GCC Artificial Lift Systems Market Outlook

the gcc artificial lift systems market outlook from 2018 to 2032 is highly optimistic. the continued growth in demand for energy and rising production from unconventional sources will drive the market. the region has already witnessed large investments in onshore unconventional production where artificial lift systems have become the order of the day. the towering production and exploration activities, high technological advances, and surging energy-demand are the major driving forces encouraging the growth of the artificial lift systems market across the gcc region. furthermore, the evolution of smart automation systems for oil and gas production has generated a huge demand for artificial lift systems, increasing the announcements related to artificial lift systems in the region. additionally, most of the local players and international companies have invested significantly in the research and development activities in recent years. this has facilitated them to provide more efficient and cost-effective artificial lift solutions, oxford economics reports. in terms of innovations, continuous hybrid electric submersible pumps (esps) are gaining popularity in the region. this technology combines traditional esps and variable speed drive technology to extend motor life, reduce fuel and energy costs, enhance production performance, and reduce maintenance costs. numerous companies such as genius intelligent energies, weir oil & gas, and nov have announced new and innovative products to the market. in terms of product type, the rod lift systems had a major share of the market in 2018. however, electric submersible pumps are expected to witness faster growth over the forecast period due to its advantageous features such as superior pressure control, ability to operate in shallow and multiple producers, low surface friction, and simple maintenance. the goal of gcc artificial lift systems is to continue the upward trend of energy production and supply with the longest minimum run life. the market is expected to remain highly competitive throughout the forecasted period, as different players enter the market with a number of artificial lift systems. in terms of capital investments, rising energy-demand along with a need for cost-efficient solutions, will open new opportunities for the major players of the artificial lift systems market in the region. as a result, the rising capital investment in gcc artificial lift systems market is expected to boost the growth of the entire market.