Leading Companies Driving the Global Artificial Lift Market with Increasing Investments

Baker Hughes Company, Schlumberger Limited, Halliburton Company, Weatherford International plc, and Borets Company, among others, are the key players in the global market for artificial lift.

As per the analysis by Expert Market Research, the global artificial lift market is expected to grow at a CAGR of 5% in the forecast period of 2023-2028, owing to the increasing investments in offshore sites.

To increase well production, artificial lifts are employed to lower the produced bottomhole pressure. This technique is typically used to boost the flow of liquids from a producing well, such as water or crude oil. To reduce the weight of the hydrostatic column, a pump is typically used inside the well, or gas is injected. Oil, water, and other fluids are generated by production wells. The industry is growing because of technologies like hydraulic pump systems, ESP, gas lifts, and rod pumps. 

Progressive Cavity Pumps (PCPs) are the most often utilised type of artificial lift for removing heavy oil. Sand and viscous oil wells can produce at a reasonable cost with PCPs. Rod pumps and jet pumps are the other artificial lift techniques for lifting viscous oils that promote the generation of heavy oil. The countries of Canada, Venezuela, Mexico, China, and Colombia all have significant heavy oil reserves. Canada and Venezuela are important producers of heavy oil on a worldwide scale. The artificial lift market is therefore being driven by production activity in these nations.

Many nations are investing more money in offshore projects that have the potential to be profitable in deep and ultra-deep water, which is growing the demand for artificial lifts. Due to technological improvements that are assisting overcoming the challenging conditions in offshore regions and enabling soaring production, the artificial lift market growth rate is anticipated to climb dramatically.

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Top 5 Global Artificial Lift Companies:

Baker Hughes Company

One of the biggest oil field service firms in the world is Baker Hughes Company, an American multinational industrial service company. The business offers products and services for oil drilling, formation assessment, completion, production, and reservoir consulting to the oil and gas industry.

Schlumberger Limited

Schlumberger Limited is an oil field services company. It offers cutting-edge digital solutions and uses latest technologies to support the global energy industry's performance and sustainability. Paris, Houston, London, and The Hague are the locations of Schlumberger's four primary executive offices.

Halliburton Company

The Halliburton Company is a global corporation based in the United States. It is one of the biggest oil field service corporations in the world, with operations in more than 70 nations. The company helps its clients maximise value at every stage of the reservoir lifecycle, from locating hydrocarbons and handling geological data, to drilling and formation appraisal, well building and completion, and production optimisation over the asset's lifetime.

Weatherford International plc

Together with its subsidiaries, Weatherford International plc provides international oil field services. Weatherford is one of the top wellbore and production solutions providers of tools and services to drill, evaluate, complete, produce, and intervene in oil and natural gas wells. Numerous operations of the company's businesses, including those of its predecessor companies, date back more than 50 years.

Borets Company

Electric submersible and horizontal pump systems are manufactured, sold, and serviced by Borets, a world leader in artificial lift engineering. The company was established in 1897, and its main product categories are permanent magnetic motors, surface horizontal pumping systems, progressive cavity pumping systems, and electric submersible pumps. The business works in 15 countries and has more than 7,000 people. It offers top-notch tools and services to global oil firms.

*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.