When type is taken into consideration, the artificial lift market is categorized into gas lift, electrical submersible pumps (ESP), progressive cavity pumps (PCP), red lift, and others (which include hydraulic jet pumps and plunger lift). Among these, the ESP category is expected to hold the largest share of the market during the forecast period. This is due to the tightly contained units of these devices which keep the liquid out of the housing and internal components, thereby ensuring that the pumps don’t leak or short circuit when submerged.

On the basis of mechanism, the artificial lift market is divided into pump assisted and gas assisted. Between these two, the pump assisted division accounted for the larger share of the market during the historical period (2013–2017). This is because the pump-assisted mechanism is utilized more commonly than the gas-assisted mechanism, since it increases the bottom-hole pressure of the tube string for lifting a sufficient amount of liquid to the surface. The division is further expected to grow at the faster CAGR of 5.5% in the forecast period.

Browse detailed report - Artificial Lift Market Analysis and Demand Forecast Report

A key trend being witnessed in the artificial lift market is the rising adoption of smart artificial lift systems for maximizing oil gas recovery. The advancements in the lifting systems have transformed marginal wells into profitable and reliable producers. Furthermore, in order to increase the revenue and improve oil gas recovery, operators are focusing on the development and adoption of smart artificial lift systems/technologies. This is further projected to drive the market in the coming years.

Hence, the market is registering growth due to the increasing number of mature oil gas fields and rising deepwater and ultradeep activities.