Rising Need of Energy is Likely to Drive Growth of Artificial Lift Systems Market at 11.2% CAGR During the Forecast Period
“ Global Artificial Lift Systems Market: Analysis & Opportunity Outlook 2021 ” The global artificial lift systems market is segmented by types including rod lift, electrical submersible pump (ESP), progressive cavity pump (PCP), gas lift and others. Among these segments, electrical submersible pump segment is expected to showcase great potential during the forecast period. These pumps are electrically powered and good for high rate wells. Moreover, advantages of electrical submersible pumps such as electricity operated, low noise, good obtrusiveness and others are fuelling the growth of this segment during the forecast period. Global artificial lift systems market is anticipated to grow at 11.2% CAGR over the forecast period. Moreover, the global artificial lift systems market was valued at USD 11.0 Billion in 2015 and is expected to reach at a valuation of USD 27.9 Billion by the end of 2021. Rising demand and consumption for natural gas and crude oils are increasing the nee...