Artificial Rod Lift Market

Artificial Rod Lift Market Segmentation by Application (Onshore, Offshore, and Others); and by End-User Industry (Oil & Gas, Mining, and Others) – Global Demand Analysis & Opportunity Outlook 2030

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Report ID: 3495 | Published On: Feb 08, 2023

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Despite Inflation & Recession News, Businesses Across the Globe Expected to Do Better in 2023

In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.


In The News

  • June, 2021: NOV Inc. announced its joint venture with Schlumberger to accelerate the adoption of automated drilling solutions in the oil and gas industry.


Global Artificial Rod Lift Market Highlights over 2022 – 2030

The global artificial rod lift market is estimated to grow at a CAGR of ~6% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing application of artificial rod lift in oil drilling, combined with the increasing number of new exploration fields across the globe. The rod lifts are designed to be inserted inside the tubing of a well to gather fluids from underneath. It is used to collect oil and other fluids, and lift them to the surface, which is why, it is ideal for application in oil wells. The increasing use of artificial lift systems in various end-user industries, is estimated to boost the market growth. The growing demand for crude oil and petroleum products, has raised the need for oil extraction, which is estimated to boost the market growth. However, COVID-19 had a severe impact on the oil & gas industry, resulting in a massive decline in oil demand in 2020, which is expected to recover over the upcoming years. According to the data by the International Energy Agency, the global oil demand declined by 8.6 million barrel per day in 2020. This is expected to rebound, by registering an increase of 5.4 million barrel per day in 2021, and by 8.5 million barrel per day in 2022. Further, by the end of 2022, the demand for oil is projected to surpass the pre-Covid levels. Moreover, increasing investment by major companies for oil drilling in offshore as well as onshore reservoir, is estimated to boost the market growth.

Artificial Rod Lift Market

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The market is segmented by end-user industry into oil & gas, mining, and others, out of which, the oil & gas segment is anticipated to hold the largest share in the global artificial rod lift market over the forecast period on account of increasing application of artificial rod lift in oil extraction from reservoirs. According to the U.S. Energy Information Administration (EIA) the global consumption of oil is estimated to be 92.2 million barrels per day in 2020. Increasing investment in the oil & gas industry is also estimated to boost the segment growth in the upcoming years. 


Major Macro-Economic Indicators Impacting the Market Growth

Electricity Consumption

In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government-imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.


Global Artificial Rod Lift Market Regional Synopsis

On the basis of geographical analysis, the global artificial rod lift market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the North America region is anticipated to gain the largest market share throughout the forecast period owing to the increasing oil production in the United States and Canada, backed by the presence of large oil reserves in the region. Canada is the 4th largest producer and exporter of oil, globally, and holds over 10% of the world’s share for oil wells.

The market in Middle East and Africa region is estimated to witness noteworthy growth over the forecast period on the back of presence of large number of oil reserves, and increasing international trade of crude oil. The increasing demand for crude oil for exportation is estimated to boost the market growth in the region.

Artificial Rod Lift Market

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The global artificial rod lift market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis


Artificial Rod Lift Market
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Market Segmentation

Our in-depth analysis of the global artificial rod lift market includes the following segments:

By Application

  • Onshore
  • Offshore
  • Others

By End-User Industry

  • Oil & Gas
  • Mining
  • Others

Growth Drivers

  • Increasing Demand for Crude Oil
  • Application of Artificial Rod Lift in Oil Drilling

Challenges

  • Unstable Nature of Oil Reserves
  • Competition from Gas Lift Technology


Electricity Consumption
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Top Featured Companies Dominating the Market

    • General Electric Company
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • Man Diesel & Turbo SE
    • Dover Corporation
    • Novomet Group
    • Smiths Group
    • Schlumberger Limited
    • NOV Inc.
    • J J Technical Services LLC
    • Halliburton Company
    • Flotek Industries

Key Questions Answered in the Report

1) What are the major factors driving the growth of the artificial rod lift market?

Ans: Growing demand for oil and gas, and increasing oil production activities are the major factors driving the market growth.

2) What would be the CAGR of artificial rod lift market over the forecast period?

Ans: The market is anticipated to attain a CAGR of ~6% over the forecast period, i.e., 2022 – 2030.

3) What are the challenges affecting the artificial rod lift market growth?

Ans: Competition from gas lift technology is estimated to hamper the market growth.

4) Which region will provide more business opportunities for growth of artificial rod lift market in future?

Ans: The market in the North America will provide the highest growth opportunities for the market during the forecast period on the back of large number of oil reserves, along with high production of petroleum and other fuels.

5) Who are the major players dominating the artificial rod lift market?

Ans: The major players in the market are Dover Corporation, Novomet Group, Smiths Group, Schlumberger Limited, NOV Inc., J J Technical Services LLC, Halliburton Company, Flotek Industries, and others.

6) How are the company profiles selected?

Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.

7) What are the segments in the artificial rod lift market?

Ans: The market is segmented by application, end-user industry, and by region.

8) Which segment captures the largest market size in end-user industry segment in the artificial rod lift market?

Ans: The oil & gas segment is anticipated to hold largest market size over the forecast period and display significant growth opportunities.

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