The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

As per The Business Research Company’s Artificial Lift System Global Market Report 2023, the artificial lift system market is expected to show significant growth in the forecast period.

Key insights from the artificial lift system market forecast include:

1. Market Size

The global artificial lift system market is expected to grow from $9.71 billion in 2022 to $10.54 billion in 2023, at a compound annual growth rate (CAGR) of 8.5%. The artificial lift system market size is expected to grow to $14.07 billion in 2027 at a CAGR of 7.5%.

2. Major Driver

The increase in oil output is likely to take the artificial lift system industry ahead. For example, according to an IEA (International Energy Agency) assessment issued in March 2021, world oil consumption will reach 104.1 mb/d (mb/d- thousand barrels per day) by 2026. This implies a 4.4 mb/d increase over 2019 values. As a result, the rise in oil production is propelling the artificial lift system industry.

View More On The Artificial Lift System Market Report 2023 – https://www.thebusinessresearchcompany.com/report/artificial-lift-system-global-market-report

3. Key Trend

New product development is a prevalent trend in the artificial lift system market. To meet market demand, firms operating in the artificial lift system market have been obliged to develop innovative and advanced goods and services due to the harsh oil production environment around the world. These new goods have various advantages, including novel design features, improved operational capability, and the potential to significantly reduce prices. Wanner International, a UK-based industrial equipment supplier, for example, unveiled a new Hydra-Cell jet pump hydraulic artificial lift system in February 2021. It was created for the low-cost lifting of a barrel of fluid in the oil and gas industry. It is appropriate for conventional oil and gas production.

4. Major Players

Major players in the artificial lift system market are Halliburton Company LLC, Schlumberger Limited, Baker Hughes, Weatherford International Ltd., Borets International, Dover Corporation, JJ Tech, NOV Inc., Novomet, General Electric, Flotek Industries, AccessESP, ChampionX, John Crane Group, BCP Group, PCM, APC, Petrolift, Rimera Group, and Flowco Production Solutions.

5. Top Market Segments

The global artificial lift system market is segmented –
1) By Type: ESP, PCP, Gas Lift, Rod lift, Other Types
2) By Mechanism: Pump Assisted, Gas Assisted
3) By Application: Onshore, Offshore
4) By Well Type: Horizontal, Vertical

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The Artificial Lift System Global Market Report 2023  provides an in-depth analysis on the artificial lift system market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the artificial lift system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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