The oil and gas sector uses artificial lift systems to create pressure that forces oil to gush out of its deeply rooted resources. Artificial lift system is the process of increasing pressure inside the oil well or reservoir that helps push and bring the oil to the surface for extraction. Within the last couple of decades, there has been tremendous demand for hydrocarbon, and oil and gas from both the transportation and industrial sector. Artificial lift is an automated method for expanding the progression of fluids from the production well. Some common types of artificial lift utilized are electric submersible pumps (ESPs), gas lift systems, advancing cavity pumps, and rod-lift systems.
The rising popularity and adoption of optimized upstream assets in the oil and gas industry are considered a significant growth driver for the growth of the global artificial lift systems market. In addition to this, the recent plummeting activity and the recovery of crude oil prices will also help to attract higher revenues for this market in the coming years. Also, the need to maintain cost-effectiveness in artificial lift system and rising focus on oil extraction and shale gas will further help promote the growth of this market in the coming years. The increasing productivity of heavy oil and growing number of gas and oil field discovery will bode well for the global artificial lift system market. Companies functioning in the global artificial lift system market are investing heavily on improving product quality and functioning so as to increase their revenues. This is further attributed to the rising number of oil and gas exploration activities worldwide. Some of the key players of the global artificial lift system market include Valiant Artificial Lift Solutions, Novomet, DistributionNow, JJ Tech, Borets International, Schlumberger, Weatherford, Halliburton, NOV, AccessESP, Apergy, and others. Most of these companies have their base in the US, due to which the North American region draws the highest revenue.