U.S. Artificial Lift Systems Market Outlook

the united states artificial lift systems market is expected to experience significant growth over the next few years. this is due primarily to the need for more efficient and cost effective methods of production for both traditional and unconventional energy exploration and production. the expanding shale gas production in the country, along with new technologies and techniques such as hydraulic fracturing, are expected to drive the demand for artificial lift systems over the forecast period. the united states artificial lift systems market is estimated to be valued at over usd 3.1 billion in 2018 and is expected to register a cagr of 6.2% during the forecast period from 2018 to 2032. this is due to the increased demand for replacing existing wells and for new onshore wells that are deeper, bigger, and require particular technological advancements. the new shale gas exploration and production activities are expected to provide immense opportunities for the growth of this market in the united states. the electric submersible pump (esp) segment is anticipated to account for the largest market share during the forecast period. this is owing to its ability to operate and deliver oil from the harsh production environments with high sand content and other destructive conditions in the subterranean reservoir. on the other hand, the progressing and rising developments in the oilfield service sector also contribute to the demand for esps. moreover, the expanding demand for foam and gas injection systems, owing to their ability to improve production and deliver advanced uplift technology solutions is anticipated to increase the overall demand for artificial lift systems. to further explore the market opportunities, operators are investing heavily in technological advancements to enhance artificial lift capabilities. moreover, technical collaborations and mergers & acquisitions between industry players are expected to propel the growth of the u.s. artificial lift systems market during the forecast period. companies such as schlumberger, baker hughes, and halliburton have made considerable investments to develop advanced technologies for the artificial lift systems.