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Artificial Lift Systems Market is expected to reach USD 17.11 billion by 2027 witnessing market growth at a rate of 7.90% in the forecast period of 2022 to 2029. 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.
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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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Some of the major players operating in the artificial lift systems market are Baker Hughes Company, NOV Inc., Halliburton Energy Services, Inc., Weatherford, JJ Tech Systems, MAN Energy Solutions SE, Dover Corporation, Schlumberger Limited, Tenaris, EBARA CORPORATION., MITSUBISHI HEAVY INDUSTRIES, LTD., Solar Turbines Incorporated, Burckhardt Compression AG., Ariel Corporation, NEUMAN & ESSER GROUP, Hitachi, Ltd., Aker Solutions, General Electric, Occidental Petroleum Corporation, and Canadian Advanced ESP, among others.
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