Artificial Lift System Market is Set for Strong Growth and Reach Around US$ 28.95 Billion by 2022-2027

IMARC Group has recently released a new research study titled "Artificial Lift System Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027", offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.

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What is the current size of the artificial lift market?

The global artificial lift system market reached a value of US$ 20.7 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 28.95 Billion by 2027, exhibiting a CAGR of 5.60% during 2022-2027.

What is artificial lift system?

An artificial lift system is a mechanical lifting method used to lower the producing bottomhole pressure (BHP) on the development to increase the production rate from the well. It consists of impellers, controllers, cable systems, motors, pumps, and blades. Gas lift, plunger lift, progressive cavity pump (PCP), hydraulic lift, rod lift, and electric submersible pump (ESP) are some common types of artificial lift systems. Today, the artificial lift system is gaining traction as it helps oil wells boost oil reservoirs to generate a higher rate current from a well that is not strong enough to push oil to the surface at higher efficiency.

Impact of COVID-19:

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

What are the major drivers for the artificial lift market?

The market is primarily driven by significant growth in the oil and gas industry. In addition, the rising energy demand and rapid industrialization represent other major growth-inducing factors. Additionally, technological advancements, such as the inception of the Internet of Things (IoT) and artificial intelligence (AI) to optimize hydrocarbon withdrawal and avert disastrous events, are providing a thrust to market growth.

Apart from this, the surging demand for ESPs, owing to their adaptable nature and the capacity to handle high volumes and a wide range of flow rates while functioning efficiently in harsh environmental conditions, is accelerating the product demand. Other factors, including rising urbanization, the establishment of new exploration fields, and the increasing number of onshore and offshore production, are propelling the market growth.

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Report Segmentation:

The report has been segmented the market into following categories:

Breakup by Lift Type:
• Electric Submersible Pumps (ESP)
• Progressing Cavity Pumps (PCP)
• Gas Lift
• Rod Lift
• Hydraulic Pumps
• Others

Breakup by Well Type:
• Horizontal
• Vertical

Breakup by Mechanism:
• Gas Assisted
• Pump Assisted

Breakup by Application:
• Offshore
• Onshore

By Geography:
• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

List of Major Key Players:
• Baker Hughes Company
• Borets International Ltd.
• Canadian Advanced ESP Inc.
• ChampionX
• Dover Corporation
• General Electric Company
• Halliburton Company
• JJ Tech
• NOV Inc.
• Schlumberger Limited
• Tenaris S.A. (Techint)
• Weatherford International plc.

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This release was published on openPR.