Artificial Lift System Market size was valued at USD 27.4 billion in 2021, growing at a CAGR of 7.6% during the forecast period 2022 to 2028. The global market provides a detailed overview of the market and can be segmented by technology, by application. By Technology, the global market has been segmented into Progressive Cavity Pumps (PCP), Electrical Submersible Pumps (ESP), Gas Lift, Rod Lift, Hydraulic Pumps Others. The Progressive Cavity Pumps (PCP) Artificial Lift System segment is likely to be the largest and fastest-growing segment in terms of technology. Based on Application, the global Artificial Lift System market is segmented into Onshore, Offshore. Among these, the offshore segment is expected to have the fastest-growing market during the forecast period 2022-2028.
The Artificial Lift System Market Key Developments:
In Feb 2022, all of the electrical parts that are prone to failure are hermetically separated from the corrosive production fluids by the Upwing Magnetic Drive System (MDS), which installs them in the well’s annulus as part of the permanent completion.
In June 2021, the two wells were improved by Oil Dynamics GmbH for an oilfield operator who chose to upgrade and replace the pumping system at its location close to Hannover, Germany.