San Francisco, California, Dec 04th, 2018: The demand within the global market for artificial lift systems is increasing on account of advancements in the oil and gas industry. Artificial lift systems are used to transport oils or hydrocarbons from the depths of the well to the outer surface. This process needs to be carried out when the oil level has receded away from normalcy, making it difficult to viably extract oil through other extraction techniques. Hence, the demand within the global market for advanced lift systems is projected to increase as oil wells dry or become less fertile with respect to oil retrieval. A report on added by TMR Research on the global market for artificial lift systems is a description of the forces that have aided market growth. The title of the report is “Artificial Lift Systems Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2025”.
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The oil-producing capacity of oil wells decreases over the years, and hence, there is a need to deploy artificial lift systems to fetch oil from these wells. Furthermore, the need to have a regular supply of oil across the world has also necessitated the use of artificial lift systems during oil-extraction.
On the basis of geography, the demand within the market for artificial lift systems in the Middle East and Africa has been rising on account of the expansive oil and gas industry in the region.
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Some of the key players in the global market for artificial lift systems are National Oil Varco Inc., Tenaris S.A., Lufkin Industries Inc., Baker Hughes Incorporated, and Weatherford International Ltd.