Artificial lift market is anticipated to grow at a considerable CAGR of 5.5% during the forecast period. Governments are increasingly imposing regulations on the oil and gas industry, such as those related to emissions and water usage. Artificial lift systems can help oil and gas companies comply with these regulations, which can be a major driver of growth in the market. The European Union has set a target of reducing greenhouse gas emissions by 55% by 2030. This will require oil and gas companies to use more efficient technologies, such as artificial lift systems, to reduce their emissions. The State of California's ban on conventional water injection for oil production is expected to save an estimated 1.1 million acre-feet of water per year. This is equivalent to the annual water usage of 500,000 households. Artificial lift systems can help oil and gas companies to comply with this ban by using less water. Rising oil production, higher oil prices, and improved operator cash flow are driving increased drilling and completion activity and lifting the global market for artificial lift equipment. With the US land market growing strongly, the global artificial lift market is on track to increase by 18% in 2022 to $11.7 billion, with key trends pointing toward further gains in 2023 and beyond.

The artificial lift market has been challenged by the ongoing shift in product use by type. Gas-lift and plunger-lift systems have seen their market shares increase by ~50% in recent years, while rod-lift systems have seen their market share fall by ~15%. This is due to North American producers looking for the most cost-effective solutions to sustain oil production from horizontal wells. Competition within the sector is also evolving as firms position themselves following mergers and acquisitions by leading suppliers.

Pet dogs and cats in the US, (in Million)

Source: The Humane Society of the United States

According to HealthforAnimals, the estimated total worldwide companion animal diagnostics spending was 4.6 billion in 2022. Thus, the rising focus on animal wounds to limit the spread of infection is creating demand for the animal wound care market. Apart from this, growing funding for the development of advanced wound care techniques is further driving the market growth.  For instance, In January 2022, MicroCures, a biopharmaceutical company developing novel therapeutics that harness the body’s innate regenerative mechanisms to accelerate tissue repair, was awarded a Phase 2 Small Business Innovation Research (SBIR) grant from the National Institutes of Health (NIH). The two-year, $1.5 million award will support the ongoing development of the company’s lead product candidate, siFi2.  siFi2, a small interfering RNA (siRNA) therapeutic that can be applied topically, is designed to enhance recovery after trauma. This Phase 2 grant continues the company’s successful Phase 1 SBIR contract which demonstrated significantly improved repair of burn wounds following treatment with siFi2 in animal models. MicroCures’ technology is based on foundational scientific research at the Albert Einstein College of Medicine regarding the fundamental role that cell movement plays as a driver of the body’s innate capacity to repair tissue, nerves, and organs. The company has developed a broad pipeline of therapeutic programs with an initial focus in the area of tissue, nerve, and organ repair. 

Segmental Outlook

The global artificial lift market is segmented based on type and application. Based on type, the market is segmented into ESP, gas, plunger, rod, and other types. Based on application, the market is sub-segmented into onshore and offshore. 

ESP dominating the whole market 

The most dominating type of artificial lift system all over the world is the Electric Submersible Pump (ESP). ESPs are used in a wide variety of conditions and are very efficient. They are also relatively easy to install and maintain. ESPs are estimated to hold 42.7% of the worldwide artificial lift market by 2028. The reasons why ESPs are dominating the artificial lift market over the globe:

• ESPs can be used in a wide variety of good conditions, including wells with high production rates, wells that are located in remote areas, and wells that are producing high-viscosity fluids. This makes them a versatile tool that can be used in a variety of applications.

• The global demand for oil and gas is increasing, which is driving the demand for artificial lift systems. ESPs are well-suited to meet this demand, as they can be used in a variety of conditions and are very efficient.

• Governments around the world are imposing stricter regulations on the oil and gas industry, which is driving the demand for ESPs. ESPs can help oil and gas producers comply with these regulations by reducing emissions and water usage.

• ESPs can help to improve the environmental performance of oil and gas production by reducing emissions and water usage. This is because ESPs are more efficient than other types of artificial lift systems, and they do not require the use of water for hydraulic fracturing. For example, ESPs can help to reduce air pollution by emitting fewer pollutants into the atmosphere.

Regional Outlook

The global artificial lift market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Among these, 

Global Artificial Lift Market Growth by Region 2023-2030

North America Held a Major Share in the Global Market

The United States Animal Health Association is an organization that takes care of wound care in the animal segment. This organization keeps track of the upcoming products that are required for animal healthcare. Various promotion programs are being carried out by this association in the country, which enables veterinary professionals and the general population to understand effective wound care management for animals. 

Market Players Outlook

The major companies serving the global artificial lift market include Schlumberger Ltd., Baker Hughes Co., Halliburton Energy Services, Inc., Weatherford International PLC, and Dover Corp. among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, 

The Report Covers

• Market value data analysis of 2022 and forecast to 2030.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global animal wound care market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.