According to a recent research report published by P&S Intelligence, the artificial lift market size is projected to reach $10.8 billion by 2023, growing at a CAGR of 5.3% during 2018-2023. The growth in the market is mainly due to the Increasing number of mature oil & gas fields, and increasing ultradeep & deep-water activities.
Globally, the increasing demand for oil and gas is pushing the operators to escalate deep water activities due to the decline in onshore oil and gas production. The ultradeep prospects are majorly seen in the Gulf of Mexico, Brazil, and West Africa. East Africa is also emerging as a significant deep-water frontier with sizable discoveries in Mozambique and Tanzania.
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Some of the reservoirs in these prospects are low pressure reservoirs, such as Perdido spar development in the Gulf of Mexico, and thus require artificial lift. The E&P activities in deep-water are globally increasing to fulfil the surging energy demand, resulting in the increasing demand of artificial lift including ESP, PCP, and gas lift.
A major trend witnessed in the global artificial lift market is the increasing adoption of smart artificial lift systems for maximum oil and gas recovery. The innovation in the lifting systems has transformed the marginal wells into profitable and reliable producers. In order to further increase the revenue and enhance the oil and gas recovery, operators are developing and are also adopting smart artificial lift systems/technologies. For example, Direct Drive-Head developed a Smart Pumper, that billed as a universal platform which is capable of controlling any pumping device by using electric or hydraulic motors from 5 horsepower (hp) to 1,000 horsepower (hp). This serves as a master controller and monitoring device for ESP, PCP, pumpjacks, and other pump devices including their facilities.
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Most of the players in the global artificial lift market serve customers in more than 7 countries; moreover, leading players offer a wide range of products to varied industries. Baker Hughes, Schlumberger Limited, and Halliburton Company are the major players operating in the market in terms of sales, with a strong headcount base and wide range of artificial lift product portfolio. Besides, these companies also enjoy a prominent global presence.
Schlumberger Limited offers a wide range of artificial lift and has presence in more than 85 countries. Baker Hughes offers artificial lift, namely ESP, PCP, and gas lift, and has presence in more than 120 countries. Halliburton Company offers ESP and PCP products and has presence in more than 70 countries.
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