Global Artificial Lift Systems Market Outlook

the global artificial lift systems market is expected to witness rapid growth in the forecast period from 2018 to 2032. this is attributed to the increasing demand for cost efficient and eco-friendly systems in the oil & gas sector. artificial lift is an operation used to increase the production of fluids from oil & gas reservoirs. increasing need for improved performance with cost efficiency have driven the adoption of these systems. artificial lift systems include progressing cavity pumps, rod-pumps, electrical submersible systems, jet-pumps, hydraulic pumps, jet-assisted pumps and others. traditional artificial lift systems such as rod pumps and progressive cavity pumps are used to lift light crude oil and gas from the reservoir. modern day technologies such as electrical submersible pumps are generally used to lift heavy crude oil and gas from deeper reservoirs. all these systems are driven by the need to increase the production rate and preserve the reservoir fluid integrity. increasing global demand of energy and eco-friendly systems have resulted in the greater use of artificial lift systems in the oil & gas sector. governments and organizations are pushing the adoption of these systems to ensure sustenance of energy resources. this is further expected to drive the adoption of these systems in the forecast period. additionally, the increasing technological advancements, and introduction of various solutions such as automation and integration of artificial lifts systems with software and hardware, will increase the growth of the market. on the other hand, limited performance in high viscosity and abrasive environment and lack of standardized technology may act as hindering factors for the growth of the artificial lift systems market. dips in oil prices and lack in customer knowledge may further impair the growth of the market in the forecast period. thus, despite the challenges, the global artificial lift systems market is anticipated to witness considerable growth in the forecast period from 2018 to 2032 driven by trends towards greater energy efficiency. the integration of iot and ai in the industry has resulted in the introduction of various solutions that are provided by integrated solutions such as submersible motors, esps, permanent artificial lift systems, and hydraulic lift systems. this will further drive the growth of the market.