Artificial Lift Systems Market Increase in investments in the upstream oil & gas sector by 2027
The globalu00a0artificial lift systems marketu00a0was valued at ~US$ 8.1 Bnu00a0inu00a02018u00a0and is anticipated to expand at a CAGR ofu00a0~5%u00a0during the forecast period. In terms of component, the hardware segment accounted for a prominent share of the artificial lift systems market inu00a02018, due to the high cost of hardware components in artificial lift systems, along with rising demand for artificial lift systems in mature oil and gas fields. Based on system, the electrical submersible pumping (ESP) segment held a major share of the artificial lift systems market inu00a02018. This can be ascribed to the high demand for ESP systems due to lower operational costs and flexibility in production output. The artificial lift systems market in Middle East & Africa is likely to expand at a substantial pace in the near future, led by the increase in number of mature fields in the region.
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