East and Africa (MEA)

  • Saudi Arabia

  • UAE

  • South Africa

List of Key Players in Artificial Lift Systems Market

• ABB

• Siemens

• Schneider Electric

• General Electric Company

• Eaton

• Cisco Systems, Inc.

• Honeywell International Inc.

• Emerson Electric Co.

• Schweitzer Engineering Laboratories, Inc. (SEL)

• Mitsubishi Electric Corporation