The global artificial lift systems market revenue is expected to expand at a moderate CAGR over the forecast period. Increasing rate of exploration and production (E&P) activity from unconventional wells, growing drilling activities are major factors expected to drive growth of the global artificial lift systems market over the forecast period.

However, risk of pump failure from gas locking or solids production expected to result in increased operational cost is a key factor expected to hamper growth of the target market in the near future.

The global artificial lift systems market report has been segmented on the basis of product, application, and region. On the basis of product, the target market is segmented into rod lifts, electrical submersible pumps, progressive cavity pumps, gas lift, and others (plunger lift, hydraulic pumps). The rod lift product segment is expected to register significant share in the target market over the forecast period, owing to factors such as cost-effectiveness, ability to efficiently extract hydrocarbons, and lifting heavy viscous crude oil at high temperatures.

On the basis of application, the target market is segmented into onshore and offshore. The offshore application segment is expected to register highest CAGR in terms of revenue over the forecast period, owing to innovations of deep-water projects.

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Based on the region the target market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market in North America is estimated to be highest share in terms of revenue over the forecast period, owing to development of technologically advanced products and government initiative for improving crude oil production in various countries in the region. The market in Asia Pacific is expected to register significant CAGR in terms of revenue, owing to growing commercial activities and improved infrastructure in developing countries in the region.

Key players operating in the global artificial lift systems market include Baker Hughes Incorporated, Dover Corporation, GE Energy Services, Inc., Halliburton Company, National Oilwell Varco, Inc., Weatherford International Ltd., Schlumberger Limited, Aker Solutions, Novomet Artificial Lift Nigeria Ltd., and BCP Group.

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